The Digital Regulation Cooperation Forum (DCRF) published an insight paper outlining the potential harms and benefits associated with Web3 and decentralised technologies. The DCRF points out the high degree of uncertainty in how Web3 technologies may evolve or to what degree their use might become mainstream. Furthermore, while crypto-assets provide new ways to exchange value online, they are also "associated with consumer harm, such as financial loss, and facilitating some forms of online crime, such as ransomware attacks." The DRCF will continue to monitor Web3 developments in order to foster responsible innovation, while ensuring harms are minimised.
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