全球數(shù)字金融智庫報告集萃 2024

導(dǎo)言概述/IntroductionOverview2告的關(guān)狀和監(jiān)管框架宇宙在香港金融生態(tài)系統(tǒng)中的無縫整合?！度ブ行幕鹑冢含F(xiàn)狀與監(jiān)管發(fā)展》報告強(qiáng)調(diào)，去中心化金融(DeFi)有潛力通過區(qū)塊括治理問題、合規(guī)挑戰(zhàn)和技術(shù)漏洞。報告主張采用“相同活動、相同風(fēng)險、相同監(jiān)管”同作，政關(guān)風(fēng)險的同時，利用數(shù)字金融的潛力造福社會。TheShenzhenGreaterBayFinancialResearchInstitutereleasedtheGlobalDigitalFinanceThinkTankReportCollection(Issue1,August2024),whichcontinuestoprovidein-depthanalysisofthemajortrends,challengesandopportunitiesindigitalfinance.Thisweek'sreportconsolidateskeyinsightsfromtwoimportantreports,focusingontheOpportunitiesandChallengesoftheMetaversefortheFinancialServicesIndustryandontheCurrentLandscapeandRegulatoryDevelopmentsofDecentralisedFinance.ThereportTheMetaverse:OpportunitiesandChallengesfortheFinancialServicesIndustry"highlightsthemetaverse'spotentialtorevolutionizethefinancialservicesindustrythroughenhancedbrandengagement,personalizedservices,andoperationalefficiencieswhilealsoacknowledgingsignificantchallengessuchasdataprivacyconcerns,highdevelopmentcosts,andintegrationcomplexities.Itemphasizestheneedforstrategicplanning,robustregulatoryframeworks,andtheadvancementofenablingtechnologiestofacilitatetheseamlessintegrationofthemetaverseintoHongKong'sfinancialecosystem.3Thereporton"DecentralisedFinance:CurrentLandscapeandRegulatoryDevelopments"underscoresDeFi'spotentialtorevolutionizefinancialservicesbyofferingaccessible,efficient,andsecuresystemsviablockchaintechnologywhileidentifyingkeyrisks,includinggovernanceissues,compliancechallenges,andtechnologicalvulnerabilities.Itadvocatesforaregulatoryapproachbasedon'sameactivity,samerisk,sameregulation'andhighlightstheimportanceoftalentdevelopment,hybridfinancialinfrastructure,andenhancedpublic-privatecollaborationforthesustainablegrowthofDeFiinHongKong.Together,thesestudiesunderscoretheneedforstrategicplanning,robustregulatoryframeworksforthemetaverse,andaregulatoryapproachforDeFibasedon'sameactivity,samerisk,sameregulation.'Byaddressingchallengessuchasdataprivacy,highdevelopmentcosts,integrationcomplexities,governanceissues,andcompliancerisks,andbypromotingtalentdevelopment,technologicaladvancements,andpublic-privatecollaboration,policymakersandfinancialinstitutionscanharnessthepotentialofdigitalfinancetobenefitsocietywhilemitigatingassociatedrisks.HongKongInstituteonetaryandFinancialResearchHongKongInstituteonetaryandFinancialResearch4一、元宇宙：金融服務(wù)業(yè)的機(jī)遇與挑戰(zhàn)(TheMetaverse：OpportunitiesandChallengesfortheFinancialServicesIndustry)來源：香港貨幣及金融研究院(HongKongInstituteforMonetaryandFinancialResearch術(shù)整合到金融生態(tài)系統(tǒng)中提供戰(zhàn)略見解。報告的主要目標(biāo)是全面概述元宇宙，并探索其對金融服務(wù)行業(yè)的廣泛影響。它旨中的考慮因素。融機(jī)構(gòu)中元宇宙應(yīng)用及其面臨障礙的理解。型營銷渠道、擴(kuò)大客戶群體以及提高運(yùn)營效率。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)隱私要的風(fēng)險管理和戰(zhàn)略規(guī)劃的必要性。報告對監(jiān)管環(huán)境進(jìn)行了詳細(xì)審視，回顧了國際監(jiān)管舉措，并強(qiáng)調(diào)了在網(wǎng)絡(luò)安全、持續(xù)和安全的元宇宙生態(tài)系統(tǒng)的關(guān)鍵。5展望未來，報告指出，推動元宇宙發(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)重要。本報告概述了元宇宙的發(fā)展，并討論了其對金融服務(wù)行業(yè)的廣泛影響?；谙愀鄹劢鹑诜?wù)業(yè)發(fā)展的考慮。元宇宙的流行愿景特點(diǎn)包括沉浸性、持久性、異質(zhì)性和互操作性。一系列支持技定同時鼓勵金融服務(wù)行業(yè)創(chuàng)新中的重要作用。將是推動金融服務(wù)行業(yè)中元宇宙采用的關(guān)鍵因素。元宇宙采用的未來前景與相關(guān)支持技術(shù)的進(jìn)步密切相關(guān)。市場參與者指出，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%的市場參與者預(yù)計元宇宙的發(fā)展將在某影響。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)帶來一系列好處。元宇宙困難也被列為元宇宙整合的相關(guān)障礙。對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)揮重要促進(jìn)城市數(shù)字環(huán)境的負(fù)責(zé)任和可持續(xù)發(fā)展。香港具備獨(dú)特的特點(diǎn)來引導(dǎo)元宇宙在金融服務(wù)行業(yè)的發(fā)展。事實上，調(diào)查中的市引和維持人才和企業(yè)，從而促進(jìn)元宇宙的健康發(fā)展。穩(wěn)定至關(guān)重要。7Thereport"TheMetaverse:OpportunitiesandChallengesfortheFinancialServicesIndustry,"publishedbytheHongKongInstituteforMonetaryandFinancialResearch(HKIMR)onJune25,2024,deliversanin-depthanalysisofthemetaverseanditspotentialdisruptiveimpactonthefinancialservicessector.Themetaverse,aninterconnectednetworkofimmersivevirtualenvironmentspoweredbycutting-edgetechnologies,ispoisedtorevolutionizevariousindustries,includingfinance.Thisreportdelvesintothemetaverse'sdefinition,corecomponents,andpotentialramificationsforfinancialinstitutions,providingstrategicinsightsintohowthisnascenttechnologycanbeintegratedwithinthefinancialecosystem.Thereport'sprimaryobjectiveistoofferacomprehensiveoverviewofthemetaverseandexploreitsextensiveimplicationsforthefinancialservicesindustry.Itseekstoidentifybothopportunitiesandchallengesposedbythemetaverse,evaluatethecurrentlandscapeandrecentdevelopments,andgatherinsightsfromindustrystakeholdersregardingitsfuturetrajectoryinHongKong.Additionally,thereportexaminesregulatoryframeworksandproposesconsiderationsfortheseamlessintegrationofthemetaverseintoHongKong'sfinancialservicesinfrastructure.Toachievethis,HKIMRconductedasurveyandinterviewswithkeymarketparticipants,includingbanks,insurers,assetmanagers,andmetaverseserviceproviders.Thesurvey,titled"CurrentLandscapeandDevelopmentsoftheMetaverseinHongKong'sFinancialServicesIndustry,"wasconductedfromMaytoJuly2023.Thequalitativedatafrominterviewsprovidedfurtherdepthtothequantitativesurveyresults,enhancingtheunderstandingofmetaverseapplicationswithinfinancialinstitutionsandtheobstaclestheyencounter.Keyfindingsrevealthatover90%ofsurveyedfinancialinstitutionspossessacertaindegreeofknowledgeaboutthemetaverse,with65%alreadyengaginginmetaverse-relatedinitiatives.Presentusecasesencompassmarketingandpromotion,internaloperations,talentacquisition,andcorporatesocialevents.Thereporthighlightsseveralstrategicopportunitiesthemetaversepresentsforfinancialinstitutions,includingtheenhancementofbrandengagement,thedeliveryofbespokeserviceofferings,theestablishmentofnovelmarketingchannels,expansionofcustomerdemographics,andoperationalefficiencies.However,significantchallengespersist,includinglimitedconsumeradoptionandinterest,stringentdataprivacyrequirements,inadequateplatformfunctionalities,ashortageofskilledtalent,substantialdevelopmentandmaintenancecosts,andintegrationcomplexitieswithexistingsystems.Thesechallengesunderscorethenecessityforrobustriskmanagementandstrategicplanning.Theregulatorylandscapeiscriticallyexamined,withthereportreviewinginternationalregulatoryinitiativesandemphasizingtheimportanceofenhancedgovernanceinareassuchascybersecurity,dataprivacy,financialtransactions,userprotection,andintellectualproperty8rights.CurrentregulatorymeasurespertainingtovirtualassetsinHongKongareidentifiedaspivotaltofosteringasustainableandsecuremetaverseecosystem.Lookingforward,thereportidentifiestheadvancementofenablingtechnologies—suchasnext-generationnetworkinfrastructure,high-fidelitydisplayhardware,scalablecomputingsolutions,andblockchaintechnology—asessentialtoacceleratingmetaversedevelopment.Amaturemetaverseecosystem,characterizedbywidespreadadoptionandhigh-frequencybusinesstransactions,iscrucialforjustifyingongoinginvestmentsinmetaverseapplications.ThereportconcludeswithstrategicrecommendationstofacilitatetheorderlyintegrationofthemetaverseintoHongKong'sfinancialservicessector.Theseincludenurturingaskilledtalentpool,fosteringinnovationandentrepreneurship,andinvestingintherequisitedigitalinfrastructure.Additionally,increasingawarenessandknowledgeaboutthemetaverseamongstakeholders,fosteringcross-sectorcollaborations,andadaptingregulatoryframeworkstoevolvingtechnologicallandscapesarevitalforensuringconsumerprotectionandpromotingrobustinnovationwhilemaintainingfinancialstability.Abstract:Asanewparadigminterconnectingthephysicalandvirtualrealms,themetaversebringstheprospectofreshapingthefinancialserviceslandscape.‘Themetaverse’broadlyreferstoanetworkofimmersivevirtualworlds,createdusingarangeoffrontiertechnologiestomirrorortransformreal-worldexperiences.Regulatorsandpolicymakersacrosstheglobeareincreasinglyconsciousofthistechnology,recognisingtheimportanceofachievingabalancebetweenharnessingthepotentialofthemetaverseandeffectivelymanagingitschallengestoensureitshealthydevelopmentinthefinancialservicesindustry.Thisreportprovidesanoverviewofthemetaverseanddiscussesthebroadimplicationsofitsdevelopmentforthefinancialservicesindustry.BasedonasurveyandinterviewscommissionedbytheHongKongInstituteforMonetaryandFinancialResearch(HKIMR)fromMaytoJuly2023,thereportdescribeslocalfinancialinstitutions’engagementandfutureprospectsregardingthemetaverseandexploressomeopportunitiesandchallengesthatitpresents.Thereportalsoexploresmarketparticipants’viewsonprospectsregardingthemetaverseinHongKong,themetaversetalentlandscape,andstrategiestopromotethedevelopmentofthemetaverseinfinancialservices.AfterreviewingtheregulatoryinitiativesonthedevelopmentofthemetaverseanditsrelatedfieldsinternationallyandinHongKong,thereportconcludesbyofferingconsiderationsforthemetaverse’sfuturedevelopmentintothecity’sfinancialservicesindustry.Thepopularvisionforthemetaverseischaracterisedbyimmersiveness,persistency,heterogeneity,andinteroperability.Arangeofenablingtechnologies,includingnetworkinfrastructure,computinginfrastructure,sensingtechnologies,artificialintelligencetechnologies,anddistributedledgertechnologies,underpintheconstructionofthemetaverse9tofosterseamlessandcreativeinteractions,aswellasfacilitatecommercialandfinancialactivities.Thedevelopmentofthemetaversemaybringnewbusinessopportunitiestothefinancialservicesindustrybydrivingdemandforvirtualfinancialservicesandenhancingbusinessoperations.Itcanfurtherpromotefinancialliteracythroughinteractiveeducationexperiences.However,themetaversemayexposethefinancialservicesindustrytonewrisksormagnifyexistingonesinthedigitalage.Thesedevelopmentshighlighttheimportantroleplayedbyregulatorsinmonitoringtheresponsibledevelopmentofthemetaverse,ensuringfinancialstabilitywhilstencouraginginnovationinthefinancialservicesindustry.HongKong’sfinancialinstitutionshaveshownanotableinterestinthemetaversebutdisplayedamoderatelevelofengagementinthisfield.Accordingtooursurvey’sfindings,over90%ofthefinancialinstitutionsdemonstratedacertaindegreeofknowledgeofthemetaverse,and65%reportedinvolvementinthemetaverse,rangingfromthediscussionandplanningstagetotheimplementationofmetaverseadoption.Currentmetaverseapplicationshavegenerallyencompassedmarketingandpromotion,internaluse,talentrecruitment,andworkplacesocialevents.Thisfindingindicatesthatlocalfinancialinstitutionsareinclinedtoleveragethemetaverseasanadditionalchanneltopromoteinteractionswiththepublic,customers,andemployees.Nonetheless,thesurveyedfinancialinstitutionsexpressedlessenthusiasmtowardscertainapplicationsofthemetaverseasaninvestmenttool,saleschannel,andrevenuestreamandtheprovisionofmetaversespecificproductsandservices.Thesesuggestthatthetransitiontoacomprehensivemetaverseecosystemwithmatureusecasesandfrequentbusinesstransactionsamongcustomerswillbeimportantfactorsdrivingincreasedmetaverseadoptioninthefinancialservicesindustry.Thefutureprospectsofmetaverseadoptionarecloselylinkedtotheadvancementinrelevantenablingtechnologies.Networktechnology,displayhardware,computingtechnology,andblockchaintechnologywerehighlightedbymarketparticipantsascrucialcomponentsthatcontributetothegrowthofthemetaverse,thusexpandingthescopeofmetaverseapplicationswithinthefinancialservicesindustry.Inaddition,85%ofthemarketparticipantsanticipatedthatthedevelopmentofthemetaversewouldhaveimplicationsforthefinancialservicesindustrytosomedegree.Thesurveyedfinancialinstitutionsperceivedthatmetaverseadoptioncouldofferarangeofbenefitstothefinancialservicesindustry.Themetaversecanfacilitatemoreengagingbrandingactivitiesandcultivatebetterconnectionswithcustomers.Italsocanprovideuniqueserviceofferingsandserveasadistinctmarketingchannel,deliveringtailoredcustomerexperiences.Themetaversecanfurtherbenefitfinancialinstitutionsthroughtheexpansionofcustomerbasesandimprovementsinoperationalefficiency.Nonetheless,thistechnologyalsoposespotentialchallengesthatneedtobeeffectivelyaddressedormitigated.Themajorchallengesfacedbyfinancialinstitutionsincludedataprivacyissues,limitedplatformfunctionalities,andthescarcityoftalentsandexpertise.Limiteduseradoptionandinterest,highdevelopmentandmaintenancecosts,anddifficultiesinintegratingthemetaversewithexistingoperationsandsystemswerealsocitedasrelevantimpedimentstometaverseintegration.TheanalysisofthemetaversetalentlandscapeinHongKongrevealeddifferencesbetweenfinancialinstitutionsandmetaverseserviceproviders.Financialinstitutionsdisplayedarelativelylowlevelofinvolvementinmetaversetalentacquisition.Incontrast,themajorityofmetaverseserviceprovidersindicatedthattheyhadsufficienttalentswithspecialisedskillsetsrelatedtothemetaverse.Themetaverseserviceprovidersalsoplacedemphasisonacquiringabroaderrangeoftalentswithmetaverse-specificskillswithinHongKongandhighlightedthattalentswithexpertiseinblockchaintechnologyweremostsoughtafterbytheemployers.Asnurturingtalentsisessentialinfosteringtheincreasedadoptionandintegrationofthemetaverse,regulatorsandpolicymakerscanplayavitalroleinaddressingtherelevantchallenges,aswellaspromotingthesustainabledevelopmentoftalentsandskillsinthelocalmetaverseindustry.Appropriateregulatoryoversightofthemetaverseisusefultoensuremarketintegrityandmayinstilconsumertrustwhilstadvancingmetaverseadoptioninthefinanceservicesindustry.Severalkeyaspectsofthemetaversethatcanbenefitfromenhancedregulationandgovernancewereidentifiedbythemarketparticipants,includingcybersecurityanddataprivacy,financialtransactions,andusersafetyandwellbeing.Themarketparticipantsalsoemphasisedtheneedforintellectualpropertyrights,contentmoderation,andacodeofconducttoensuretheresponsibleandsecureuseofthemetaverse.Regulatorsandpolicymakersinsomejurisdictionshavetakenstepstodevelopsupervisoryguidanceandregulatorymeasurestooverseeandpromotethedevelopmentofthemetaverse.Inparticular,theyhaveplacedemphasesonfourkeyareas,namelyusersafetyandwellbeing,intellectualpropertyrights,cybersecurityanddataprivacy,andfinancialtransactions.InHongKong,althoughtherearenospecificregulatoryinitiativestargetingthemetaverse,currentregulatoryeffortsrelatedtovirtualasset-relatedactivitieswouldalsoplayacrucialrolewithinthemetaverseecosysteminpromotingresponsibleandsustainabledevelopmentofthedigitallandscapeinthecity.HongKongmaintainsuniquecharacteristicstonavigatethedevelopmentofthemetaverseinthefinancialservicesindustry.Infact,marketparticipantsinthesurveyconsideredthedefinedlegalandregulatoryframework,business-friendlyenvironment,androbustfinancialinfrastructureandnetworkaskeycompetitiveadvantagespossessedbyHongKong.Thecity’sstrategiclocation,connectivity,bilingualenvironment,andtradingsystemareadditionalstrengthsthatrenderitattractivetometaversestakeholders.HongKong,asapremierglobalbusinessandfinancialhub,providesanidealenvironmenttoattractandsustaintalentsandbusinesses,therebyfosteringthehealthydevelopmentofthemetaverse.Drawingonthemarketparticipants’viewsandtheexperiencesofotherjurisdictions,thisreportproposessomeconsiderationsintendedtoensureasoundandorderlyintegrationofthemetaverseintothefinancialservicesindustryinHongKong.Theseconsiderationsincludenurturingtalentsandfosteringinnovativeentrepreneurship,andsupportingtechnologyanddigitalinfrastructuredevelopments.Increasingknowledgeaboutthemetaverseandfosteringcollaborationsamongstakeholdersandacrossjurisdictionswillalsobeessentialtoestablishconsistencyandinterconnectivitywithinthemetaverseecosystem.Otherconsiderationsincludeadaptingtherelevantregulatoryframeworktokeepinviewofthelatestdevelopmentsandestablishingwell-definedcorporategovernancestructuresformetaverseadoptionwithinfinancialinstitutions.Theseconsiderationsareimportanttosafeguardconsumersandpromoterobustinnovationwhileensuringfinancialstabilityintheadoptionofmetaverseapplicationswithinthefinancialservicesindustry.CurrentLandscapeandRegulatoryDevelopments)來源：香港貨幣及金融研究院(HongKongInstituteforMonetaryandFinancialResearch監(jiān)管發(fā)展》強(qiáng)調(diào)了去中心化金融(DeFi)作為傳統(tǒng)金融系統(tǒng)替代方案的快速增長角色。統(tǒng)機(jī)構(gòu)和虛擬資產(chǎn)服務(wù)提供商。管理這些風(fēng)險并同時促進(jìn)金融創(chuàng)新的強(qiáng)有力的監(jiān)管參與者對虛擬資產(chǎn)的興趣和采用不斷增長，盡管監(jiān)管不確定性和反洗錢/打擊資助恐怖主義(AML/CFT)要求合規(guī)性帶來了挑戰(zhàn)。它強(qiáng)摘要:去中心化金融(DeFi)是一個革命性的概念，旨在利用區(qū)塊鏈技術(shù)和智能合能會造態(tài)系統(tǒng)及其對香港金融服務(wù)業(yè)的影響貢獻(xiàn)力量。的領(lǐng)域，吸引了廣泛的投資者興趣。從加密資產(chǎn)市場的一個小部分開始，DeFii突顯出這種創(chuàng)新技術(shù)有潛力改變金融格局。塊鏈的融(TradFi)和中心化加密資產(chǎn)金融(CeFi)的相互關(guān)聯(lián)可能會加劇整體金融系統(tǒng)的金的DeFi協(xié)議的當(dāng)事方(即監(jiān)管掛鉤)，因球許多金融當(dāng)局倡導(dǎo)“同樣的活動，同者結(jié)合的方式采取了監(jiān)管行動。行業(yè)的增長，并與金融監(jiān)管機(jī)構(gòu)合作支持其提供提供的代受歡。關(guān)交易所/交易。方面，調(diào)查受訪者指出了幾個監(jiān)管挑戰(zhàn)，如允許活動的不確定性，難以遵守反洗錢和反恐融資(AML/CFT)要求，以及對網(wǎng)絡(luò)安全和iFiTheHongKongInstituteforMonetaryandFinancialResearch'sreport"DecentralisedFinance:CurrentLandscapeandRegulatoryDevelopments,"issuedonJune25,2024,spotlightsDeFi'sburgeoningroleasanalternativetotraditionalfinancialsystems.ThereportmeticulouslyexploresDeFi'stechnologicalunderpinnings,applications,risks,andregulatorymeasurescurrentlyinplaceorunderconsideration.Theresearchisanchoredinacomprehensivemethodologythatintegratesathoroughreviewofexistingacademicandpolicyliterature,ananalysisofDeFi'stechnologicalinfrastructure,andinsightsgarneredfromasurveyandin-depthinterviewswithmarketparticipantsinHongKong.Theseparticipantsrepresentaspectrumofthefinancialindustry,includingtraditionalinstitutionsandvirtualassetserviceproviders.Thereport'sfindingsaremultifaceted,paintingapictureofDeFi'sdynamiclandscape.TheyrevealDeFi'ssignificantpotentialtorevolutionizefinancialservicesbyofferingamoreaccessible,efficient,andsecuresystemthroughtheuseofblockchaintechnologyandsmartcontracts.ThereportdocumentstheremarkablegrowthoftheDeFimarket,fromanascentstagetoamarketcapitalizationpeakreflectingsubstantialinvestorinterestandthesector'smaturation.However,thisgrowthisnotwithoutitschallenges.ThereportidentifiesseveralkeyrisksandvulnerabilitieswithintheDeFispace,includinggovernanceissuesthatoftenmaskcentralizationbeneathafa?adeofdecentralization,complianceandlegalityconcernsduetotheborderlessnatureofDeFi,andtechnologicalvulnerabilitiesthatcouldbeexploited,leadingtooperationalfailures.TheinterconnectednessofDeFiwithtraditionalfinanceisalsohighlightedasapotentialamplifieroffinancialcontagion.Thereportemphasizesthenecessityforarobustregulatoryframeworkthatcaneffectivelymanagetheseriskswhilenurturingfinancialinnovation.Itfindsthatthecurrentregulatorylandscapeisstillevolving,withdifferentjurisdictionsadoptingvariedapproachestoDeFiregulation.ThereportalsounderscoresthedifficultiesfacedbyfinancialauthoritiesinidentifyingaccountablepartieswithinDeFi'sdecentralizedstructureandthechallengesofenforcinglegalprotectionsforinvestors.InthecontextofHongKong,thereportrevealsagrowinginterestandadoptionofvirtualassetsamongmarketparticipants,despitethechallengesposedbyregulatoryuncertaintyandcompliancewithAML/CFTrequirements.Ithighlightstheneedforawell-definedregulatoryframework,robustfinancialinfrastructure,andskilledtalentwithblockchain-relatedskillstofosterthedevelopmentofDeFiandvirtualassetmarketsintheregion.ThereportconcludeswithasetofconsiderationsaimedatpromotingthehealthydevelopmentoftheDeFimarketinHongKong.Itadvocatesforaregulatoryapproachthatadherestotheprincipleof'sameactivity,samerisk,sameregulation',andcallsfordeep-diveresearchtoenhanceunderstandingofDeFirisks.Italsosuggeststheexplorationofahybridmodelthatcombinescentralizedanddecentralizedfinancialinfrastructures,thepromotionofblockchain-relatedtalentdevelopment,andthestrengtheningofpublic-privatedialogueandcollaborationtoaddressregulatoryuncertaintyandbettermeetmarketneeds.Abstract:DeFi,shortforDecentralisedFinance,isarevolutionaryconceptthataimstochangethetraditionalfinancialsystembyleveragingblockchaintechnologyandsmartcontracts.Itaimstoprovidevariousfinancialactivities,suchaslending,borrowing,andtrading,withoutrelyingoncentralisedinstitutions.However,DeFiremainsinitsnascentstageandfacesseveralchallenges.Oneofthemistheregulatorylandscape.AsDeFiisinherentlydecentralised,itoftenfallsoutsidethepurviewofexistingfinancialregulations.Thislackofregulatoryoversightcancreateuncertaintyandhinderbroadadoption.ThisreportprovidesacomprehensiveoverviewoftheopportunitiesandchallengescreatedbyDeFiactivitiesandtheregulatoryapproachesadvocatedbyinternationalorganisationsandindividualjurisdictionsforcrypto-assetandDeFimarkets.ThediscussioniscomplementedbythefindingsofasurveyandasetofinterviewscommissionedbytheHongKongInstituteforMonetaryandFinancialResearchtosolicittheviewsofkeymarketparticipantsinHongKong,includingfinancialinstitutionsandvirtualassetserviceproviders(VASPs),onthecurrentandfutureapplicationsofvirtualassets(VAs).Finally,thereportofferssomeconsiderationsforfacilitatingfurtherdevelopmentsofDeFiinHongKong,withtheaimofcontributingtothediscussionsonimprovingtheecosystemanditsimplicationsforthefinancialservicesindustryinHongKong.Sinceblockchainappearedasadecentralisedpaymentalternativein2008,ithasgrowntoincludeabroadspectrumofcrypto-assetsthathaveattractedwidespreadinvestorinterest.Beginningasasmallsegmentofthecrypto-assetmarket,DeFimarketcapitalisationsurgedfromUS$6billiontoahighofapproximatelyUS$170billionin2021withintwoyears,beforestabilisingatapproximatelyUS$80billionin2023.ThesenumbersdemonstratethatDeFi’spotentialcannotbeignored.Owingtoitsuniquecharacteristicsrangingfromatomicsettlement,composability,andprogrammabilitytopermissionlessaccessibility,DeFihasthepotentialtoprovidenewfinancialservices,suchasliquidstaking,flashloans,andautomatedmarketmakers,withreducedtransactionspeedandenhancedinnovation,automationandfinancialinclusion.Moreover,DeFireplicatesmanytraditionalfinancialservices,includingexchanges,borrowingandlending,derivatives,insurance,andassetmanagement.ThedecentralisednatureofDeFiprotocolsalsoenabletheiroperationbyformsofcommunity-drivengovernancewithoutbeingcontrolledbycentralisedinstitutions,highlightingthepotentialofthisinnovativetechnologytotransformthefinanciallandscape.Nonetheless,theopportunitiesaffordedbyDeFiarenotwithoutrisk.SignificantlossesduetofailuresinDeFimarketsin2022highlightedsomerisksandvulnerabilities,leadingtoenhancedscrutinybytheinternationalregulatorycommunitytounderstandandmitigatetherisksthatDeFiposestofinancialstability.Withreferencetopublishedreportsbyinternationalorganisationsandtheemergingacademicandpolicyliterature,therisksandvulnerabilitiesofDeFimarketscanbesummarisedintoseveralkeyareas.First,governanceissuesarisefromthefactthatDeFiprotocolsoftenclaimtobedecentralisedbutareeffectivelycentralised,leadingtomisrepresentationsandmoralhazards.Second,complianceandlegalityissuesstemfromtheborderlessnatureofblockchainandthelackofcohesionamongjurisdictionsregardinglegislationanditsenforcementinDeFimarkets.Third,economicandtechnologicalvulnerabilitiesacrossmultiplelayersoftheDeFistackcanresultintheexploitationoroperationalfailureofDeFiprotocols.Fourth,theDeFi’sinterconnectednesswithtraditionalfinance(TradFi)andcentralisedcrypto-assetfinance(CeFi)canamplifyfinancialcontagionintheoverallfinancialsystem.Fifth,thehighleverageandcollateralisationprevalentintheDeFimarketmakeitvolatile,especiallyduringeconomicdownturns.Sixth,investorandconsumerprotectionmeasuresforDeFimarketsarestillinsufficientcomparedwiththoseforTradFimarkets.TherisksandvulnerabilitiesinherentinDeFimarketsmayalsoposeseveralchallengesforfinancialauthorities.Specifically,intheDeFicontext,itisparticularlydifficultforfinancialauthoritiestoidentifypartiestoholdaccountableforDeFiprotocols(i.e.,regulatoryhooks)intheabsenceofobviouscentralisedactors.ThesmartcontractsusedtofacilitateDeFitransactionsmaynotbelegallyenforceable,whichlimitsthelegalprotectionsforinvestors.Alackofstandardisedtaxonomyandcohesiveregulations,togetherwithDeFi’scrossbordernature,hasmadeglobalcoordinationtoregulateDeFidifficult.Furthermore,theincreasingconnectivitybetweenDeFiandTradFicouldleadtoheigh