Hong Kong's financial industry is optimistic about DeFi and meta-universe opportunities

Hong Kong's financial industry is optimistic about the opportunities of DeFi and meta-universe. Fung Yin Nuo, Chief Executive Officer and Executive Director of the Research Center of the Hong Kong Institute of Finance, pointed out yesterday that emerging technologies related to decentralized finance and meta-universe are closely related to the development of virtual assets and Web3 more generally, and are expected to bring various opportunities to Hong Kong's financial services industry. Market participants believe that in the long run, virtual assets can create new revenue streams, reduce costs, enhance customer experience, and make businesses more diverse. Challenges include, for example, the overall uncertainty of uniform definitions and governance structures, difficulties in meeting regulatory requirements to combat money laundering and terrorist financing, and concerns about cyber security and data risks.