由于我国明确的监管红线，许多核心地区

由于我国有明确的监管红线，许多核心领域，尤其是涉及加密金融服务的领域

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.

由于我国明确的监管红线，许多核心领域，尤其是涉及加密货币交易，贷款等涉及加密货币金融服务的核心领域，仍然发现很难在国内参与合规。这导致许多投资者考虑海外投资以寻找自由的市场环境。

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

但是，这是Web3投资者需要考虑的另一个关键问题：参加Web3海外是否合规？

Here, Portal Labs also provides an answer: compliance.

在这里，Portal Labs还提供了一个答案：合规性。

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

合规法到底是什么？在本文中，Portal Labs将一一分析它。

Compliance Analysis for Investing in Web3 Overseas

用于投资Web3海外投资的合规性分析

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

要解决这个问题，只需要澄清两个核心问题：

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

我国是否禁止公民参加海外的Web3投资？

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

是否允许外国人在本地进行投资，建立项目甚至成立公司？

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.

关于第一个问题，从中国当前的监管态度来看，该通知的重点是预防和处理虚拟货币交易和猜测的风险，主要集中于国内企业和金融机构，以及在国内进行的加密金融服务，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.

换句话说，只要来自中国的个人投资者不涉及非法基金流量（例如洗钱或非法货币兑换），也不涉及该国内的金融服务，违反法规，可以通过法律和兼容的渠道参与海外Web3投资，而无需越过上述监管红线。

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，尽管中国投资者可以参与海外的Web3，但有关不同国家的加密资产的监管政策存在很大差异，并且在各个地区的合规性也有所不同。因此，当选择投资Web3项目时，投资者需要了解当地的监管政策，以避免越过其他国家的红线。

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.

从当前的Web3全球监管趋势来看，包括香港，新加坡，迪拜，阿联酋，美国和欧洲在内的最受欢迎的地区正在逐渐改善其合规的监管系统，以吸引具有明确规则和框架的全球投资者和企业家。 Portal Labs认为，大多数希望在海外进入Web3的投资者将选择这些国家和地区作为其首选目的地。

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

因此，让我们看一下这些国家和地区是否可以接受中国投资者：

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月以来，香港证券和期货委员会已通过实施虚拟资产服务提供商（VATP）许可系统阐明了交易平台的监管路径。值得注意的是，香港许可证明确禁止向中国大陆的用户提供金融服务，例如加密货币交易。

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，对于中国大陆的投资者而言，目前尚无明确的限制，即建立公司实体或投资于香港的法律和合规虚拟资产公司或资金。因此，从中国大陆的投资者投资于香港的Web3企业或项目是合规的，但是相关公司应避免向中国大陆提供与交易相关的服务并确保其合规性和安全性。

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.

新加坡对加密资产保持了谨慎但公开的监管态度。自2022年以来，新加坡货币管理局（MAS）已在《付款服务法》（PS PS ACT）的监管范围内明确纳入了虚拟资产，要求所有虚拟资产交易平台获得数字付款令牌（DPT）许可证。只要公司获得合规许可证，任何国家的投资者就可以合法地投资或参与本地Web3项目的建设和运营。

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，新加坡还没有对特定国家的投资者施加限制，而来自中国大陆的投资者可以在新加坡投资或建立Web3企业时遵守当地要求。

Dubai

迪拜

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.

近年来，迪拜积极促进了Web3和虚拟资产行业的发展，并在2022年建立了专门的虚拟资产监管机构 - 迪拜虚拟资产监管机构（VARA），允许国际投资者投资，注册公司，或在迪拜（Dibai）申请迪拜（Virtual Asset）在迪拜（Dubai）进行交易所管理，包括其他服务台，以及其他服务台，零售服务，零售服务，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，则申请。

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，迪拜没有对中国大陆投资者的特殊限制，因此中国投资者可以在迪拜合法投资或建立Web3公司，该公司完全合规，并得到地方政府的支持。

United States

美国

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

美国的监管环境相对复杂，联邦和州政策之间存在差异。

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.

从联邦的角度来看，美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）对虚拟资产有严格的规定。 SEC主要使用证券属性调节虚拟资产，而CFTC则监督商品资产（例如比特币）。近年来，SEC反复起诉加密项目政党，特别关注ICO和安全令牌产品（STOS）等融资活动，从而导致整体监管更严格。但是，在特朗普政府的领导下，人们希望迈向更轻松的环境。

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

但是在州一级，存在重大差异。怀俄明州，德克萨斯州和佛罗里达州等州对加密货币公司的态度更加开放，更令人鼓舞，提供了更清晰的