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Home»ADOPTION NEWS»Hong Kong Monetary Authority releases report on DeFi and Metaverse in the financial sector
ADOPTION NEWS

Hong Kong Monetary Authority releases report on DeFi and Metaverse in the financial sector

By Crypto FlexsJune 26, 20243 Mins Read
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Hong Kong Monetary Authority releases report on DeFi and Metaverse in the financial sector
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The Hong Kong Institute of Monetary Finance (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), has published two new applied research reports titled “Decentralized Finance: Current Environment and Regulatory Developments” and “Metaverse:” “Opportunities and Challenges for the Financial Services Industry.”

Exploring DeFi and the Metaverse

This report examines the cutting edge of decentralized finance (DeFi) and the metaverse, providing a comprehensive analysis of their applications within the financial services sector. It provides an overview of the international and Hong Kong-specific regulatory environment, and summarizes the findings of a survey and interviews with local market practitioners.

According to the Hong Kong Monetary Authority (HKMA), respondents showed great interest in leveraging DeFi and Metaverse applications and explored many opportunities within the virtual asset ecosystem. The goal of the report is to promote the healthy development and application of these technologies in the Hong Kong financial services industry.

Key Insights and Future Outlook

Enoch Fung, Chief Executive Officer of AoF and Executive Director of HKIMR, highlighted the potential of DeFi and the metaverse, which present a variety of opportunities for Hong Kong’s financial services industry. “These emerging technologies, closely linked to the broader development of virtual assets and Web3, will provide valuable insights for market participants and regulators, which will help inform future policy initiatives and market innovations for Hong Kong’s digital ecosystem,” Fung said.

More information can be found on the AoF/HKIMR website. DeFi Report and Metaverse Report.

About the Hong Kong Academy of Finance (AoF)

AoF is a joint initiative involving the Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority and Compulsory Provident Fund Scheme Authority. It aims to be a center of excellence for financial leadership development and a repository of knowledge in monetary and financial research, including applied research.

About Hong Kong Institute of Monetary and Financial Research (HKIMR)

HKIMR, the research arm of AoF, focuses on conducting research in areas of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. Applied research studies target topics that are highly relevant to Hong Kong’s financial industry and regulatory agencies, and provide insight into the long-term development strategy and direction of Hong Kong’s financial industry.

The Hong Kong Monetary and Financial Research Institute (HKIMR) has released two new applied research reports on DeFi and the metaverse. Enoch Fung, CEO of AoF and Executive Director of HKIMR (left), and Giorgio Valente, President of HKIMR (right) are hosting a press briefing to share the key findings.

Image source: Shutterstock



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