As Hong Kong gears up for the most awaited FinTech week, the citys government might reveal its stance on cryptocurrencies and thus, decide the future of the industry.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury commented on the decision:<\/p>\n
The Fintech Week will, for the first time, issue 2,000 NFTs with utilities to participants for claiming perks like ticket discounts for next years event.<\/p>\n
As per organizers, some 20,000 physical and virtual attendees are expected in the upcoming event this year.<\/p>\n
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.<\/p>\n
The significance of the move can be gauged by the governments relentless efforts to bring back fintech start-ups that have left Hong Kong because of the citys strict Covid-related travel control steps. The major exodus was undermining Hong Kongs position as a cryptocurrency industry hub, local investors said.<\/p>\n
In September, the citys 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.<\/p>\n
The post Hong Kong To Decide Future of Cryptocurrency in Fintech Week appeared first on Coin Edition.<\/p>\n
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