Ruholamin Haqshanas
Final up to date:
June 26, 2024 at 14:21 GMT+3
| 2 min learn
The Hong Kong authorities has turned its consideration to decentralized finance (DeFi) and metaverse applied sciences in an effort to strengthen its place within the world fintech panorama.
The Hong Kong Institute for Financial and Monetary Analysis (HKIMR), the analysis arm of the Hong Kong Academy of Finance (AoF), just lately launched two experiences that delve into the implications of DeFi and metaverse on the monetary sector.
One of many experiences identified the numerous progress of DeFi, which has seen its market capitalization surge from $6 billion in 2021 to over $80 billion in 2023.
DeFi’s Potential Can’t be Ignored: Hong Kong.
Hong Kong’s research on DeFi emphasizes the explosive progress of the ecosystem and asserts that its potential can’t be ignored.
At the moment accounting for 4% of the general crypto-asset market, DeFi stays largely untapped.
The research reveals that greater than 70% of crypto companies collaborating within the analysis have but to discover the potential of DeFi.
Whereas challenges round governance, compliance, and vulnerabilities exist, the research stays optimistic concerning the distinctive traits of DeFi, comparable to its skill to supply new monetary companies with enhanced innovation, automation, and monetary inclusion.
Turning to the metaverse, the research highlights a average degree of engagement amongst native monetary establishments regardless of their excessive curiosity within the know-how.
This sentiment aligns with the findings from Hong Kong respondents, with over 51% expressing skepticism concerning the future potential of the metaverse.
Nevertheless, a sector of the Hong Kong fintech trade is actively pursuing metaverse-related developments, indicating a rising curiosity and recognition of its potential.
Enoch Fung, CEO of the AoF and government director of the HKIMR, acknowledges the shut connection between DeFi, the metaverse, digital property, and Web3 developments.
“The rising applied sciences of DeFi and the metaverse, that are intently linked to the broader digital asset and Web3 developments, will doubtless current numerous alternatives for the monetary companies trade in Hong Kong.”
Hong Kong Officers Promote Metropolis in Canada.
Hong Kong authorities entities have attended a tech convention in Toronto, the place they showcased the town’s…
https://cryptonews.com/information/hong-kong-government-explores-defi-and-metaverse-to-boost-fintech-dominance.htm
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