由於我國明確的監管紅線，許多核心地區

由於我國有明確的監管紅線，許多核心領域，尤其是涉及加密金融服務的領域

Due to the clear regulatory red lines in our country, many core areas, especially those involving crypto financial services such as cryptocurrency trading, lending, etc., still find it difficult to participate in compliance domestically. This has led many investors to consider overseas investment in search of a freer market environment.

由於我國明確的監管紅線，許多核心領域，尤其是涉及加密貨幣交易，貸款等涉及加密貨幣金融服務的核心領域，仍然發現很難在國內參與合規。這導致許多投資者考慮海外投資以尋找自由的市場環境。

But with this comes another critical issue that Web3 investors need to consider: Is participating in Web3 overseas really compliant?

但是，這是Web3投資者需要考慮的另一個關鍵問題：參加Web3海外是否合規？

Here, Portal Labs also provides an answer: compliance.

在這裡，Portal Labs還提供了一個答案：合規性。

What exactly is the compliance law? In this article, Portal Labs will analyze it one by one.

合規法到底是什麼？在本文中，Portal Labs將一一分析它。

Compliance Analysis for Investing in Web3 Overseas

合規性分析用於海外Web3的投資

To address this issue, one only needs to clarify two core questions:

要解決這個問題，只需要澄清兩個核心問題：

Does our country prohibit citizens from participating in Web3 investments overseas?

我國是否禁止公民參加海外的Web3投資？

Are foreigners allowed to invest locally, establish projects, or even set up companies?

是否允許外國人在本地進行投資，建立項目甚至成立公司？

Regarding the first question, from the current regulatory attitude in China, the focus of regulation represented by the Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation mainly concentrates on domestic enterprises and financial institutions, as well as crypto financial services conducted within the country, such as ICOs, cryptocurrency exchanges, mining, and token financialization.

關於第一個問題，從中國當前的監管態度來看，該通知的重點是預防和處理虛擬貨幣交易和猜測的風險，主要集中於國內企業和金融機構，以及在國內進行的加密金融服務，例如ICOS，ICOS，CryptoCurrency Effectocrency Exchangences，Cryptocurrency Exchanges，Mining和Token Financialliase。

In other words, as long as individual investors from China do not involve illegal fund flows (such as money laundering or illegal currency exchange) or provide financial services within the country in violation of regulations, it is feasible to participate in overseas Web3 investments through legal and compliant channels without crossing the above regulatory red lines.

換句話說，只要來自中國的個人投資者不涉及非法基金流量（例如洗錢或非法貨幣兌換），也不涉及該國內的金融服務，違反法規，可以通過法律和兼容的渠道參與海外Web3投資，而無需越過上述監管紅線。

However, although Chinese investors can participate in Web3 overseas, there is significant variation in regulatory policies regarding crypto assets in different countries, and compliance in various regions also differs. Therefore, when choosing to invest in Web3 projects, investors need to understand local regulatory policies to avoid crossing the red lines of other countries.

但是，儘管中國投資者可以參與海外的Web3，但有關不同國家的加密資產的監管政策存在很大差異，並且在各個地區的合規性也有所不同。因此，當選擇投資Web3項目時，投資者需要了解當地的監管政策，以避免越過其他國家的紅線。

From the current global regulatory trend of Web3, most popular regions, including Hong Kong, Singapore, Dubai, the UAE, the United States, and Europe, are gradually improving their compliant regulatory systems to attract global investors and entrepreneurs with clear rules and frameworks. Portal Labs believes that most investors looking to venture overseas into Web3 will choose these countries and regions as their preferred destinations.

從當前的Web3全球監管趨勢來看，包括香港，新加坡，迪拜，阿聯酋，美國和歐洲在內的最受歡迎的地區正在逐漸改善其合規的監管系統，以吸引具有明確規則和框架的全球投資者和企業家。 Portal Labs認為，大多數希望在海外進入Web3的投資者將選擇這些國家和地區作為其首選目的地。

Therefore, let us take a look at whether these countries and regions can accept Chinese investors:

因此，讓我們看一下這些國家和地區是否可以接受中國投資者：

Hong Kong

香港

The Hong Kong Securities and Futures Commission has clarified the regulatory path for trading platforms since June 2023 by implementing the Virtual Asset Service Provider (VATP) licensing system. It is noteworthy that the Hong Kong license explicitly prohibits providing financial services such as cryptocurrency trading to users from mainland China.

自2023年6月以來，香港證券和期貨委員會已通過實施虛擬資產服務提供商（VATP）許可系統闡明了交易平台的監管路徑。值得注意的是，香港許可證明確禁止向中國大陸的用戶提供金融服務，例如加密貨幣交易。

However, for investors from mainland China, there are currently no explicit restrictions on establishing corporate entities or investing in legal and compliant virtual asset companies or funds in Hong Kong. Therefore, it is compliant for investors from mainland China to invest in Web3 enterprises or projects in Hong Kong, but related companies should avoid providing trading-related services to mainland China and ensure their compliance and safety.

但是，對於中國大陸的投資者而言，目前尚無明確的限制，即建立公司實體或投資於香港的法律和合規虛擬資產公司或資金。因此，從中國大陸的投資者投資於香港的Web3企業或項目是合規的，但是相關公司應避免向中國大陸提供與交易相關的服務並確保其合規性和安全性。

Singapore

新加坡

Singapore has maintained a cautious but open regulatory attitude towards crypto assets. Since 2022, the Monetary Authority of Singapore (MAS) has explicitly included virtual assets within the regulatory scope of the Payment Services Act (PS Act), requiring all virtual asset trading platforms to obtain Digital Payment Token (DPT) licenses. As long as a company obtains the compliance license, investors from any country can legally invest in or participate in the construction and operation of local Web3 projects.

新加坡對加密資產保持了謹慎但公開的監管態度。自2022年以來，新加坡貨幣管理局（MAS）已在《付款服務法》（PS PS ACT）的監管範圍內明確納入了虛擬資產，要求所有虛擬資產交易平台獲得數字付款令牌（DPT）許可證。只要公司獲得合規許可證，任何國家的投資者就可以合法地投資或參與本地Web3項目的建設和運營。

Additionally, Singapore has not imposed restrictions on investors from specific countries, and investors from mainland China can comply with local requirements when investing or establishing Web3 enterprises in Singapore.

此外，新加坡還沒有對特定國家的投資者施加限制，而來自中國大陸的投資者可以在新加坡投資或建立Web3企業時遵守當地要求。

Dubai

杜拜

In recent years, Dubai has actively promoted the development of the Web3 and virtual asset industry and established a dedicated regulatory authority for virtual assets—the Dubai Virtual Asset Regulatory Authority (VARA) in 2022, allowing international investors to invest, register companies, or apply for virtual asset operating licenses in Dubai, including exchanges, asset management, wallet services, metaverse platforms, and other business directions.

近年來，迪拜積極促進了Web3和虛擬資產行業的發展，並在2022年建立了專門的虛擬資產監管機構 - 迪拜虛擬資產監管機構（VARA），允許國際投資者投資，註冊公司，或在迪拜（Dibai）申請迪拜（Virtual Asset）在迪拜（Dubai）進行交易所管理，包括其他服務台，以及其他服務台，零售服務，零售服務，Metavers，Metavorver，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，Meta，則申請。

Currently, Dubai does not have special restrictions on investors from mainland China, so Chinese investors can legally invest or establish Web3 companies in Dubai, fully compliant and supported by the local government.

目前，迪拜沒有對中國大陸投資者的特殊限制，因此中國投資者可以在迪拜合法投資或建立Web3公司，該公司完全合規，並得到地方政府的支持。

United States

美國

The regulatory environment in the U.S. is relatively complex, with differences between federal and state policies.

美國的監管環境相對複雜，聯邦和州政策之間存在差異。

From a federal perspective, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have strict regulations on virtual assets. The SEC primarily regulates virtual assets with securities attributes, while the CFTC oversees commodity assets (such as Bitcoin). In recent years, the SEC has repeatedly sued crypto project parties, focusing particularly on financing activities such as ICOs and security token offerings (STOs), resulting in stricter overall regulation. However, under Trump's administration, there is hope for a move towards a more relaxed environment.

從聯邦的角度來看，美國證券交易委員會（SEC）和商品期貨交易委員會（CFTC）對虛擬資產有嚴格的規定。 SEC主要使用證券屬性調節虛擬資產，而CFTC則監督商品資產（例如比特幣）。近年來，SEC反復起訴加密項目政黨，特別關注ICO和安全令牌產品（STOS）等融資活動，從而導致整體監管更嚴格。但是，在特朗普政府的領導下，人們希望邁向更輕鬆的環境。

But at the state level, there are significant differences. States like Wyoming, Texas, and Florida show a more open and encouraging attitude towards cryptocurrency companies, providing clearer

但是在州一級，存在重大差異。懷俄明州，德克薩斯州和佛羅里達州等州對加密貨幣公司的態度更加開放，更令人鼓舞，提供了更清晰的