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Hong Kong launches blockchain incubator for banks

Hong Kong launches blockchain incubator for banks
The Hong Kong Monetary Authority (HKMA) has launched a new initiative, known as the Supervisory Incubator for Distributed Ledger Technology, to support local banks in their adoption of blockchain technology and tokenization. The incubator aims to help banks manage the risks associated with transitioning from experimentation to production of blockchain services. It will also promote best practices, industry awareness, and research projects. The incubator is part of Hong Kong's broader efforts to become a world leader in tokenization. In a separate development, a Salvadorian fintech has partnered with a Luxembourg-based tokenization firm to push asset tokenization in El Salvador. Through the partnership, the fintech will issue, manage, and distribute up to $300 million in tokenized assets this year, supporting El Salvador's pro-digital asset agenda.

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