全球數(shù)字金融智庫(kù)報(bào)告集萃 2024

2導(dǎo)言概述/IntroductionOverview括治理問(wèn)題、合規(guī)挑戰(zhàn)和技術(shù)漏洞。報(bào)告主張采用“相同活動(dòng)、相同風(fēng)險(xiǎn)、相同監(jiān)管”的監(jiān)管方法，并強(qiáng)調(diào)人才發(fā)展、混合金融基礎(chǔ)設(shè)施和增強(qiáng)的公私合作對(duì)香港DeFi可持風(fēng)險(xiǎn)、相同監(jiān)管”的DeFi監(jiān)管方法的必要性。通過(guò)解決數(shù)據(jù)隱私、高開(kāi)發(fā)成本、集成策制定者和金融機(jī)構(gòu)可以在緩解相關(guān)風(fēng)險(xiǎn)的同TheShenzhenGreaterBayFinananalysisofthemajortrends,challengesandopportunitiesreportconsolidateskeyinsightsfrandChallengesoftheMetaversefortheFinaLandscapeandRegulatoryDevelopmentsofDecentralisedFinance.Thereport"TheMetaverse:OpportunitiesandChallengesfortheFhighlightsthemetaverse'spotentialtorevolutionizethefinaenhancedbrandengagement,personalizedseracknowledgingsignificantchallengessuchasdataprivacyandintegrationcomplexities.Itemphasizestheneedforstrategicplanning,robustregulatframeworks,andtheadvancementofenablingtechnologiesintegrationofthemetaverseintoHongKong'sfinancialecosystem.3Thereporton"DecentralisedFinanunderscoresDeFi'spotentialtorevolutionizefinancialservicesefficient,andsecuresystemsviablockchaintechnologywhileidentifyingkeyrisks,includinggovernanceissues,compliancechallenges,andaregulatoryapproachbasedon'sameactivity,saimportanceoftalentdevelopment,hybridfinancialinfrastructure,andenhancedpublic-privatecollaborationforthesustainablegrowthofDeFiinHongKong.Together,thesestudiesunderscoretheneedfosamerisk,sameregulation.'Byaddressingchallengessuchasdataprivacy,costs,integrationcomplexities,governanceissuetalentdevelopment,technologicaladvancements,andpublic-privatecollaboratipolicymakersandfinancialinstitutionscanharnessthepotentialofdigitasocietywhilemitigatingassociatedriskforMonetaryandFinancialforMonetaryandFinancial4一、元宇宙：金融服務(wù)業(yè)的機(jī)遇與挑戰(zhàn)（TheMetaverse：OpportunitiesandChallengesfortheFinancialServicesIndustry）報(bào)告的主要目標(biāo)是全面概述元宇宙，并探索其對(duì)金融服務(wù)行業(yè)的廣泛影響。它旨與度、提供定制化服務(wù)、建立新型營(yíng)銷渠道、然而，重大挑戰(zhàn)依然存在，包括消費(fèi)者采用和興趣的有限性、嚴(yán)格的數(shù)據(jù)隱私要報(bào)告對(duì)監(jiān)管環(huán)境進(jìn)行了詳細(xì)審視，回顧了國(guó)際監(jiān)管舉措，并強(qiáng)調(diào)了在網(wǎng)絡(luò)安全、5展望未來(lái)，報(bào)告指出，推動(dòng)元宇宙發(fā)展的關(guān)鍵技術(shù)——如下一代網(wǎng)絡(luò)基礎(chǔ)設(shè)施、報(bào)告最后提出了促進(jìn)元宇宙有序整合到香港金融服務(wù)行業(yè)的戰(zhàn)略建議。這些建議確保消費(fèi)者保護(hù)、促進(jìn)強(qiáng)勁創(chuàng)新并保持金融穩(wěn)定至關(guān)重本報(bào)告概述了元宇宙的發(fā)展，并討論了其對(duì)金融服務(wù)行業(yè)的廣泛影響?；谙愀墼钪娴牧餍性妇疤攸c(diǎn)包括沉浸性、持久性、異質(zhì)性和互操作性。一系列支持技術(shù)，包括網(wǎng)絡(luò)基礎(chǔ)設(shè)施、計(jì)算基礎(chǔ)設(shè)施、傳感技術(shù)、人工智能技展、確保金融穩(wěn)定同時(shí)鼓勵(lì)金融服務(wù)行業(yè)創(chuàng)態(tài)系統(tǒng)過(guò)渡，將是推動(dòng)金融服務(wù)行業(yè)中元宇宙采元宇宙采用的未來(lái)前景與相關(guān)支持技術(shù)的進(jìn)步密切相關(guān)。市場(chǎng)參與者指出，網(wǎng)絡(luò)6元宇宙在金融服務(wù)行業(yè)的應(yīng)用范圍。此外，85%的市場(chǎng)參與者預(yù)計(jì)元宇宙的發(fā)展將在某受訪的金融機(jī)構(gòu)認(rèn)為元宇宙的采用可以為金融服務(wù)行業(yè)帶來(lái)一系列好處。元宇宙對(duì)香港元宇宙人才格局的分析揭示了金融機(jī)構(gòu)與元宇宙服務(wù)提供商之間的差異?？梢栽趹?yīng)對(duì)相關(guān)挑戰(zhàn)以及促進(jìn)本地元宇宙行業(yè)人才和技能的可持續(xù)發(fā)展方面發(fā)揮重要香港具備獨(dú)特的特點(diǎn)來(lái)引導(dǎo)元宇宙在金融服務(wù)行業(yè)的發(fā)展。事實(shí)上，調(diào)查中的市理想的環(huán)境來(lái)吸引和維持人才和企業(yè)，從而促進(jìn)元根據(jù)市場(chǎng)參與者的觀點(diǎn)和其他司法管轄區(qū)的經(jīng)驗(yàn)，本報(bào)告提出了一些考慮，以確7Industry,"publishedbytheHongKongInstituteforMonetaryandFinancialResearch(HKIMR)onJune25,2024,deliversanin-deptdisruptiveimpactonthefinancialservicesofimmersivevirtualenvironmentspoweredbycutting-edgetechnologies,ispoisedtorevolutionizevariousindustries,includingfindefinition,corecomponents,andpotentialramificationsforstrategicinsightsintohowthisnascenttechnologycanecosystem.Thereport'sprimaryobjectiveistoofferacobothopportunitiesandchallengesposedbythemetaverse,evaluatethecurrentlandscapeandrecentdevelopments,andgatherinsightsfromindustrystakeholdersregardingitstrajectoryinHongKong.Additionally,thereportexaminesregulatoryframeworksandproposesconsiderationsfortheseamlessintegrationofthemetaverseintoHongKong'sfinancialservicesinfrastructure.participants,includingbanks,insurers,assetmanagers,andmetaverseserviceproviders.Thesurvey,titled"CurrentLandscapeandDevelopmentsoftheMetaverseinHongKong'sfrominterviewsprovidedfurtherdepthtothequantitativesurveyresults,enhancingtheunderstandingofmetaverseapplicationswithinfinancialinstitutionsandtheobsencounter.Keyfindingsrevealthatover90%ofsurveyeddegreeofknowledgeaboutthemetaverse,with65%alreadyengaginginitiatives.Presentusecasesencompassmarketingandpromotion,internaloperations,tacquisition,andcorporatthemetaversepresentsforfinancialinstitutions,includingtheenhancementofbraengagement,thedeliveryofbespokeserviceofferings,theestablishmentofnovechannels,expansionofcustomerdemographics,andoperationalefficiencies.However,significantchallengespersist,includinglimitedconsumeradinterest,stringentdataprivacyrequirements,inadequateplatformfunctionalities,ashortageofskilledtalent,substantialdevelopmentawithexistingsystems.ThesechallengesunderscorethenecessityforrobustriskmanagementandstrategicplannTheregulatorylandscapeiscriticallyexamined,withthereportreviewinginternationalregulatoryinitiativesandemphasizingtheimascybersecurity,dataprivacy,financialtransactions,userprotection,andintellectualproperty8rights.CurrentregulatorymeasurespertainingtovirtualassetsinHongKongareidentifiedaspivotaltofosteringasustainableandsecuremetaverseecLookingforward,thereportidentifiestheadvancementofenablingtechnologies—suchasnext-generationnetworkinfrastructure,high-fidelitydisplayhardware,scalablecomputingsolutions,andblockchaintechnology—asessentialtoacceleratingmetaversedevelopment.Amaturemetaverseecosystem,characterizedbywidespreadadoptionandhigh-frequencybusinesstransactions,iscrucialforjustifyingongoinginvestmentsinmetaverseapplications.ThereportconcludeswithstrategicrecommendationstofacilitateintegrationofthemetaverseintoHongKong'sfinancialservicessector.Theseincludenurturingaskilledtalentpool,fosteringinnovationandentrepreneurship,andinvestingintrequisitedigitalinfrastructure.Additionametaverseamongstakeholders,fosteringcross-sectorcolframeworkstoevolvingtechnologicallandscaandpromotingrobustinnovationwhilemaintainingfinancialstabilitAbstract:Asanewparadigminterconnectingthephysicametaversebringstheprospectofreshapingthefinancialserviceslandscape.‘Themetaverse’broadlyreferstoanetworkofimmersivevirtualworlds,createdusingarangeoffronttechnologiestomirrorortransformreal-worldexperiences.Regulatorsacrosstheglobeareincreasinglyconsciousofthistechnology,recognisingtheimportanceofachievingabalancebetweenharnessingthepotentialofthemetaverseandeffectivelymanagingitschallengestoensureitshealthydevelopmentinthefinancialserviceThisreportprovidesanoverviewofthemetaverseanddiscussesthebroadimplicationsofitsdevelopmentfortcommissionedbytheHongKongInstitutefofromMaytoJuly2023,therepofutureprospectsregardingthemetaverseandexploressomeopportunitiesandchallengesthatitpresents.Thereportalsoexploresmarketparticipants’vimetaverseinHongKong,themetaversetalentlandscape,andstrategiestopromotdevelopmentofthemetaverseinfinancialservices.AfterreviewingtheregulatoryinitiativesonthedevelopmentofthemetaverseanditsrelatedfieldsinternationallyandinHongKong,thereportconcludesbyofferingconsidethecity’sfinancialservicesinThepopularvisionforthemetaverseischaracterisedbyiheterogeneity,andinteroperability.Arangeofenablingtechnologies,includingnetworkinfrastructure,computinginfrastructure,sensingtechnologtechnologies,anddistributedledgertechnologies,underpintheconstructionofthemetaverse9activities.Thedevelopmentofthemetaversemaybringnewbusinessopportunitiestbusinessoperations.Itcanfurtexperiences.However,themetaversemayexposethefinancialservicesindustrytonewrisksormagnifyexistingonesinthedigitalage.Thesedeplayedbyregulatorsinmonitoringtheresponsibledevelopmentofthemetaverse,ensuringfinancialstabilitywhilstencouraginginnovationinthefinancialservicesindustry.HongKong’sfinancialinstitutdisplayedamoderatelevelofengagementinover90%ofthefinancialinstitutionsdemonstratedacertaindegreeofknowledgeoftmetaverse,and65%reportedinvolvementinthemetaverse,rangingfroplanningstagetotheimplementationofmetaverseadoption.Cuhavegenerallyencompassedmarketingandpromotion,interworkplacesocialevents.Thisfindinginleveragethemetaverseasanadditionalchannelcustomers,andemployees.Nonetheless,thesenthusiasmtowardscertainapplicationsofthemetaverseasaninvestmenttool,saleschannel,andrevenuestreamandtheprovisionofmetaversespecificprosuggestthatthetransitiontoacomprehensivemetaverseecosystemwithmatureusecasesandfrequentbusinesstransactionsamongcustommetaverseadoptioninthefinancialservicesindustry.Thefutureprospectsofmetaverseadoptionareclrelevantenablingtechnologies.Networktechnology,displayhardware,computingtechnology,andblockchaintechnologywerehighlightedbymarketparticipantsathatcontributetothegrowthofthemetaverse,thusexpandingthescopeofmetaverseapplicationswithinthefinancialservicesindustry.Inaddition,85%ofthemarketparticipantsanticipatedthatthedevelopmentofthemetaversewouldhaveimplicationsfoservicesindustrytosomedegree.Thesurveyedfinancialrangeofbenefitstothefinancialservicesindustry.Themetaversecanfacilitatemoreengagingbrandingactivitiesandcultivatebetterconprovideuniqueserviceofferingsandserveasadistinctmarketingchannel,customerexperiences.Themetaversecanfurtherbexpansionofcustomerbasesandimprovementsinoperationalefficiency.Nonethelesstechnologyalsoposespotentialchallengesthatneedtobeeffectivelyaddressedormitigated.Themajorchallengesfacedbyfinancialinstitutionsincludedataprivacyissues,platformfunctionalities,andthescarcityoftalentsandinterest,highdevelopmentandmmetaversewithexistinmetaverseintegratioTheanalysisofthemetaversetalentlandscapeinHongKongrbetweenfinancialinstitutionsandmetaverseserviceproviders.Financialindisplayedarelativelylowlevelofinvolvementinmetaversetalentacquisition.Incontrast,themajorityofmetaverseserviceprovidersindicatedthattheyhadsufficienttalentswithspecialisedskillsetsrelatedtothemetaverse.emphasisonacquiringabroaderrangeoftalentswithmetaverse-spKongandhighlightedthattalentswithexpertiseinblockchafterbytheemployers.Asnurturingtalentsisesandintegrationofthemetaverse,regulatorsandpolicymakerscanplayavitalroleinchallenges,aswellaspromotingthesustainabledevelopmentftalentsandskillsinthelocalmetaverseindustry.Approprimetaverseisusefultoensuremarketintegrityandmayinstilconsumertrustwhilstadvancingmetaverseadoptioninthefinanceservicesindustry.Severalkeyaspectsofthemetaversethatcanbenefitfromenhancedregulationandgovernancewereidparticipants,includingcybersecurityandwellbeing.Themarketparticipantsalsoemphasiserights,contentmoderation,andacodeofconducttoensuretheresponsibleandsecureuseofthemetaverse.Regulatorsandpolicymakersinsomejurisdictionshavsupervisoryguidanceandregulatorymeasurestooverseeandpromotethedevelopmentofthemetaverse.Inparticular,theyhaveplacedemphasesonfourkeyareas,namelyusersafetyandwellbeing,intellectualpropertyrights,cybersecuritytransactions.InHongKong,althoughtherearenospecificregulatoryinitiativestargetingtmetaverse,currentregulatoryeffortsrelatedtovirtualasset-relatedactivitieswouldalsoplayacrucialrolewithinthemetaverseecosysteminpromotingresponsibleandsustainabledevelopmentofthedigitallandscapeinthecity.HongKongmaintainsuniquecharacteristicstonavigatethedevelopmentofthemetaverseinthefinancialservicesindustry.Infact,marketparticipantsiconsideredthedefinedlegalandregulatoryfrarobustfinancialinfrastructureandnetworkaskeycompetitiveadvantagespossessedbyHongKong.Thecity’sstrategicloareadditionalstrengpremierglobalbusinessandfinancialhub,providesanidealenvironmenttoattsustaintalentsandbusinesses,therebyfosteringthehealthydevelopmentofthemetaverse.Drawingonthemarketparticipants’viewsandtheexperiencesofotherjurisdictions,thisreportproposessomeconsiderationsintendedtoensureasoundandorderlyintegrationofthemetaverseintothefinancialservicesindustryinHongKong.Theseconsideranurturingtalentsandfosteringinnodigitalinfrastructuredevelopments.Increasingcollaborationsamongstakeholdersandacrossjurisdiconsistencyandinterconnectivitywithinthemetaverseecosystem.Otherconsiderationsincludeadaptingtherelevantregulatoryframeworktokeepinviewofthelatestdevelopmentsandestablishingwell-definedcorporategovernanfinancialinstitutions.Theseconsiderationsareimportanttosafeguardconsumersandprrobustinnovationwhileensuringfinancialstabilityintheawithinthefinancialservicesindustry.CurrentLandscapeandRegulatoryDevelopments）報(bào)告強(qiáng)調(diào)了需要一個(gè)能夠有效管理這些風(fēng)險(xiǎn)并同在香港的背景下，報(bào)告揭示了市場(chǎng)參與者對(duì)一步發(fā)展的考慮，以期為改善生態(tài)系統(tǒng)及其對(duì)密資產(chǎn)的領(lǐng)域，吸引了廣泛的投資者興趣。從加密資產(chǎn)市場(chǎng)的一個(gè)小部分開(kāi)始，），在與他們參與虛擬資產(chǎn)相關(guān)的挑戰(zhàn)方面，調(diào)許活動(dòng)的不確定性，難以遵守反洗錢和反恐融資（AML/CFT）要求，以及TheHongKongInstituteforMFinance:CurrentLandscapeandRegulatoryDevelopments,"issuedonJune25,2024,spotlightsDeFi'sburgeoningroleasanalternativetotraditionalfinancialsystems.ThereportmeticulouslyexploresDeFi'stechnologicalunderpinnings,applications,risks,andregulatorymeasurescurrentlyinpcomprehensivemethodologythatintegratesathoroughreviewofexistingacademicandpolicyliterature,ananalysisofDeFi'stechnologicalinfrastructure,andinsightsgarneredfromasurveyandin-depthinterviewswrepresentaspectrumofthefinancialindustry,includingassetserviceproviders.Thereport'sfindingsaremultifaceted,paintingaTheyrevealDeFi'ssignificantpotentialtorevolutionizefinancialservicesbyofferingamoreaccessible,efficient,andsecuresystemthroucontracts.Thereportdocumentstheremarkablegrowthofthstagetoamarketcapitalizationpmaturation.However,thisgrowthisnotwrisksandvulnerabilitieswithintheDeFcentralizationbeneathafa?adeofdecentralization,comtheborderlessnatureofDeFi,andtechnologicalvulnerabilitiesthatcouldbeexploited,leadingtooperationalfailures.TheinterconnectednessofDeFiwithtraditionalfinanceisalsohighlightedasapotentialamplifieroffinancialcontagion.Thereportemphasizesthenecessityforarobustregulatoryframeworkthatcaneffectivelymanagetheseriskswhilenurturingfinregulatorylandscapeisstillevolving,withdifferentjurtoDeFiregulation.ThereportalsounderscoresthepartieswithinDeFi'sdecentralizedstructureandfenforcinglegalprotectionsforinvestors.thereportrevealsagrowinfvirtualassetsamongmarketparticipants,despitetuncertaintyandcompliancewithAML/CFTrequirements.Ithighlightstheneedforawell-definedregulatoryframework,robustfinancialinfrastrublockchain-relatedskillstofosterthedevelopmentofDeFiandvregion.ThereportconcludeswithasetofconsiderationsaimedatpromotingtheheadevelopmentoftheDeFimarketinHongKong.Itadherestotheprincipleof'sameactivity,samerisk,sameregulation',andcallsfordresearchtoenhanceunderstandingofDeFirisks.Italsosuggeststheexplorationmodelthatcombinescentralizedanddecentralizedfinancialinfrastructures,thepromotionofblockchain-relatedtalentdevelopment,andthestrengtheningofpublic-privcollaborationtoaddressregulatoryuncertaintyandbettermeetmarketneeds.Abstract:DeFi,shortforDecentralisedFinance,isarevolutionaryconceptthataichangethetraditionalfinancialsystembyleveragingblockchaintechnologyandsmarttrading,withoutrelyingoncentralisedinstistageandfacesseveralchalleinherentlydecentralised,itoftenfallsoutsidethepurviewofexistinThislackofregulatoryoversightcancreateuncertaintyandhinderbroadadoption.ThisreportprovidesacomprehensiveoverviewocreatedbyDeFiactivitiesandtheregulatoryapporganisationsandindividualjurisdictionsforcrypto-assetandDeFiiscomplementedbythefindingsofasurveyandasetofinteHongKongInstituteforMonetaryandFinancialResearchtosolicittheviewsofkeymarketparticipantsinHongKong,includingfinancialinstitutionsandvirtualassetser(VASPs),onthecurrentandfutureapplicationsofvirtualassofferssomeconsiderationsforfaciltheaimofcontributingtothediscussionsonimprovingtheecosystemanditsimplicationsforthefinancialservicesindustryinHongKong.Sinceblockchainappearedasadecentralisedpaymentalternattoincludeabroadspectrumofcrypto-assetsthathaveattracteBeginningasasmallsegmentofthecrypfromUS$6billiontoahighofapproximatelyUS$170billionin2021withintwoyeabeforestabilisingatapproximatelyUS$8DeFi’spotentialcannotbeignored.Owingsettlement,composability,andprogrammabilitytopermissionlessaccessibility,DeFipotentialtoprovidenewfinancialservices,suchasliquidstaking,flamarketmakers,withreducedtransactionspefinancialinclusion.Moreover,DeFireplicatesmanytradiexchanges,borrowingandlending,derivatives,insurance,andassetdecentralisednatureofDeFiprotocolsalsoenabletheiroperationbyformsofcommunity-drivengovernancewithoutbeingcontrolledbycentralisedinstitutions,highlightingthepotentialofthisinnovativetechnologytotransformthefinanciallandscape.Nonetheless,theopportunitiesaffordedbyDeFiarenotwithoutrisk.SignificantlossesduetofailuresinDeFimarketsin2022highlightedsomerisksandvulnerabilities,leadienhancedscrutinybytheinternationalregulatorycommunitytorisksthatDeFiposestofinancialstability.WithreferencinternationalorganisationsandtheemevulnerabilitiesofDeFimarketscanbesummarisedintoseissuesarisefromthefactthatDeFiprotocolsoftenclaimtobedecentralisedbuteffectivelycentralised,leadingtomisrepresentationsandmoralhazards.andlegalityissuesstemfromtheborderlessnatureofblockchainandthelackofcohesionamongjurisdictionsregardinglegislationanditsenforcementinDeFimarkets.Third,economicandtechnologicalvulnerabilitiesacrossmultiplelayersoftheDeFistackcanresultintheexploitationoroperationalfailureofDeFiprotocols.Fourth,theDeFi’sinterconnectednesswithtraditionalfinance(TradFi)andcentralisedcrypto-assetfinance(CeFi)canamplifyfinancialcontagionintheoverallfinancialsandcollateralisationprevalentintheDeFimarketmakeieconomicdownturns.Sixth,investorandconsumerprotectionmeasuresforDeFimstillinsufficientcomparedwiththoseforTradFimTherisksandvulnerabilitiesinherentinDeFimarketsmayalsoposeseveralchallengforfinancialauthorities.Specifically,intheDeFicontext,itisparticufinancialauthoritiestoidentifypartiestoholdaccountableforDeFiprotocols(i.e.,regulatoryhooks)intheabsenceofobviouscenDeFitransactionsmaynotbelegallyenforceable,whichlimitsthelegalprotinvestors.Alackofstandardisedtaxonomyandcohesiveregulations,tcrossbordernature,hasmadeglobalcoordinationtoregulateDeFidifficult.Furthermore,theincreasingconnectivitybetweenDeFInthefaceoftheemergenceonnewmanyfinancialauthoritiesovertheglobeadvoregulation’astheguidingprinciple.Alongthisguidingprinciplehavealsoprovidedhighlevelrecommendationsfortheandregulatorychallenges.Theypumonitoringinterconnectionsacrossmarkets,minimisingregulaandsupervisingentitiesthatprovidingcrypto-assetservicesneededtoaddressdifferentlevelsofrisks,someleadingjurisdictionsinDeFihaveundertakenregulatoryactionsbyclarifyingexistingregulationsthroughstatementsorcirculars,byextendingregulatoryframeworks,oracombinationofbothapproaches.TurningtodevelopmentsinHongKong,theGovernmenthaswelcomedthegrowthofthevirtualassetsindustryandhavebeenworksustainableandresponsibledevelopment,asnotedintheirpolicystatementpublishedin2022.againstthisbackground,oursurveyoflocalvirtualassetsmarketparticipantsreveagrowinginvolvementwithvirtualassetsintheirbusinessinterestinexpandingtheirinvolvementwithvirtualassetsafuture.