Highly visible crashes such as those by FTX, Terra and Luna and Celsius have worried regulators and led to efforts to increase oversight of digital currencies. But getting ahead of the Web3 game takes resisting the urge to clamp down on as yet unknown tech.
Changes like the adoption of so-called "Twin Peaks" regulators, making the Financial Services Development Council a statutory body and integration with the Asean Capital Markets Forum could help Hong Kong weather future financial crises.