促進創新的監管框架：Web3 和金融科技

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the need for a supportive regulatory framework to foster innovation in the financial sector, particularly in the context of Web3 and fintech developments [3][4][19]. Summary by Sections Introduction to Web3 - Web3 represents a significant advancement in the digital realm, enhancing machine readability of web content and fostering a more intelligent, interconnected, and decentralized internet structure. This evolution is expected to transform the financial services landscape, particularly through decentralized finance (DeFi) [4][11]. Challenges in Designing an Enabling Regulatory Framework - The emergence of decentralized finance and Web3 technologies poses challenges to existing regulatory models, necessitating adjustments in regulatory strategies to ensure effective oversight in a low-centralized control environment [5][19]. Common Regulatory Tools and Techniques - Various countries employ structured approaches to regulate fintech and Web3 entities, including formal restrictions, laissez-faire methods, special authorizations, and regulatory sandboxes to facilitate innovation while ensuring safety [6][7]. Regulatory Considerations – Hong Kong Perspective - Hong Kong's approach to regulating Web3 and fintech offers valuable insights for the global community, highlighting the importance of balancing regulation with innovation to maintain competitiveness [8][9]. Global Connectivity - Hong Kong's regulatory experience in Web3 serves as a case study for other regions, emphasizing the need for clear regulatory frameworks that reduce policy uncertainty and support strategic growth in diverse financial environments [9][10]. Observations on Building an Enabling Regulatory Framework - The report outlines key characteristics of an effective regulatory framework, including transparency, supervision, clarity, complementarity, comprehensiveness, outward orientation, and flexibility [20][21]. Effective Regulatory Agency Characteristics - Effective regulatory agencies foster trust in the financial system by ensuring clear communication, understanding regulatory scope, and maintaining predictability in regulatory outcomes [21][24]. Web3's Potential Impact on Financial Services - Web3's core features, such as decentralization and trustlessness, are expected to enhance financial inclusion by providing faster transaction speeds and lower costs, potentially serving the unbanked population globally [17][19]. Enabling Regulatory Framework for Financial Innovation - The stability of national and global financial systems relies on effective regulation of financial institutions, with a focus on prudential regulation, conduct regulation, and systemic regulation to mitigate risks [19][20].