City Government Will Clarify Crypto Position at 2022 Hong Kong FinTech Week

B. Ali
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The Hong Kong City Government may clarify its stance on cryptocurrencies as the city prepares for the much-anticipated FinTech week, which will likely determine the sector’s direction. However, officials appear prepared to issue a new policy statement on cryptocurrencies to clarify and demonstrate the government’s desire to make Hong Kong a global center for virtual assets.

Notably, Web3 and the metaverse will focus on Fintech Week, which will take place from October 31 to November 4. As a result, during this event, the Securities and Futures Commission will provide the international markets with a comprehensive view of virtual assets.

As a result, the metaverse and Web3 will be the primary focus of the 2022 Hong Kong FinTech Week.

According to sources, the city administration plans to issue a crypto policy statement as part of the event to emphasize its goal of making Hong Kong a global virtual asset hub.

The Upcoming FinTech Experience in Hong Kong

Hong Kong will distribute its first memorial non-fungible tokens to guests at the Hong Kong FinTech Week, which will take place from October 31 to November 4 and will reveal the city-stance state’s virtual assets.

However, the government is stepping up efforts to entice fintech start-ups that have fled Hong Kong, owing in part to the city’s stringent COVID-related travel restriction regulations.

The Financial Services and Treasury Bureau, InvestHK, and other FinTech Week organizers stated in a press conference that the Securities and Futures Commission will clarify the government’s position on virtual assets at the event in a way that will be “clear to the global markets.”

Regulatory Uncertainty Worries Investors

Investors in Hong Kong have expressed concern about the city’s status as a crypto hub due to legislative obscurity. Furthermore, they have criticized the city’s image in this regard.

According to SCMP, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu stated:

“We are working to improve international networking, and this year’s Hong Kong FinTech Week is even more relevant as Hong Kong moves towards a post-pandemic recovery.”

Professor Terence Chong Tai-leung believes that the government should assist the city in strengthening its position as a major international financial hub by providing virtual asset services. This year’s event will be the first to distribute 2,000 non-fungible tokens to participants, allowing them to redeem rewards such as discounted tickets to the following year’s event.

This is done to support emerging technology concepts such as Web3 and metaverse. According to the ministry, more than 250 speakers will take part in the event, which will also draw 20,000 attendees and more than 3 million viewers from more than 80 economies.

Singapore FinTech Festival

The Singapore FinTech Festival, which takes place from November 2 to 4, will compete with Hong Kong FinTech Week. Furthermore, the Singapore event will coincide with the Hong Kong Monetary Authority’s three-day Global Financial Leaders’ Investment Summit.

Despite mounting demand from the commercial and political sectors, Hong Kong has not yet removed all immigration restrictions.

As a result, travelers must still receive three days of medical care at home or in a hotel before leaving the country. They are free to leave the house at this time, but they are not permitted to enter certain establishments, such as restaurants and nightclubs.

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About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.