全球數(shù)字金融智庫報告集萃 2024

2導言概述/IntroductionOverview括治理問題、合規(guī)挑戰(zhàn)和技術漏洞。報告主張采用“相同活動、相同風險、相同監(jiān)管”的監(jiān)管方法，并強調(diào)人才發(fā)展、混合金融基礎設施和增強的公私合作對香港DeFi可持風險、相同監(jiān)管”的DeFi監(jiān)管方法的必要性。通過解決數(shù)據(jù)隱私、高開發(fā)成本、集成策制定者和金融機構可以在緩解相關風險的同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：金融服務業(yè)的機遇與挑戰(zhàn)（TheMetaverse：OpportunitiesandChallengesfortheFinancialServicesIndustry）報告的主要目標是全面概述元宇宙，并探索其對金融服務行業(yè)的廣泛影響。它旨與度、提供定制化服務、建立新型營銷渠道、然而，重大挑戰(zhàn)依然存在，包括消費者采用和興趣的有限性、嚴格的數(shù)據(jù)隱私要報告對監(jiān)管環(huán)境進行了詳細審視，回顧了國際監(jiān)管舉措，并強調(diào)了在網(wǎng)絡安全、5展望未來，報告指出，推動元宇宙發(fā)展的關鍵技術——如下一代網(wǎng)絡基礎設施、報告最后提出了促進元宇宙有序整合到香港金融服務行業(yè)的戰(zhàn)略建議。這些建議確保消費者保護、促進強勁創(chuàng)新并保持金融穩(wěn)定至關重本報告概述了元宇宙的發(fā)展，并討論了其對金融服務行業(yè)的廣泛影響?；谙愀墼钪娴牧餍性妇疤攸c包括沉浸性、持久性、異質(zhì)性和互操作性。一系列支持技術，包括網(wǎng)絡基礎設施、計算基礎設施、傳感技術、人工智能技展、確保金融穩(wěn)定同時鼓勵金融服務行業(yè)創(chuàng)態(tài)系統(tǒng)過渡，將是推動金融服務行業(yè)中元宇宙采元宇宙采用的未來前景與相關支持技術的進步密切相關。市場參與者指出，網(wǎng)絡6元宇宙在金融服務行業(yè)的應用范圍。此外，85%的市場參與者預計元宇宙的發(fā)展將在某受訪的金融機構認為元宇宙的采用可以為金融服務行業(yè)帶來一系列好處。元宇宙對香港元宇宙人才格局的分析揭示了金融機構與元宇宙服務提供商之間的差異?？梢栽趹獙ο嚓P挑戰(zhàn)以及促進本地元宇宙行業(yè)人才和技能的可持續(xù)發(fā)展方面發(fā)揮重要香港具備獨特的特點來引導元宇宙在金融服務行業(yè)的發(fā)展。事實上，調(diào)查中的市理想的環(huán)境來吸引和維持人才和企業(yè)，從而促進元根據(jù)市場參與者的觀點和其他司法管轄區(qū)的經(jīng)驗，本報告提出了一些考慮，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）報告強調(diào)了需要一個能夠有效管理這些風險并同在香港的背景下，報告揭示了市場參與者對一步發(fā)展的考慮，以期為改善生態(tài)系統(tǒng)及其對密資產(chǎn)的領域，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，），在與他們參與虛擬資產(chǎn)相關的挑戰(zhàn)方面，調(diào)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.