Hong Kong on Monday released an updated version of the digital asset policy with three major proposals for web3.
Hong Kong plans to issue an NFT to test the concept for Hong Kong Fintech Week (HKFTW) 2022. The Asian country also unveiled plans to tokenize the government’s green government bond for subscription by institutional investors.
Hong Kong’s annual Fintech Week
The government will hold the annual fintech event from November 31 to 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 will also attract more than 400 exhibitors, more than 20,000 physical attendees and more than 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 to an international level.
To demonstrate its commitment and determination to explore financial innovations, the Hong Kong 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.
The government plans to use these digital pilot projects to test the technological advantages of digital virtual assets and their subsequent applications in the financial markets.
The Hong Kong government has adopted NFTs for the 2022 Hong Kong Fintech Week.
It is also planning to launch a virtual asset trading pilot project to explore various use cases and their benefits to the market.
In explaining its decision to delve into NFTs, the Financial Services and Treasury Bureau highlighted how creators and artists have leveraged technology to engage with their fans.
“The FSTB, together with our investment promotion department InvestHK, has conducted a pilot project to promote the use of NFTs at our annual flagship event – Hong Kong Fintech Week (“HKFTW”) in 2022,” the bureau wrote.
In the case of Hong Kong, NFT will be used to provide a test of attendance for HKFTW 2022 attendees. Attendees will not need in-depth knowledge of cryptocurrencies and blockchain to acquire the NFT, as they can obtain it using an email address and save it as an “NFT-to-be” to mint later.
“The NFT will be linked to an exclusive experience at HKFTW, offering holders the opportunity to create their own augmented reality (“AR”) avatar to experience the Metaverse,” the government said.
Hong Kong launches NFT tickets
Those NFTs will serve as proof of attendance for Hong Kong Fintech Week 2022 attendees, offering them a digital badge and souvenir using blockchain technology to celebrate their participation.
According to the announcement, all proceeds from NFT sales will be used to offer special discounts on tickets to next year’s fintech event and advance notifications for participation in other fintech events.
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.”
The government is using the NFT issuance to evaluate ways to engage with the web3 and fintech communities, demonstrating its commitment to innovation.
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