Hong Kong Government Launches NFTs For Annual Fintech Event

November 1, 2022

This week, the Hong Kong government will convene its annual fintech event to gather public feedback on how to provide easy access to virtual assets for retail investors.

The Hong Kong government release a policy statement on virtual asset development on October 31. It outlined clear regulations and a methodology for creating a thriving ecosystem in Hong Kong.

Annual Fintech Week in Hong Kong

From October 31 to November 4, the government will serve as the venue for the yearly fintech event. The fintech event has brought together more than 300 speakers, including Yat Siu, the CEO of Animoca Brands, Sam Blackman-Fried, the CEO of FTX, and Daniel Pinto, the President and COO of JP Morgan Chase, among others. More than 400 exhibitors, more than 20,000 actual attendees, and more than 4 million viewers combined will all attend the event.

To create an appropriate regulatory framework and improve Hong Kong's financial standing to an international level, the Hong Kong government and authorities want to gather public input.

The Hong Kong government has started three pilot initiatives, including tokenizing the government-backed Green bond, evaluating its e-HKD, and introducing non-fungible tokens, to show its dedication and resolve to investigate financial innovations.

The government intends to use such digital pilot projects to evaluate the advantages of digital virtual assets in terms of technology and their potential future uses in the financial markets. For the Hong Kong Fintech Week 2022, the Hong Kong government has embraced NFTs.

Hong Kong Launches NFT Tickets

Those NFTs will act as participants' proof of attendance for the Hong Kong Fintech Week 2022, providing them with a digital badge and souvenir in honor of their participation via blockchain technology.

The statement states that all money raised from the NFT sales will be utilized to provide special ticket discounts for the fintech event the next year and advance notice of participation in other Fintech events.

The Fintech Proof-of-Concept Subsidy Scheme, Fintech training courses, and other possible fast-track incubation initiatives will get additional funding.

Thanks to Dominic Kimani at Business 2 Community whose reporting provided the original basis for this story.

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