In the laundromats and arcades of Hong Kong, nearly 234 cryptocurrency ATMs hum quietly between washing machines and claw-machine cranes — offering instant access to digital assets with no paperwork, no staff, and no safeguards. They exist in the space between innovation and oversight, where the promise of financial participation outpaces the architecture meant to protect it. As the Securities and Futures Commission works to build a regulatory framework for over-the-counter crypto trading, these machines stand as a reminder that access and safety are not the same thing — and that the gap betwe