Two years after regulation was implemented, FOMO is still present, but the herd has thinned significantly—this shows that rules can indeed help people stay calm, and it's worth looking at the specific data.

CryptoWorld News reports that, according to Hong Kong 01, a study commissioned by the Hong Kong Investment and Financial Education Council (ifec) and carried out by The Hong Kong Polytechnic University shows that compared with 2022, Hong Kong virtual asset investors’ herd behavior, tendency toward excessive risk-taking, and reliance on past experience have all declined. The survey shows that FOMO (fear of missing out) remains one of the most common behavioral biases. The study suggests that after Hong Kong implemented a virtual asset platform regulatory regime in 2023, investor behavior improved. The survey visited 1,000 Hong Kong virtual asset investors at the end of 2025.