Chinese asset manager Bosera Asset Management (International) and Hong Kong based crypto exchange operator HashKey Group have announced plans to launch the world’s first tokenized money market exchange-traded fund or ETF in Hong Kong.
According to a Friday report by the South China Morning Post, the firms said they would introduce tokenized share classes to two existing ETFs — the Bosera HKD Money Market ETF and the Bosera USD Money Market ETF.
These blockchain-based investment products will be made available to both retail and institutional investors in April, following approval from Hong Kong’s Securities and Futures Commission.
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Tokenization Transforms Traditional Assets into Blockchain-Based Digital Tokens
The process of tokenization involves converting traditional asset rights, like those of money market funds, into digital tokens that are tradeable on a blockchain.
Money market ETFs typically invest in short-term, low-risk instruments such as treasury bills and commercial paper, offering investors a liquid and stable return profile.
By adding tokenization, the firms aim to increase transparency, operational efficiency, and access through decentralized networks.
“Compared to traditional money market funds, this product significantly enhances transparency and efficiency by leveraging blockchain technology,” the firms said.
“It allows investors to gain direct exposure to high-quality instruments via tokenized access, supporting asset allocation and risk management strategies.”
The tokenized ETFs are part of the Hong Kong Monetary Authority’s (HKMA) Project Ensemble sandbox, which explores tokenized real-world assets (RWAs) and aims to modernize financial infrastructure using blockchain technology.
HKMA chief executive Eddie Yue previously stated that tokenization could make financial transactions more efficient, transparent, and cost-effective, per the SCMP.
“Bringing money market ETFs on-chain is a pivotal step for traditional finance as it moves toward embracing Web3,” said HashKey Group CEO Xiao Feng.
World’s First Tokenised Money Market ETFs Launched: HashKey Group x Bosera Set New Standard in RWA Innovation
Approved by Hong Kong SFC, Bosera HKD/USD Money Market ETFs (Tokenized Class) pioneer the integration of institutional-grade blockchain infrastructure with…
— HashKey Group (@HashKeyGroup) March 28, 2025
Bosera’s deputy head of fixed income, Tony Lu, described the product as a “basic and essential link” connecting traditional financial systems with blockchain-based ecosystems.
Bosera chairman and CEO Lian Shaodong added that the firm remains committed to financial innovation and is closely monitoring trends among younger, on-chain investors, particularly Generation Z.
HashKey Exchange, a regulated digital asset trading platform in Hong Kong, will be responsible for distributing the tokenized ETFs.
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Dubai Financial Regulator Launches Tokenization Sandbox to Boost Innovation in DIFC
On March 17, 2025, the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), announced a call for expressions of interest to participate in its newly launched Tokenization Regulatory Sandbox.
This initiative is designed to offer companies a controlled environment to experiment with and develop tokenized investment products and services.
According to the DFSA, findings from industry roundtables held at the Dubai FinTech Summit in May 2024 and January 2025 revealed ongoing challenges in interoperability, scalability, and regulatory uncertainty—barriers the sandbox hopes to address.
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Key Takeaways
- Bosera and HashKey are launching the world’s first tokenized money market crypto ETF in Hong Kong this April.
- The tokenized ETFs aim to improve transparency, efficiency, and accessibility by leveraging blockchain technology.
- The initiative is part of Hong Kong’s broader push to modernize financial infrastructure through Project Ensemble.
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