The Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau have completed the first-stage review on enhancing the use of distributed ledger technology (DLT) in Hong Kong's fixed-income market. The review indicates that the current legal and regulatory framework is flexible enough to support tokenized bond issuance. This is evidenced by three significant tokenized bond issuances by the Hong Kong government and an increasing number of corporate issuances from Asian and Middle Eastern entities. The next phase will focus on legislative reviews to further integrate DLT in the fixed-income market and digital asset sector. This includes enabling electronic execution of tokenized bond documents and exploring the concepts of 'possession' and 'transfer' for tokenized fixed-income products.