Hong Kong's financial industry is optimistic about DeFi and Metaverse opportunities

The Hong Kong financial industry is optimistic about the opportunities presented by DeFi and the metaverse. Feng Yinnuo, CEO of the Hong Kong Institute of Finance and Executive Director of the Research Center, pointed out that emerging technologies related to decentralized finance and the metaverse are closely related to the development of virtual assets and Web3, 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 sources of income, reduce costs, enhance customer experience, and make businesses more diversified. However, the challenges include overall uncertainty in unified definitions and governance structures, difficulties in meeting regulatory requirements for combating money laundering and terrorist financing, and concerns about network security and data risks.