Hong Kong Launches Proof-of-Concept NFT for Fintech Week

Hong Kong has accelerated its web3 strategy with an update on its digital assets policy with plans to issue a proof-of-concept NFT for the Hong Kong Fintech Week.
Image source: china-briefing.com

Quick take:

  • Hong Kong has launched a pilot project for virtual assets ETF trading.
  • In an update to its digital assets policy published Monday, the government said it plans to launch a tokenised green bond.
  • The nation also is planning to test a proof-of-concept project with an NFT issuance for Hong Kong Fintech Week.

Hong Kong is doubling down on its web3 strategy with an update to its digital assets policy. The Asian country on Monday published an updated version of the policy with three major proposals for web3.

Hong Kong plans to issue an NFT to test proof-of-concept for Hong Kong Fintech Week (HKFTW) 2022. The Asian country also revealed plans to tokenise the government green bond for subscription by institutional investors.

There are also plans to launch a pilot project for virtual assets trading to explore various use cases and their benefits to the market. 

Explaining its decision o 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.

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

“The NFT will be linked with an exclusive experience at the HKFTW, offering holders a chance to create their own Augmented Reality (“AR”) avatar to experience the Metaverse,” the government wrote.

The government is using the NFT issuance to assess ways of engaging with the web3 and fintech communities, thus demonstrating its commitment to innovation.

Holders of the NFT will receive various rewards and benefits including “discounts on tickets for the HKFTW next year, and exclusive early announcements for participation in other Fintech events including the Fintech Proof-of-Concept Subsidy Scheme sharing sessions, Fintech training programmes and other potential fast track and incubation programmes.”

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