Hong Kong To Decide Future of Cryptocurrency in Fintech Week
- Hong Kong might reveal its stance on cryptocurrencies during Fintech week.
- The event will be held from Oct 31 to Nov 4 and will issue 2,000 NFTs for participants.
- The event is significant as the city moves on with a post-pandemic recovery.
As Hong Kong gears up for the most awaited FinTech week, the city’s government might reveal its stance on cryptocurrencies and thus, decide the future of the industry.
The officials are reportedly planning to introduce a new policy statement on cryptos to clarify and display its vision of ‘developing Hong Kong into an international virtual assets hub’.
The Fintech week, which will focus on Web3 and the metaverse, will be held from October 31 to November 4. During this event, the Securities and Futures Commission will provide a clear perspective to the global markets on virtual assets.
Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury commented on the decision:
At a time when Hong Kong is heading towards a post-pandemic recovery, we are striving to strengthen international connectivity, and this year’s Hong Kong FinTech Week is even more meaningful.
The Fintech Week will, for the first time, issue 2,000 NFTs with utilities to participants for claiming perks like ticket discounts for next year’s event.
As per organizers, some 20,000 physical and virtual attendees are expected in the upcoming event this year.
Notably, the Hong Kong FinTech Week collides with major events, namely, the Singapore FinTech Festival, which will take place from November 2 to 4, and the three-day-long Global Financial Leaders’ Investment Summit spearheaded by the Hong Kong Monetary Authority.
The significance of the move can be gauged by the government’s relentless efforts to bring back fintech start-ups that have left Hong Kong because of the city’s strict Covid-related travel control steps. The major exodus was undermining Hong Kong’s position as a cryptocurrency industry hub, local investors said.
In September, the city’s government revealed that more than a dozen potential companies are interested in security token offerings and the Fintech Week might be a great start for other firms too.
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