How can government regulations adapt to the fast-paced advancements in technology and innovation to ensure both business growth and societal well-being are effectively balanced?

Government regulations can adapt to fast-paced advancements in technology and innovation by regularly reviewing and updating existing laws and policies to keep pace with new developments. This can involve collaborating with industry experts and stakeholders to identify potential areas of concern and address them proactively. Additionally, governments can implement flexible regulations that allow for experimentation and adaptation to new technologies, while still ensuring the protection of societal well-being. It is also important for governments to prioritize transparency and accountability in their regulatory processes to build trust with businesses and the public.