Hong Kong-based outdoor events company AIA Carnival has partnered with Web3 financial super app hi to integrate crypto payments. This collaboration aims to introduce cryptocurrency payments into the field of live events, representing a convergence of live entertainment and advanced financial technology.

At AIA Carnival, attendees can utilise cryptocurrencies such as Bitcoin, Ethereum, and USDT to make purchases of food and beverages from selected vendors. The hi Super App facilitates this process, allowing users to initiate payments by scanning QR codes, providing an extra layer of security and ease thus improving the overall carnival experience. In the company press release, officials from Great China Entertainment Group, the organiser of AIA Carnival, expressed enthusiasm for these new developments, aligning with the Hong Kong government's efforts to position the city as a hub for blockchain technology.

The collaboration with hi is seen as a step forward in bridging entertainment and new financial technologies. Officials from hi emphasised the real-life applications of cryptocurrencies, citing the initiative as a great opportunity to showcase their potential in daily experiences. The partnership aligns with Hong Kong's progressive stance in the Web3 space, supporting the integration of cryptocurrencies into mainstream events.

As the AIA Carnival and hi collaboration moved forward, both organisations expressed enthusiasm for the future possibilities of the partnership. By adopting cryptocurrency payments, the event aims to provide a forward-thinking experience for its global audience and change the way future live events are organised. A word on crypto regulation in Hong Kong According to Globallegalinsights, the regulatory stance of the Hong Kong government towards cryptocurrency activities is notably receptive and inclusive, underscored by the introduction of appropriate regulations.

A noteworthy development is the imminent shift allowing retail access to ‘non-security’ Virtual Assets (VAs) traded on licensed Virtual Asset Trading Platforms (VATPs). Amid the challenges surrounding FTX's upheaval, the Securities and Futures Commission (SFC) has proceeded with its proposal to authorize Virtual Asset (VA) futures exchange-traded funds (ETFs). As far as cryptocurrencies are concerned, they are broadly classified into two categories, namely security tokens and non-security tokens.

As of 1 June 2023, the Securities and Futures Commission (SFC) in Hong Kong regulates non-security tokens if a party intends to operate a Virtual Asset Trading Platform (VATP) within Hong Kong or provide VATP services to Hong Kong, even if the VATP exclusively deals with non-security tokens. .