Hong Kong Launches Proof-of-Concept NFT for Fintech Week – NFT News and Insights from the Ecosystem

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Hong Kong has launched a pilot challenge for digital belongings ETF buying and selling.In an replace to its digital belongings coverage printed Monday, the federal government mentioned it plans to launch a tokenised inexperienced bond.The nation is also planning to check a proof-of-concept challenge with an NFT issuance for Hong Kong Fintech Week.

Hong Kong is doubling down on its web3 technique with an replace to its digital belongings coverage. The Asian nation on Monday printed an up to date model of the coverage with three main proposals for web3.

Hong Kong plans to situation an NFT to check proof-of-concept for Hong Kong Fintech Week (HKFTW) 2022. The Asian nation additionally revealed plans to tokenise the federal government inexperienced bond for subscription by institutional buyers.

There are additionally plans to launch a pilot challenge for digital belongings buying and selling to discover varied use instances and their advantages to the market. 

Explaining its choice o delve deeper into NFTs, the Monetary Companies and Treasury Bureau highlighted the style during which creators and artists have taken benefit of the know-how to have interaction with their followers.

“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 might be used to supply proof of attendance for attendees of the HKFTW 2022. Attendees is not going to require in-depth information of crypto and blockchain to accumulate the NFT as a result of they’ll it may be obtained utilizing an electronic mail handle 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 expertise the Metaverse,” the federal government wrote.

The federal government is utilizing the NFT issuance to evaluate methods of participating with the web3 and fintech communities, thus demonstrating its dedication to innovation.

Holders of the NFT will obtain varied rewards and advantages together with “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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