Hong Kong gov’t promotes virtual asset products for its Fintech Week 2022

November 3, 2022

By Sharan Kaur Phillora

Hong Kong on Monday released an updated version of the digital asset policy with three major proposals for web3. It plans to issue an NFT to test the concept for Hong Kong Fintech Week (HKFTW) 2022. The city-state also unveiled plans to tokenize the government’s green government bond for subscription by institutional investors.

Here’s what we know:

Hong Kong will hold the annual fintech event between November 3to November 4. The fintech event has brought together more than 300 speakers, including Yat Siu, CEO of Animoca Brands, Sam Blackman-Fried, CEO of FTX, and Daniel Pinto, president and COO of JP Morgan Chase, among others.

The event is expected to attract more than 400 exhibitors, 20,000 physical attendees, and 4 million combined visitors. The Hong Kong government and regulators plan to hold a public consultation to establish an appropriate regulatory framework and elevate Hong Kong’s financial status.

The government has launched three pilot projects, including the tokenization of the government-backed green bond, the testing of its e-HKD, and the launch of non-fungible tokens. Explaining its decision to delve deeper into NFTs, the Financial Services and Treasury Bureau highlighted the manner in which creators and artists have taken advantage of the technology to engage with their fans.

“The FSTB, together with our investment promotion department InvestHK have conducted a pilot project to promote the usage of NFT in our annual flagship event – the Hong Kong Fintech Week (“HKFTW”) in 2022,” the bureau wrote.

The NFT will be used to provide proof of attendance for attendees of HKFTW 2022. Attendees will not require in-depth knowledge of crypto and blockchain to acquire the NFT because they can be obtained using an email address and saved as an “ NFT-to-be’ to be minted later.

NFT holders will receive various rewards and benefits, including “discounts on tickets to next year’s HKFTW, and exclusive advance announcements for participation in other fintech events, including Fintech Proof of Concept Grant Scheme sharing sessions, fintech training programs and other potential fast-track and incubation programs.”

Its virtual asset ecosystem could realize use cases including trading arts and collectibles, tokenizing vintage goods, and tokenizing debt securities, the statement says.

FinTech Week is the first of a series of high-profile international events Hong Kong is hosting to announce its comeback after nearly three years of cloistered existence under Covid-19 curbs following the political turmoil of 2019.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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