At the Finternet 2025 Summit, industry leaders highlighted the influence of Hong Kong and Mainland China's policies on the Web3 sector. They noted that the market is currently in a consolidation phase rather than a full bear cycle. Digital Asset Trusts (DATs) are seen as promising, though they face pressure to innovate beyond staking. Hong Kong is gradually establishing itself as a key crypto hub with a supportive regulatory environment, while Mainland China remains cautious due to fraud concerns. Panelists view Hong Kong's regulatory approach as stable and conducive to Web3 growth.