WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:14.950 align:start position:0% [Music] 00:00:14.950 --> 00:00:14.960 align:start position:0% 00:00:14.960 --> 00:00:18.370 align:start position:0% we<00:00:15.960> have<00:00:16.080> three<00:00:16.320> speakers<00:00:17.000> Florian<00:00:18.000> glass 00:00:18.370 --> 00:00:18.380 align:start position:0% we have three speakers Florian glass 00:00:18.380 --> 00:00:20.390 align:start position:0% we have three speakers Florian glass trained<00:00:19.380> as<00:00:19.440> a<00:00:19.619> lawyer<00:00:19.920> on<00:00:20.100> software 00:00:20.390 --> 00:00:20.400 align:start position:0% trained as a lawyer on software 00:00:20.400 --> 00:00:22.910 align:start position:0% trained as a lawyer on software developer<00:00:21.119> with<00:00:21.420> many<00:00:21.660> years<00:00:21.900> of<00:00:22.320> experience 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assets<00:00:32.820> and 00:00:33.709 --> 00:00:33.719 align:start position:0% the intersection of crypto assets and 00:00:33.719 --> 00:00:35.450 align:start position:0% the intersection of crypto assets and regulations 00:00:35.450 --> 00:00:35.460 align:start position:0% regulations 00:00:35.460 --> 00:00:38.090 align:start position:0% regulations Floridian<00:00:36.239> glass<00:00:36.420> has<00:00:37.020> confound<00:00:37.559> and<00:00:37.920> lead 00:00:38.090 --> 00:00:38.100 align:start position:0% Floridian glass has confound and lead 00:00:38.100 --> 00:00:40.610 align:start position:0% Floridian glass has confound and lead the<00:00:38.460> German<00:00:38.640> blockchain<00:00:39.180> associations 00:00:40.610 --> 00:00:40.620 align:start position:0% the German blockchain associations 00:00:40.620 --> 00:00:43.130 align:start position:0% the German blockchain associations has<00:00:41.160> president<00:00:41.460> for<00:00:42.000> its<00:00:42.360> first<00:00:42.480> four<00:00:42.780> years 00:00:43.130 --> 00:00:43.140 align:start position:0% has president for its first four years 00:00:43.140 --> 00:00:46.910 align:start position:0% has president for its first four years he<00:00:44.100> advised<00:00:44.700> political<00:00:45.120> decision<00:00:45.600> makers<00:00:46.140> at 00:00:46.910 --> 00:00:46.920 align:start position:0% he advised political decision makers at 00:00:46.920 --> 00:00:49.130 align:start position:0% he advised political decision makers at the<00:00:47.100> German<00:00:47.280> and<00:00:47.820> European<00:00:48.539> level<00:00:48.899> of 00:00:49.130 --> 00:00:49.140 align:start position:0% the German and European level of 00:00:49.140 --> 00:00:54.950 align:start position:0% the German and European level of blockchain<00:00:49.620> Regulation 00:00:54.950 --> 00:00:54.960 align:start position:0% 00:00:54.960 --> 00:00:58.310 align:start position:0% Marina<00:00:55.559> is<00:00:55.800> the<00:00:55.920> co-founder<00:00:56.399> of<00:00:56.520> aoec<00:00:57.360> we 00:00:58.310 --> 00:00:58.320 align:start position:0% Marina is the co-founder of aoec we 00:00:58.320 --> 00:01:01.549 align:start position:0% Marina is the co-founder of aoec we change<00:00:58.559> to<00:00:59.100> propel<00:01:00.000> UAE<00:01:00.840> Revelation<00:01:01.260> to 00:01:01.549 --> 00:01:01.559 align:start position:0% change to propel UAE Revelation to 00:01:01.559 --> 00:01:05.230 align:start position:0% change to propel UAE Revelation to become<00:01:01.860> defi<00:01:02.520> friendly<00:01:03.239> since<00:01:04.019> 20 00:01:05.230 --> 00:01:05.240 align:start position:0% become defi friendly since 20 00:01:05.240 --> 00:01:08.630 align:start position:0% become defi friendly since 20 2017<00:01:06.240> Marina<00:01:07.200> has<00:01:07.560> been<00:01:07.680> advising<00:01:08.220> crypto 00:01:08.630 --> 00:01:08.640 align:start position:0% 2017 Marina has been advising crypto 00:01:08.640 --> 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uh<00:01:19.920> you<00:01:20.220> can<00:01:20.340> talk<00:01:20.580> outside 00:01:21.170 --> 00:01:21.180 align:start position:0% to the speakers uh you can talk outside 00:01:21.180 --> 00:01:24.830 align:start position:0% to the speakers uh you can talk outside of<00:01:21.479> the<00:01:21.659> room<00:01:21.840> sorry 00:01:24.830 --> 00:01:24.840 align:start position:0% 00:01:24.840 --> 00:01:27.130 align:start position:0% okay 00:01:27.130 --> 00:01:27.140 align:start position:0% okay 00:01:27.140 --> 00:01:29.810 align:start position:0% okay Define<00:01:28.140> it<00:01:28.500> she<00:01:28.920> previously<00:01:29.220> led<00:01:29.700> the 00:01:29.810 --> 00:01:29.820 align:start position:0% Define it she previously led the 00:01:29.820 --> 00:01:31.550 align:start position:0% Define it she previously led the advisory<00:01:30.360> team<00:01:30.600> of<00:01:30.780> blockchain<00:01:31.140> accelerator 00:01:31.550 --> 00:01:31.560 align:start position:0% advisory team of blockchain accelerator 00:01:31.560 --> 00:01:32.950 align:start position:0% advisory team of blockchain accelerator co-founded 00:01:32.950 --> 00:01:32.960 align:start position:0% co-founded 00:01:32.960 --> 00:01:35.510 align:start position:0% co-founded co-found.it<00:01:33.960> and<00:01:34.560> co-found<00:01:34.979> a<00:01:35.280> crow 00:01:35.510 --> 00:01:35.520 align:start position:0% co-found.it and co-found a crow 00:01:35.520 --> 00:01:38.810 align:start position:0% co-found.it and co-found a crow investment<00:01:36.060> platform<00:01:36.600> and<00:01:37.560> Simon<00:01:38.100> Paul<00:01:38.400> wrote 00:01:38.810 --> 00:01:38.820 align:start position:0% investment platform and Simon Paul wrote 00:01:38.820 --> 00:01:40.789 align:start position:0% investment platform and Simon Paul wrote educating<00:01:39.420> on<00:01:39.780> crypto<00:01:40.200> and<00:01:40.500> public 00:01:40.789 --> 00:01:40.799 align:start position:0% educating on crypto and public 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everyone<00:01:55.200> for<00:01:55.619> joining<00:01:55.920> our 00:01:56.210 --> 00:01:56.220 align:start position:0% so thank you everyone for joining our 00:01:56.220 --> 00:01:59.270 align:start position:0% so thank you everyone for joining our talk<00:01:56.460> my<00:01:57.119> name<00:01:57.180> is<00:01:57.299> Marina<00:01:57.720> and<00:01:58.140> together<00:01:58.380> with 00:01:59.270 --> 00:01:59.280 align:start position:0% talk my name is Marina and together with 00:01:59.280 --> 00:02:01.609 align:start position:0% talk my name is Marina and together with Simone<00:01:59.700> and<00:01:59.939> Florian<00:02:00.360> we're<00:02:01.020> going<00:02:01.259> to<00:02:01.380> talk 00:02:01.609 --> 00:02:01.619 align:start position:0% Simone and Florian we're going to talk 00:02:01.619 --> 00:02:04.429 align:start position:0% Simone and Florian we're going to talk about<00:02:01.799> the<00:02:02.100> crypto<00:02:02.399> regulation<00:02:02.939> and<00:02:03.659> its<00:02:04.259> uh 00:02:04.429 --> 00:02:04.439 align:start position:0% about the crypto regulation and its uh 00:02:04.439 --> 00:02:07.609 align:start position:0% about the crypto regulation and its uh influence<00:02:04.979> on<00:02:05.340> the<00:02:05.520> open<00:02:05.700> blockchains<00:02:07.020> so 00:02:07.609 --> 00:02:07.619 align:start position:0% influence on the open blockchains so 00:02:07.619 --> 00:02:10.609 align:start position:0% influence on the open blockchains so what<00:02:07.979> we<00:02:08.280> see<00:02:08.640> today<00:02:08.940> it's<00:02:09.840> an<00:02:10.080> increased 00:02:10.609 --> 00:02:10.619 align:start position:0% what we see today it's an increased 00:02:10.619 --> 00:02:13.670 align:start position:0% what we see today it's an increased activity<00:02:11.099> of<00:02:11.520> crypto<00:02:12.000> regulation<00:02:12.540> all<00:02:13.500> around 00:02:13.670 --> 00:02:13.680 align:start position:0% activity of crypto regulation all around 00:02:13.680 --> 00:02:16.369 align:start position:0% activity of crypto regulation all around the<00:02:13.980> world 00:02:16.369 --> 00:02:16.379 align:start position:0% 00:02:16.379 --> 00:02:20.270 align:start position:0% okay<00:02:17.300> sorry<00:02:18.560> we'll<00:02:19.560> just<00:02:19.739> wait<00:02:19.860> for<00:02:20.099> two 00:02:20.270 --> 00:02:20.280 align:start position:0% okay sorry we'll just wait for two 00:02:20.280 --> 00:02:24.850 align:start position:0% okay sorry we'll just wait for two minutes<00:02:20.520> because<00:02:21.000> the<00:02:21.300> counter<00:02:21.599> then<00:02:21.780> starts 00:02:24.850 --> 00:02:24.860 align:start position:0% 00:02:24.860 --> 00:02:28.309 align:start position:0% so<00:02:25.860> what<00:02:26.580> I<00:02:26.760> will<00:02:26.879> talk<00:02:27.120> today<00:02:27.360> is<00:02:27.959> basically 00:02:28.309 --> 00:02:28.319 align:start position:0% so what I will talk today is basically 00:02:28.319 --> 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about<00:02:37.680> the<00:02:37.980> trends<00:02:38.280> that<00:02:38.400> happen<00:02:38.640> all 00:02:38.990 --> 00:02:39.000 align:start position:0% to talk about the trends that happen all 00:02:39.000 --> 00:02:41.030 align:start position:0% to talk about the trends that happen all around<00:02:39.180> the<00:02:39.420> world<00:02:39.599> but<00:02:40.379> basically<00:02:40.739> what 00:02:41.030 --> 00:02:41.040 align:start position:0% around the world but basically what 00:02:41.040 --> 00:02:43.729 align:start position:0% around the world but basically what we're<00:02:41.220> expert<00:02:41.760> is<00:02:42.060> in<00:02:42.360> the<00:02:42.540> European<00:02:42.840> law<00:02:43.080> and 00:02:43.729 --> 00:02:43.739 align:start position:0% we're expert is in the European law and 00:02:43.739 --> 00:02:46.309 align:start position:0% we're expert is in the European law and why<00:02:43.920> this<00:02:44.160> is<00:02:44.340> interesting<00:02:44.879> is<00:02:45.420> because<00:02:45.660> last 00:02:46.309 --> 00:02:46.319 align:start position:0% why this is interesting is because last 00:02:46.319 --> 00:02:48.650 align:start position:0% why this is interesting is because last week<00:02:46.620> we<00:02:47.040> had<00:02:47.340> some<00:02:47.879> new<00:02:48.060> laws<00:02:48.480> being 00:02:48.650 --> 00:02:48.660 align:start position:0% week we had some new laws being 00:02:48.660 --> 00:02:52.309 align:start position:0% week we had some new laws being finalized<00:02:49.319> in<00:02:49.440> Europe<00:02:49.879> and<00:02:50.879> they<00:02:51.360> are<00:02:51.660> I<00:02:52.200> would 00:02:52.309 --> 00:02:52.319 align:start position:0% finalized in Europe and they are I would 00:02:52.319 --> 00:02:54.350 align:start position:0% finalized in Europe and they are I would say<00:02:52.500> the<00:02:52.920> beginning<00:02:53.040> of<00:02:53.640> what's<00:02:53.879> happening 00:02:54.350 --> 00:02:54.360 align:start position:0% say the beginning of what's happening 00:02:54.360 --> 00:02:55.670 align:start position:0% say the beginning of what's happening globally 00:02:55.670 --> 00:02:55.680 align:start position:0% globally 00:02:55.680 --> 00:02:58.970 align:start position:0% globally so<00:02:57.000> um<00:02:57.000> as 00:02:58.970 --> 00:02:58.980 align:start position:0% so um as 00:02:58.980 --> 00:03:03.110 align:start position:0% so um as sir<00:02:59.519> of<00:02:59.819> course<00:02:59.959> so<00:03:00.980> Florence<00:03:01.980> Simone<00:03:02.580> and<00:03:02.940> I 00:03:03.110 --> 00:03:03.120 align:start position:0% sir of course so Florence Simone and I 00:03:03.120 --> 00:03:04.850 align:start position:0% sir of course so Florence Simone and I started<00:03:03.720> the<00:03:03.840> European<00:03:04.140> Crypt<00:03:04.500> initiative 00:03:04.850 --> 00:03:04.860 align:start position:0% started the European Crypt initiative 00:03:04.860 --> 00:03:07.070 align:start position:0% started the European Crypt initiative which<00:03:05.220> is<00:03:05.340> a<00:03:05.519> non-profit<00:03:06.120> based<00:03:06.599> in<00:03:06.660> Brussels 00:03:07.070 --> 00:03:07.080 align:start position:0% which is a non-profit based in Brussels 00:03:07.080 --> 00:03:10.009 align:start position:0% which is a non-profit based in Brussels exactly<00:03:07.920> two<00:03:08.220> years<00:03:08.400> ago<00:03:08.760> when<00:03:09.540> the<00:03:09.780> first 00:03:10.009 --> 00:03:10.019 align:start position:0% exactly two years ago when the first 00:03:10.019 --> 00:03:13.309 align:start position:0% exactly two years ago when the first crypto<00:03:10.800> assets<00:03:11.280> uh<00:03:11.819> draft<00:03:12.120> for<00:03:12.780> marketing 00:03:13.309 --> 00:03:13.319 align:start position:0% crypto assets uh draft for marketing 00:03:13.319 --> 00:03:14.869 align:start position:0% crypto assets uh draft for marketing grouped<00:03:13.620> assets<00:03:13.860> regulation<00:03:14.400> has<00:03:14.760> been 00:03:14.869 --> 00:03:14.879 align:start position:0% grouped assets regulation has been 00:03:14.879 --> 00:03:17.390 align:start position:0% grouped assets regulation has been issued<00:03:15.360> so<00:03:15.900> basically<00:03:16.260> this<00:03:16.560> has<00:03:16.739> been<00:03:16.920> leaked 00:03:17.390 --> 00:03:17.400 align:start position:0% issued so basically this has been leaked 00:03:17.400 --> 00:03:19.550 align:start position:0% issued so basically this has been leaked and<00:03:17.819> we<00:03:18.000> have<00:03:18.120> seen<00:03:18.360> it<00:03:18.659> online<00:03:18.900> and<00:03:19.260> we<00:03:19.440> said 00:03:19.550 --> 00:03:19.560 align:start position:0% and we have seen it online and we said 00:03:19.560 --> 00:03:21.530 align:start position:0% and we have seen it online and we said we<00:03:19.800> should<00:03:19.920> do<00:03:20.099> something<00:03:20.280> about<00:03:20.580> it<00:03:20.879> so 00:03:21.530 --> 00:03:21.540 align:start position:0% we should do something about it so 00:03:21.540 --> 00:03:23.630 align:start position:0% we should do something about it so immediately<00:03:22.019> in<00:03:22.500> the<00:03:22.620> next<00:03:22.800> week<00:03:23.159> we 00:03:23.630 --> 00:03:23.640 align:start position:0% immediately in the next week we 00:03:23.640 --> 00:03:25.070 align:start position:0% immediately in the next week we basically<00:03:24.000> started<00:03:24.480> talking<00:03:24.659> to<00:03:24.900> The 00:03:25.070 --> 00:03:25.080 align:start position:0% basically started talking to The 00:03:25.080 --> 00:03:29.149 align:start position:0% basically started talking to The Regulators<00:03:25.620> about<00:03:26.040> this<00:03:26.400> topic 00:03:29.149 --> 00:03:29.159 align:start position:0% 00:03:29.159 --> 00:03:33.170 align:start position:0% um 00:03:33.170 --> 00:03:33.180 align:start position:0% 00:03:33.180 --> 00:03:35.809 align:start position:0% okay<00:03:33.780> sorry<00:03:34.620> there's<00:03:34.920> no<00:03:35.040> presentation<00:03:35.459> but 00:03:35.809 --> 00:03:35.819 align:start position:0% okay sorry there's no presentation but 00:03:35.819 --> 00:03:38.570 align:start position:0% okay sorry there's no presentation but I'm<00:03:35.940> going<00:03:36.180> to<00:03:36.360> go<00:03:36.659> uh<00:03:37.200> on<00:03:37.379> without<00:03:37.680> it<00:03:37.980> so 00:03:38.570 --> 00:03:38.580 align:start position:0% I'm going to go uh on without it so 00:03:38.580 --> 00:03:40.369 align:start position:0% I'm going to go uh on without it so basically<00:03:38.940> what<00:03:39.300> we<00:03:39.540> are<00:03:39.659> doing<00:03:39.840> is<00:03:40.200> talking 00:03:40.369 --> 00:03:40.379 align:start position:0% basically what we are doing is talking 00:03:40.379 --> 00:03:42.350 align:start position:0% basically what we are doing is talking to<00:03:40.680> the<00:03:40.799> regulators<00:03:41.280> and<00:03:41.700> trying<00:03:41.879> to<00:03:42.120> explain 00:03:42.350 --> 00:03:42.360 align:start position:0% to the regulators and trying to explain 00:03:42.360 --> 00:03:46.250 align:start position:0% to the regulators and trying to explain what<00:03:43.260> is<00:03:43.440> happening<00:03:43.920> in<00:03:44.580> the<00:03:44.819> crypto<00:03:45.180> area<00:03:45.480> and 00:03:46.250 --> 00:03:46.260 align:start position:0% what is happening in the crypto area and 00:03:46.260 --> 00:03:48.170 align:start position:0% what is happening in the crypto area and trying<00:03:46.500> to<00:03:46.799> educate<00:03:47.220> them<00:03:47.400> on<00:03:47.760> what<00:03:48.000> we're 00:03:48.170 --> 00:03:48.180 align:start position:0% trying to educate them on what we're 00:03:48.180 --> 00:03:51.470 align:start position:0% trying to educate them on what we're doing<00:03:48.420> and<00:03:48.840> what<00:03:49.140> blockchain<00:03:49.620> is<00:03:50.580> so<00:03:51.120> what 00:03:51.470 --> 00:03:51.480 align:start position:0% doing and what blockchain is so what 00:03:51.480 --> 00:03:53.809 align:start position:0% doing and what blockchain is so what happens<00:03:51.720> in<00:03:52.200> generally<00:03:52.560> in<00:03:53.220> the<00:03:53.340> last<00:03:53.519> two 00:03:53.809 --> 00:03:53.819 align:start position:0% happens in generally in the last two 00:03:53.819 --> 00:03:56.030 align:start position:0% happens in generally in the last two years<00:03:54.060> specifically<00:03:54.780> is<00:03:55.500> that<00:03:55.680> there<00:03:55.860> has 00:03:56.030 --> 00:03:56.040 align:start position:0% years specifically is that there has 00:03:56.040 --> 00:03:59.210 align:start position:0% years specifically is that there has been<00:03:56.280> an<00:03:56.700> increased<00:03:57.299> regulatory<00:03:58.220> activity 00:03:59.210 --> 00:03:59.220 align:start position:0% been an increased regulatory activity 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happening<00:04:07.799> in<00:04:08.040> Europe<00:04:08.159> it's<00:04:08.519> happening<00:04:08.879> in 00:04:09.110 --> 00:04:09.120 align:start position:0% happening in Europe it's happening in 00:04:09.120 --> 00:04:11.330 align:start position:0% happening in Europe it's happening in the<00:04:09.239> US<00:04:09.420> but<00:04:10.140> what<00:04:10.379> is<00:04:10.620> also<00:04:10.920> very<00:04:11.159> very 00:04:11.330 --> 00:04:11.340 align:start position:0% the US but what is also very very 00:04:11.340 --> 00:04:13.910 align:start position:0% the US but what is also very very important<00:04:11.819> is<00:04:12.180> that<00:04:12.420> is<00:04:12.599> happening<00:04:13.080> on<00:04:13.739> the 00:04:13.910 --> 00:04:13.920 align:start position:0% important is that is happening on the 00:04:13.920 --> 00:04:15.849 align:start position:0% important is that is happening on the international<00:04:14.099> level<00:04:14.640> on<00:04:15.180> International 00:04:15.849 --> 00:04:15.859 align:start position:0% international level on International 00:04:15.859 --> 00:04:18.770 align:start position:0% international level on International organizations<00:04:16.859> so<00:04:17.760> basically<00:04:18.120> organizations 00:04:18.770 --> 00:04:18.780 align:start position:0% organizations so basically organizations 00:04:18.780 --> 00:04:21.469 align:start position:0% organizations so basically organizations like<00:04:19.139> farev<00:04:20.100> ayosco<00:04:20.579> and<00:04:21.180> some<00:04:21.359> other 00:04:21.469 --> 00:04:21.479 align:start position:0% like farev ayosco and some other 00:04:21.479 --> 00:04:23.870 align:start position:0% like farev ayosco and some other organizations<00:04:22.260> are<00:04:22.800> very<00:04:23.100> actively<00:04:23.639> looking 00:04:23.870 --> 00:04:23.880 align:start position:0% organizations are very actively looking 00:04:23.880 --> 00:04:26.810 align:start position:0% organizations are very actively looking into<00:04:24.240> crypto<00:04:24.780> and<00:04:25.620> also<00:04:25.919> very<00:04:26.280> actively 00:04:26.810 --> 00:04:26.820 align:start position:0% into crypto and also very actively 00:04:26.820 --> 00:04:30.350 align:start position:0% into crypto and also very actively looking<00:04:27.120> into<00:04:27.600> D5<00:04:28.199> specifically<00:04:29.060> in<00:04:30.060> the<00:04:30.240> next 00:04:30.350 --> 00:04:30.360 align:start position:0% looking into D5 specifically in the next 00:04:30.360 --> 00:04:33.650 align:start position:0% looking into D5 specifically in the next I<00:04:30.840> would<00:04:30.960> say<00:04:31.080> one<00:04:31.560> and<00:04:31.860> two<00:04:32.040> or<00:04:32.280> two<00:04:32.520> years<00:04:32.759> we 00:04:33.650 --> 00:04:33.660 align:start position:0% I would say one and two or two years we 00:04:33.660 --> 00:04:35.870 align:start position:0% I would say one and two or two years we will<00:04:33.840> see<00:04:34.139> reports<00:04:34.919> from<00:04:35.160> all<00:04:35.460> of<00:04:35.580> those 00:04:35.870 --> 00:04:35.880 align:start position:0% will see reports from all of those 00:04:35.880 --> 00:04:39.409 align:start position:0% will see reports from all of those organizations<00:04:37.100> being<00:04:38.100> published<00:04:38.699> and<00:04:39.180> this 00:04:39.409 --> 00:04:39.419 align:start position:0% organizations being published and this 00:04:39.419 --> 00:04:43.129 align:start position:0% organizations being published and this will<00:04:39.600> be<00:04:39.840> a<00:04:40.259> big<00:04:40.440> influence<00:04:41.040> not<00:04:41.880> only<00:04:42.120> in<00:04:42.780> the 00:04:43.129 --> 00:04:43.139 align:start position:0% will be a big influence not only in the 00:04:43.139 --> 00:04:44.689 align:start position:0% will be a big influence not only in the world<00:04:43.259> where<00:04:43.560> we're<00:04:43.680> coming<00:04:43.979> from<00:04:44.220> so<00:04:44.460> the 00:04:44.689 --> 00:04:44.699 align:start position:0% world where we're coming from so the 00:04:44.699 --> 00:04:46.969 align:start position:0% world where we're coming from so the European<00:04:45.060> Union<00:04:45.240> but<00:04:46.020> basically<00:04:46.380> it<00:04:46.620> is<00:04:46.800> going 00:04:46.969 --> 00:04:46.979 align:start position:0% European Union but basically it is going 00:04:46.979 --> 00:04:49.969 align:start position:0% European Union but basically it is going to<00:04:47.100> be<00:04:47.280> a<00:04:47.580> big<00:04:47.699> influence<00:04:48.300> also<00:04:49.199> in<00:04:49.560> Colombia 00:04:49.969 --> 00:04:49.979 align:start position:0% to be a big influence also in Colombia 00:04:49.979 --> 00:04:52.850 align:start position:0% to be a big influence also in Colombia in<00:04:50.220> South<00:04:50.520> America<00:04:51.120> Asia<00:04:52.020> and<00:04:52.199> all<00:04:52.440> over<00:04:52.620> the 00:04:52.850 --> 00:04:52.860 align:start position:0% in South America Asia and all over the 00:04:52.860 --> 00:04:53.570 align:start position:0% in South America Asia and all over the world 00:04:53.570 --> 00:04:53.580 align:start position:0% world 00:04:53.580 --> 00:04:56.990 align:start position:0% world what<00:04:54.240> it<00:04:54.419> is<00:04:54.600> important<00:04:55.139> is<00:04:55.740> that<00:04:56.160> many<00:04:56.580> times 00:04:56.990 --> 00:04:57.000 align:start position:0% what it is important is that many times 00:04:57.000 --> 00:05:00.110 align:start position:0% what it is important is that many times those<00:04:57.540> Regulators<00:04:58.340> they<00:04:59.340> are<00:04:59.639> very<00:04:59.880> well 00:05:00.110 --> 00:05:00.120 align:start position:0% those Regulators they are very well 00:05:00.120 --> 00:05:02.210 align:start position:0% those Regulators they are very well intended<00:05:00.660> and<00:05:01.020> we<00:05:01.199> are<00:05:01.380> talking<00:05:01.500> to<00:05:01.800> a<00:05:01.979> lot<00:05:02.100> of 00:05:02.210 --> 00:05:02.220 align:start position:0% intended and we are talking to a lot of 00:05:02.220 --> 00:05:04.370 align:start position:0% intended and we are talking to a lot of them<00:05:02.400> they<00:05:03.120> are<00:05:03.300> interested<00:05:03.720> to<00:05:03.900> learn<00:05:04.080> more 00:05:04.370 --> 00:05:04.380 align:start position:0% them they are interested to learn more 00:05:04.380 --> 00:05:06.290 align:start position:0% them they are interested to learn more but<00:05:04.740> the<00:05:04.919> problem<00:05:05.100> is<00:05:05.340> that<00:05:05.639> they<00:05:05.820> don't<00:05:06.000> have 00:05:06.290 --> 00:05:06.300 align:start position:0% but the problem is that they don't have 00:05:06.300 --> 00:05:09.110 align:start position:0% but the problem is that they don't have that<00:05:06.600> much<00:05:06.780> time<00:05:07.139> so<00:05:07.979> of<00:05:08.220> course<00:05:08.400> we<00:05:08.699> have<00:05:08.880> like 00:05:09.110 --> 00:05:09.120 align:start position:0% that much time so of course we have like 00:05:09.120 --> 00:05:11.330 align:start position:0% that much time so of course we have like an<00:05:09.360> hour<00:05:09.540> one<00:05:10.020> hour<00:05:10.199> talk<00:05:10.560> with<00:05:10.800> them<00:05:10.979> and<00:05:11.160> we 00:05:11.330 --> 00:05:11.340 align:start position:0% an hour one hour talk with them and we 00:05:11.340 --> 00:05:13.850 align:start position:0% an hour one hour talk with them and we need<00:05:11.520> to<00:05:11.639> be<00:05:11.759> very<00:05:12.000> precise<00:05:12.540> on<00:05:13.199> what<00:05:13.440> we<00:05:13.740> are 00:05:13.850 --> 00:05:13.860 align:start position:0% need to be very precise on what we are 00:05:13.860 --> 00:05:16.550 align:start position:0% need to be very precise on what we are discussing<00:05:14.460> in<00:05:14.940> this<00:05:15.180> really<00:05:15.840> short<00:05:16.139> amount 00:05:16.550 --> 00:05:16.560 align:start position:0% discussing in this really short amount 00:05:16.560 --> 00:05:18.890 align:start position:0% discussing in this really short amount of<00:05:16.680> time<00:05:16.919> and<00:05:17.880> the<00:05:18.060> problem<00:05:18.180> is<00:05:18.419> that<00:05:18.660> many 00:05:18.890 --> 00:05:18.900 align:start position:0% of time and the problem is that many 00:05:18.900 --> 00:05:21.469 align:start position:0% of time and the problem is that many times<00:05:19.199> because<00:05:19.560> they<00:05:19.919> don't<00:05:20.100> have<00:05:20.400> this<00:05:20.820> I 00:05:21.469 --> 00:05:21.479 align:start position:0% times because they don't have this I 00:05:21.479 --> 00:05:23.330 align:start position:0% times because they don't have this I would<00:05:21.660> say<00:05:21.840> knowledge<00:05:22.620> or<00:05:23.100> at<00:05:23.220> least 00:05:23.330 --> 00:05:23.340 align:start position:0% would say knowledge or at least 00:05:23.340 --> 00:05:26.570 align:start position:0% would say knowledge or at least opportunity<00:05:24.000> to<00:05:24.300> learn<00:05:24.479> more<00:05:24.860> the<00:05:25.860> outcome<00:05:26.280> of 00:05:26.570 --> 00:05:26.580 align:start position:0% opportunity to learn more the outcome of 00:05:26.580 --> 00:05:28.610 align:start position:0% opportunity to learn more the outcome of this<00:05:26.759> regulation<00:05:27.300> is<00:05:27.660> even<00:05:27.900> more<00:05:28.199> negative 00:05:28.610 --> 00:05:28.620 align:start position:0% this regulation is even more negative 00:05:28.620 --> 00:05:31.430 align:start position:0% this regulation is even more negative that<00:05:29.039> they<00:05:29.340> wanted<00:05:29.580> to<00:05:29.880> at<00:05:30.300> the<00:05:30.419> beginning<00:05:30.600> and 00:05:31.430 --> 00:05:31.440 align:start position:0% that they wanted to at the beginning and 00:05:31.440 --> 00:05:33.670 align:start position:0% that they wanted to at the beginning and so<00:05:31.620> I<00:05:31.860> think<00:05:31.979> that<00:05:32.280> educating<00:05:32.880> Regulators 00:05:33.670 --> 00:05:33.680 align:start position:0% so I think that educating Regulators 00:05:33.680 --> 00:05:36.650 align:start position:0% so I think that educating Regulators talking<00:05:34.680> to<00:05:35.039> them<00:05:35.220> and<00:05:35.639> even<00:05:35.880> educating<00:05:36.360> about 00:05:36.650 --> 00:05:36.660 align:start position:0% talking to them and even educating about 00:05:36.660 --> 00:05:39.590 align:start position:0% talking to them and even educating about crypto<00:05:37.199> in<00:05:37.380> general<00:05:37.620> is<00:05:38.039> very<00:05:38.340> very<00:05:38.520> important 00:05:39.590 --> 00:05:39.600 align:start position:0% crypto in general is very very important 00:05:39.600 --> 00:05:42.469 align:start position:0% crypto in general is very very important so<00:05:40.199> besides<00:05:40.620> what's<00:05:40.860> happening<00:05:41.340> uh<00:05:42.060> I<00:05:42.300> would 00:05:42.469 --> 00:05:42.479 align:start position:0% so besides what's happening uh I would 00:05:42.479 --> 00:05:44.930 align:start position:0% so besides what's happening uh I would say<00:05:42.600> on<00:05:43.080> the<00:05:43.199> international<00:05:43.380> level<00:05:43.979> we<00:05:44.759> have 00:05:44.930 --> 00:05:44.940 align:start position:0% say on the international level we have 00:05:44.940 --> 00:05:48.050 align:start position:0% say on the international level we have seen<00:05:45.300> also<00:05:45.900> a<00:05:46.440> lot<00:05:46.560> of<00:05:46.680> bad<00:05:46.919> news<00:05:47.160> happening<00:05:47.820> in 00:05:48.050 --> 00:05:48.060 align:start position:0% seen also a lot of bad news happening in 00:05:48.060 --> 00:05:50.629 align:start position:0% seen also a lot of bad news happening in the<00:05:48.180> last<00:05:48.360> year<00:05:48.900> and<00:05:49.620> this<00:05:49.800> is<00:05:49.979> not<00:05:50.160> helping 00:05:50.629 --> 00:05:50.639 align:start position:0% the last year and this is not helping 00:05:50.639 --> 00:05:53.330 align:start position:0% the last year and this is not helping The<00:05:51.240> Regulators<00:05:51.840> are<00:05:52.259> seeing<00:05:52.560> and<00:05:52.979> mostly 00:05:53.330 --> 00:05:53.340 align:start position:0% The Regulators are seeing and mostly 00:05:53.340 --> 00:05:56.810 align:start position:0% The Regulators are seeing and mostly reading<00:05:53.820> news<00:05:54.060> that<00:05:54.840> are<00:05:55.080> negative<00:05:55.500> and<00:05:56.460> this 00:05:56.810 --> 00:05:56.820 align:start position:0% reading news that are negative and this 00:05:56.820 --> 00:05:59.990 align:start position:0% reading news that are negative and this is<00:05:56.940> then<00:05:57.120> reflected<00:05:57.780> in<00:05:58.259> regulation<00:05:58.979> we<00:05:59.820> have 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--> 00:06:12.050 align:start position:0% talking and specifically being I would say<00:06:09.419> a<00:06:10.259> consequence<00:06:10.919> of<00:06:11.220> what<00:06:11.460> happened<00:06:11.639> with 00:06:12.050 --> 00:06:12.060 align:start position:0% say a consequence of what happened with 00:06:12.060 --> 00:06:15.409 align:start position:0% say a consequence of what happened with Terra<00:06:12.479> Luna<00:06:12.840> and<00:06:13.380> we<00:06:13.620> also<00:06:13.919> can<00:06:14.160> see<00:06:14.460> this<00:06:14.759> in 00:06:15.409 --> 00:06:15.419 align:start position:0% Terra Luna and we also can see this in 00:06:15.419 --> 00:06:19.730 align:start position:0% Terra Luna and we also can see this in the<00:06:16.080> stablecoin<00:06:16.940> bill<00:06:17.940> that<00:06:18.539> is<00:06:18.720> written<00:06:19.440> in 00:06:19.730 --> 00:06:19.740 align:start position:0% the stablecoin bill that is written in 00:06:19.740 --> 00:06:20.810 align:start position:0% the stablecoin bill that is written in the<00:06:19.860> SEC 00:06:20.810 --> 00:06:20.820 align:start position:0% the SEC 00:06:20.820 --> 00:06:24.409 align:start position:0% the SEC so<00:06:21.720> in<00:06:22.080> a<00:06:22.319> way<00:06:22.440> it's<00:06:22.800> also<00:06:23.220> important<00:06:23.699> of<00:06:24.180> what 00:06:24.409 --> 00:06:24.419 align:start position:0% so in a way it's also important of what 00:06:24.419 --> 00:06:25.969 align:start position:0% so in a way it's also important of what is<00:06:24.539> the<00:06:24.720> image<00:06:25.020> that<00:06:25.319> the<00:06:25.500> whole<00:06:25.620> crypto 00:06:25.969 --> 00:06:25.979 align:start position:0% is the image that the whole crypto 00:06:25.979 --> 00:06:29.150 align:start position:0% is the image that the whole crypto Community<00:06:26.600> projects<00:06:27.600> in<00:06:28.139> the<00:06:28.319> world<00:06:28.500> but<00:06:28.800> also 00:06:29.150 --> 00:06:29.160 align:start position:0% Community projects in the world but also 00:06:29.160 --> 00:06:32.749 align:start position:0% Community projects in the world but also in<00:06:29.639> the<00:06:30.120> specifically<00:06:30.900> for<00:06:31.199> The<00:06:31.380> Regulators 00:06:32.749 --> 00:06:32.759 align:start position:0% in the specifically for The Regulators 00:06:32.759 --> 00:06:36.110 align:start position:0% in the specifically for The Regulators so<00:06:33.419> why<00:06:34.199> this<00:06:34.620> time<00:06:34.860> right<00:06:35.280> now<00:06:35.400> is<00:06:35.880> so 00:06:36.110 --> 00:06:36.120 align:start position:0% so why this time right now is so 00:06:36.120 --> 00:06:37.969 align:start position:0% so why this time right now is so important<00:06:36.539> for<00:06:36.900> all<00:06:37.080> of<00:06:37.199> us<00:06:37.380> to<00:06:37.620> talk<00:06:37.800> about 00:06:37.969 --> 00:06:37.979 align:start position:0% important for all of us to talk about 00:06:37.979 --> 00:06:41.150 align:start position:0% important for all of us to talk about regulation<00:06:38.699> is<00:06:39.600> basically<00:06:39.960> because<00:06:40.319> we<00:06:40.979> know 00:06:41.150 --> 00:06:41.160 align:start position:0% regulation is basically because we know 00:06:41.160 --> 00:06:44.210 align:start position:0% regulation is basically because we know that<00:06:41.340> crypto<00:06:41.759> exists<00:06:42.300> for<00:06:42.900> more<00:06:43.680> than<00:06:43.800> a 00:06:44.210 --> 00:06:44.220 align:start position:0% that crypto exists for more than a 00:06:44.220 --> 00:06:46.309 align:start position:0% that crypto exists for more than a decade<00:06:44.580> but<00:06:45.240> at<00:06:45.360> the<00:06:45.539> beginning<00:06:45.660> it<00:06:46.139> was 00:06:46.309 --> 00:06:46.319 align:start position:0% decade but at the beginning it was 00:06:46.319 --> 00:06:49.490 align:start position:0% decade but at the beginning it was really<00:06:46.620> seen<00:06:46.919> more<00:06:47.280> as<00:06:47.699> a<00:06:47.880> toy<00:06:48.300> for<00:06:48.539> geeks<00:06:49.139> I 00:06:49.490 --> 00:06:49.500 align:start position:0% really seen more as a toy for geeks I 00:06:49.500 --> 00:06:51.469 align:start position:0% really seen more as a toy for geeks I would<00:06:49.620> say<00:06:49.800> and<00:06:50.460> it<00:06:50.639> was<00:06:50.759> not<00:06:51.000> seen<00:06:51.240> as 00:06:51.469 --> 00:06:51.479 align:start position:0% would say and it was not seen as 00:06:51.479 --> 00:06:54.770 align:start position:0% would say and it was not seen as something<00:06:51.840> that<00:06:52.259> would<00:06:52.560> be<00:06:53.360> problematic<00:06:54.360> for 00:06:54.770 --> 00:06:54.780 align:start position:0% something that would be problematic for 00:06:54.780 --> 00:06:58.490 align:start position:0% something that would be problematic for the<00:06:55.020> financial<00:06:55.740> system<00:06:56.479> which<00:06:57.479> is<00:06:57.780> right<00:06:58.259> now 00:06:58.490 --> 00:06:58.500 align:start position:0% the financial system which is right now 00:06:58.500 --> 00:07:02.330 align:start position:0% the financial system which is right now so<00:06:59.100> in<00:06:59.460> from<00:06:59.759> 2020<00:07:00.479> or<00:07:00.900> for<00:07:01.139> the<00:07:01.319> last<00:07:01.500> I<00:07:02.160> would 00:07:02.330 --> 00:07:02.340 align:start position:0% so in from 2020 or for the last I would 00:07:02.340 --> 00:07:04.850 align:start position:0% so in from 2020 or for the last I would say<00:07:02.460> a<00:07:02.580> couple<00:07:02.759> of<00:07:02.940> years<00:07:03.319> there<00:07:04.319> is<00:07:04.500> an 00:07:04.850 --> 00:07:04.860 align:start position:0% say a couple of years there is an 00:07:04.860 --> 00:07:07.370 align:start position:0% say a couple of years there is an increased<00:07:05.280> concern<00:07:05.699> from<00:07:06.120> the<00:07:06.300> regulator<00:07:06.660> of 00:07:07.370 --> 00:07:07.380 align:start position:0% increased concern from the regulator of 00:07:07.380 --> 00:07:10.670 align:start position:0% increased concern from the regulator of what<00:07:07.680> crypto<00:07:08.100> is<00:07:08.400> possible<00:07:08.819> we<00:07:09.479> have<00:07:09.660> seen<00:07:10.080> a 00:07:10.670 --> 00:07:10.680 align:start position:0% what crypto is possible we have seen a 00:07:10.680 --> 00:07:13.189 align:start position:0% what crypto is possible we have seen a lot<00:07:10.800> of<00:07:10.919> scams<00:07:11.400> we<00:07:11.639> have<00:07:11.819> seen<00:07:12.180> D5<00:07:12.900> being 00:07:13.189 --> 00:07:13.199 align:start position:0% lot of scams we have seen D5 being 00:07:13.199 --> 00:07:16.670 align:start position:0% lot of scams we have seen D5 being developed<00:07:13.800> but<00:07:14.160> also<00:07:14.580> the<00:07:15.300> increased<00:07:15.900> usage 00:07:16.670 --> 00:07:16.680 align:start position:0% developed but also the increased usage 00:07:16.680 --> 00:07:19.730 align:start position:0% developed but also the increased usage of<00:07:16.979> nfts<00:07:17.759> and<00:07:18.600> this<00:07:18.780> is<00:07:18.960> what<00:07:19.319> is<00:07:19.500> also 00:07:19.730 --> 00:07:19.740 align:start position:0% of nfts and this is what is also 00:07:19.740 --> 00:07:21.050 align:start position:0% of nfts and this is what is also concerning<00:07:20.160> from<00:07:20.340> The<00:07:20.520> Regulators 00:07:21.050 --> 00:07:21.060 align:start position:0% concerning from The Regulators 00:07:21.060 --> 00:07:23.570 align:start position:0% concerning from The Regulators especially<00:07:21.660> when<00:07:21.960> it<00:07:22.139> comes<00:07:22.560> to<00:07:22.860> consumer 00:07:23.570 --> 00:07:23.580 align:start position:0% especially when it comes to consumer 00:07:23.580 --> 00:07:27.050 align:start position:0% especially when it comes to consumer protection<00:07:24.080> and<00:07:25.080> so<00:07:25.319> what<00:07:25.979> we<00:07:26.160> need<00:07:26.340> to<00:07:26.460> do<00:07:26.639> in 00:07:27.050 --> 00:07:27.060 align:start position:0% protection and so what we need to do in 00:07:27.060 --> 00:07:30.529 align:start position:0% protection and so what we need to do in the<00:07:27.180> future<00:07:27.360> is<00:07:28.259> think<00:07:28.860> about<00:07:29.240> really<00:07:30.240> new 00:07:30.529 --> 00:07:30.539 align:start position:0% the future is think about really new 00:07:30.539 --> 00:07:32.689 align:start position:0% the future is think about really new options<00:07:31.020> and<00:07:31.440> New<00:07:31.620> Alternatives 00:07:32.689 --> 00:07:32.699 align:start position:0% options and New Alternatives 00:07:32.699 --> 00:07:36.230 align:start position:0% options and New Alternatives and<00:07:33.300> how<00:07:33.780> to<00:07:34.080> have<00:07:34.740> an<00:07:35.099> even<00:07:35.280> more<00:07:35.580> increased 00:07:36.230 --> 00:07:36.240 align:start position:0% and how to have an even more increased 00:07:36.240 --> 00:07:39.469 align:start position:0% and how to have an even more increased dialogue<00:07:37.139> with<00:07:37.380> The<00:07:37.560> Regulators<00:07:38.039> because<00:07:38.479> the 00:07:39.469 --> 00:07:39.479 align:start position:0% dialogue with The Regulators because the 00:07:39.479 --> 00:07:41.089 align:start position:0% dialogue with The Regulators because the all<00:07:39.599> the<00:07:39.780> development<00:07:40.199> that<00:07:40.440> happened<00:07:40.680> in<00:07:40.919> the 00:07:41.089 --> 00:07:41.099 align:start position:0% all the development that happened in the 00:07:41.099 --> 00:07:43.490 align:start position:0% all the development that happened in the last<00:07:41.280> years<00:07:41.520> will<00:07:42.120> most<00:07:42.360> probably<00:07:42.660> not<00:07:43.199> be 00:07:43.490 --> 00:07:43.500 align:start position:0% last years will most probably not be 00:07:43.500 --> 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--> 00:07:55.139 align:start position:0% 00:07:55.139 --> 00:07:58.790 align:start position:0% so<00:07:55.979> I'll<00:07:56.580> just<00:07:56.819> come<00:07:57.479> up<00:07:57.720> to<00:07:57.960> date<00:07:58.139> so<00:07:58.500> this<00:07:58.740> is 00:07:58.790 --> 00:07:58.800 align:start position:0% so I'll just come up to date so this is 00:07:58.800 --> 00:08:01.430 align:start position:0% so I'll just come up to date so this is what<00:07:59.039> I<00:07:59.220> was<00:07:59.340> talking<00:07:59.580> about<00:07:59.900> an<00:08:00.900> increased 00:08:01.430 --> 00:08:01.440 align:start position:0% what I was talking about an increased 00:08:01.440 --> 00:08:03.469 align:start position:0% what I was talking about an increased activity<00:08:01.860> from<00:08:02.099> The<00:08:02.280> Regulators<00:08:02.759> in<00:08:03.180> the<00:08:03.300> last 00:08:03.469 --> 00:08:03.479 align:start position:0% activity from The Regulators in the last 00:08:03.479 --> 00:08:04.730 align:start position:0% activity from The Regulators in the last few<00:08:03.660> years 00:08:04.730 --> 00:08:04.740 align:start position:0% few years 00:08:04.740 --> 00:08:08.510 align:start position:0% few years as<00:08:05.400> I<00:08:05.639> said<00:08:05.819> last<00:08:06.419> week<00:08:06.720> we<00:08:07.199> have<00:08:07.380> seen<00:08:07.800> markets 00:08:08.510 --> 00:08:08.520 align:start position:0% as I said last week we have seen markets 00:08:08.520 --> 00:08:10.550 align:start position:0% as I said last week we have seen markets in<00:08:08.580> crypto<00:08:08.880> assets<00:08:09.240> regulation<00:08:09.720> and<00:08:10.380> the 00:08:10.550 --> 00:08:10.560 align:start position:0% in crypto assets regulation and the 00:08:10.560 --> 00:08:12.409 align:start position:0% in crypto assets regulation and the transfer<00:08:10.979> of<00:08:11.099> funds<00:08:11.580> regulation<00:08:12.000> being 00:08:12.409 --> 00:08:12.419 align:start position:0% transfer of funds regulation being 00:08:12.419 --> 00:08:15.170 align:start position:0% transfer of funds regulation being finalized<00:08:13.080> in<00:08:13.319> Europe<00:08:13.500> and<00:08:14.460> what<00:08:14.759> does<00:08:14.880> this 00:08:15.170 --> 00:08:15.180 align:start position:0% finalized in Europe and what does this 00:08:15.180 --> 00:08:17.629 align:start position:0% finalized in Europe and what does this mean<00:08:15.419> for<00:08:15.960> this<00:08:16.139> community<00:08:16.380> what<00:08:17.280> does<00:08:17.460> this 00:08:17.629 --> 00:08:17.639 align:start position:0% mean for this community what does this 00:08:17.639 --> 00:08:19.070 align:start position:0% mean for this community what does this mean<00:08:17.880> for<00:08:18.120> the<00:08:18.300> people<00:08:18.419> that<00:08:18.780> are<00:08:18.900> building 00:08:19.070 --> 00:08:19.080 align:start position:0% mean for the people that are building 00:08:19.080 --> 00:08:21.230 align:start position:0% mean for the people that are building applications<00:08:19.860> and<00:08:20.819> they're<00:08:20.940> building 00:08:21.230 --> 00:08:21.240 align:start position:0% applications and they're building 00:08:21.240 --> 00:08:23.570 align:start position:0% applications and they're building protocols<00:08:22.020> for<00:08:22.319> the<00:08:22.500> people<00:08:22.620> that<00:08:23.039> are<00:08:23.280> also 00:08:23.570 --> 00:08:23.580 align:start position:0% protocols for the people that are also 00:08:23.580 --> 00:08:26.150 align:start position:0% protocols for the people that are also using<00:08:24.120> these<00:08:24.720> applications<00:08:25.199> and<00:08:25.560> protocols 00:08:26.150 --> 00:08:26.160 align:start position:0% using these applications and protocols 00:08:26.160 --> 00:08:28.550 align:start position:0% using these applications and protocols and<00:08:26.759> I<00:08:26.879> will<00:08:27.060> only<00:08:27.240> give<00:08:27.539> you<00:08:27.660> a<00:08:27.840> few<00:08:27.960> examples 00:08:28.550 --> 00:08:28.560 align:start position:0% and I will only give you a few examples 00:08:28.560 --> 00:08:32.089 align:start position:0% and I will only give you a few examples that<00:08:29.099> are<00:08:29.340> I<00:08:30.060> would<00:08:30.240> say<00:08:30.419> quite<00:08:30.900> important<00:08:31.440> and 00:08:32.089 --> 00:08:32.099 align:start position:0% that are I would say quite important and 00:08:32.099 --> 00:08:34.610 align:start position:0% that are I would say quite important and again<00:08:32.279> those<00:08:32.760> are<00:08:32.940> European<00:08:33.360> examples<00:08:33.899> but 00:08:34.610 --> 00:08:34.620 align:start position:0% again those are European examples but 00:08:34.620 --> 00:08:37.550 align:start position:0% again those are European examples but it's<00:08:34.919> in<00:08:35.219> a<00:08:35.399> way<00:08:35.580> only<00:08:36.240> the<00:08:36.539> start<00:08:36.839> because<00:08:37.200> the 00:08:37.550 --> 00:08:37.560 align:start position:0% it's in a way only the start because the 00:08:37.560 --> 00:08:39.589 align:start position:0% it's in a way only the start because the markets<00:08:37.979> in<00:08:38.039> crypto<00:08:38.339> assets<00:08:38.640> regulation<00:08:39.180> is 00:08:39.589 --> 00:08:39.599 align:start position:0% markets in crypto assets regulation is 00:08:39.599 --> 00:08:42.290 align:start position:0% markets in crypto assets regulation is the<00:08:39.899> first<00:08:40.140> worldwide<00:08:41.300> overarching 00:08:42.290 --> 00:08:42.300 align:start position:0% the first worldwide overarching 00:08:42.300 --> 00:08:44.449 align:start position:0% the first worldwide overarching regulation<00:08:42.839> for<00:08:43.260> crypto 00:08:44.449 --> 00:08:44.459 align:start position:0% regulation for crypto 00:08:44.459 --> 00:08:46.550 align:start position:0% regulation for crypto so<00:08:45.060> if<00:08:45.300> you<00:08:45.480> are<00:08:45.600> a<00:08:45.779> crypto<00:08:46.080> asset<00:08:46.380> service 00:08:46.550 --> 00:08:46.560 align:start position:0% so if you are a crypto asset service 00:08:46.560 --> 00:08:49.730 align:start position:0% so if you are a crypto asset service providers<00:08:47.220> for<00:08:47.580> example<00:08:47.880> is<00:08:48.240> an<00:08:48.420> exchange<00:08:48.899> or 00:08:49.730 --> 00:08:49.740 align:start position:0% providers for example is an exchange or 00:08:49.740 --> 00:08:51.710 align:start position:0% providers for example is an exchange or a<00:08:50.040> wallet<00:08:50.399> you<00:08:51.000> will<00:08:51.120> need<00:08:51.300> to<00:08:51.480> be 00:08:51.710 --> 00:08:51.720 align:start position:0% a wallet you will need to be 00:08:51.720 --> 00:08:53.990 align:start position:0% a wallet you will need to be incorporated<00:08:52.440> in<00:08:52.920> Europe<00:08:53.040> and<00:08:53.580> you<00:08:53.760> will<00:08:53.880> need 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00:09:03.650 align:start position:0% important is that you're also going to be<00:09:01.680> need<00:09:02.100> to<00:09:02.279> be<00:09:02.399> compliant<00:09:02.940> with<00:09:03.060> anti-money 00:09:03.650 --> 00:09:03.660 align:start position:0% be need to be compliant with anti-money 00:09:03.660 --> 00:09:07.009 align:start position:0% be need to be compliant with anti-money laundering<00:09:04.200> rules<00:09:04.940> if<00:09:05.940> you<00:09:06.120> are<00:09:06.300> not<00:09:06.420> you<00:09:06.899> will 00:09:07.009 --> 00:09:07.019 align:start position:0% laundering rules if you are not you will 00:09:07.019 --> 00:09:09.889 align:start position:0% laundering rules if you are not you will not<00:09:07.140> be<00:09:07.440> able<00:09:07.740> to<00:09:08.640> issue<00:09:09.120> or<00:09:09.420> to<00:09:09.540> offer 00:09:09.889 --> 00:09:09.899 align:start position:0% not be able to issue or to offer 00:09:09.899 --> 00:09:12.710 align:start position:0% not be able to issue or to offer services<00:09:10.260> to<00:09:10.980> the<00:09:11.160> European<00:09:11.580> Union<00:09:11.880> which 00:09:12.710 --> 00:09:12.720 align:start position:0% services to the European Union which 00:09:12.720 --> 00:09:16.490 align:start position:0% services to the European Union which means<00:09:13.140> that<00:09:13.560> the<00:09:14.279> European<00:09:14.640> user<00:09:15.420> is<00:09:16.200> only 00:09:16.490 --> 00:09:16.500 align:start position:0% means that the European user is only 00:09:16.500 --> 00:09:18.650 align:start position:0% means that the European user is only going<00:09:16.800> to<00:09:17.100> have<00:09:17.339> the<00:09:17.640> opportunity<00:09:18.120> to<00:09:18.480> use 00:09:18.650 --> 00:09:18.660 align:start position:0% going to have the opportunity to use 00:09:18.660 --> 00:09:21.230 align:start position:0% going to have the opportunity to use services<00:09:19.100> that<00:09:20.100> are<00:09:20.279> regulated<00:09:20.820> and 00:09:21.230 --> 00:09:21.240 align:start position:0% services that are regulated and 00:09:21.240 --> 00:09:23.329 align:start position:0% services that are regulated and compliant<00:09:21.720> are<00:09:22.080> their<00:09:22.380> marketing<00:09:22.980> crypto 00:09:23.329 --> 00:09:23.339 align:start position:0% compliant are their marketing crypto 00:09:23.339 --> 00:09:25.490 align:start position:0% compliant are their marketing crypto assets<00:09:23.580> regulation 00:09:25.490 --> 00:09:25.500 align:start position:0% assets regulation 00:09:25.500 --> 00:09:28.730 align:start position:0% assets regulation also<00:09:26.399> an<00:09:26.640> interesting<00:09:27.060> part<00:09:27.300> is<00:09:27.839> the<00:09:28.260> crypto 00:09:28.730 --> 00:09:28.740 align:start position:0% also an interesting part is the crypto 00:09:28.740 --> 00:09:32.389 align:start position:0% also an interesting part is the crypto asset<00:09:29.220> issuance<00:09:30.060> so<00:09:30.839> if<00:09:31.200> an<00:09:31.500> entity<00:09:31.800> wants<00:09:32.279> to 00:09:32.389 --> 00:09:32.399 align:start position:0% asset issuance so if an entity wants to 00:09:32.399 --> 00:09:34.970 align:start position:0% asset issuance so if an entity wants to issue<00:09:32.700> crypto<00:09:33.180> Assets<00:09:33.480> in<00:09:33.720> Europe<00:09:33.899> and<00:09:34.620> offer 00:09:34.970 --> 00:09:34.980 align:start position:0% issue crypto Assets in Europe and offer 00:09:34.980 --> 00:09:37.190 align:start position:0% issue crypto Assets in Europe and offer it<00:09:35.100> to<00:09:35.399> the<00:09:35.580> crypto<00:09:35.880> us<00:09:36.120> to<00:09:36.660> the<00:09:36.839> European 00:09:37.190 --> 00:09:37.200 align:start position:0% it to the crypto us to the European 00:09:37.200 --> 00:09:39.829 align:start position:0% it to the crypto us to the European users<00:09:37.680> you<00:09:38.580> will<00:09:38.760> need<00:09:38.940> to<00:09:39.180> be<00:09:39.300> incorporated 00:09:39.829 --> 00:09:39.839 align:start position:0% users you will need to be incorporated 00:09:39.839 --> 00:09:42.470 align:start position:0% users you will need to be incorporated again<00:09:40.260> in<00:09:40.620> the<00:09:40.800> European<00:09:41.160> Union<00:09:41.459> but<00:09:42.180> at<00:09:42.300> the 00:09:42.470 --> 00:09:42.480 align:start position:0% again in the European Union but at the 00:09:42.480 --> 00:09:45.710 align:start position:0% again in the European Union but at the same<00:09:42.720> time<00:09:42.959> also<00:09:43.680> write<00:09:43.920> a<00:09:44.220> white<00:09:44.399> paper<00:09:44.720> very 00:09:45.710 --> 00:09:45.720 align:start position:0% same time also write a white paper very 00:09:45.720 --> 00:09:49.550 align:start position:0% same time also write a white paper very similarly<00:09:46.320> to<00:09:46.740> like<00:09:47.040> a<00:09:47.399> very<00:09:47.760> short<00:09:48.560> very 00:09:49.550 --> 00:09:49.560 align:start position:0% similarly to like a very short very 00:09:49.560 --> 00:09:52.009 align:start position:0% similarly to like a very short very similar<00:09:49.860> to<00:09:49.980> an<00:09:50.220> IPO<00:09:50.700> and<00:09:51.540> in<00:09:51.660> this<00:09:51.839> white 00:09:52.009 --> 00:09:52.019 align:start position:0% similar to an IPO and in this white 00:09:52.019 --> 00:09:54.050 align:start position:0% similar to an IPO and in this white paper<00:09:52.380> there<00:09:52.920> are<00:09:53.100> a<00:09:53.160> lot<00:09:53.279> of<00:09:53.399> rules<00:09:53.760> around 00:09:54.050 --> 00:09:54.060 align:start position:0% paper there are a lot of rules around 00:09:54.060 --> 00:09:57.110 align:start position:0% paper there are a lot of rules around marketing<00:09:54.779> but<00:09:55.140> also<00:09:55.620> there<00:09:56.220> needs<00:09:56.519> to<00:09:56.580> be<00:09:56.760> a 00:09:57.110 --> 00:09:57.120 align:start position:0% marketing but also there needs to be a 00:09:57.120 --> 00:10:00.170 align:start position:0% marketing but also there needs to be a report<00:09:57.300> on<00:09:58.019> the<00:09:58.200> energy<00:09:58.380> consumption<00:09:59.160> of<00:09:59.880> this 00:10:00.170 --> 00:10:00.180 align:start position:0% report on the energy consumption of this 00:10:00.180 --> 00:10:02.210 align:start position:0% report on the energy consumption of this specific<00:10:00.480> crypto<00:10:01.019> asset<00:10:01.380> and<00:10:01.620> the<00:10:01.800> blockchain 00:10:02.210 --> 00:10:02.220 align:start position:0% specific crypto asset and the blockchain 00:10:02.220 --> 00:10:03.650 align:start position:0% specific crypto asset and the blockchain that<00:10:02.580> it<00:10:02.760> uses 00:10:03.650 --> 00:10:03.660 align:start position:0% that it uses 00:10:03.660 --> 00:10:06.710 align:start position:0% that it uses this<00:10:04.320> is<00:10:04.440> going<00:10:04.680> to<00:10:04.800> have<00:10:05.279> a<00:10:05.820> very<00:10:06.000> important 00:10:06.710 --> 00:10:06.720 align:start position:0% this is going to have a very important 00:10:06.720 --> 00:10:08.870 align:start position:0% this is going to have a very important effect<00:10:07.140> on<00:10:07.920> the<00:10:08.100> listing<00:10:08.459> of<00:10:08.640> different 00:10:08.870 --> 00:10:08.880 align:start position:0% effect on the listing of different 00:10:08.880 --> 00:10:11.750 align:start position:0% effect on the listing of different crypto<00:10:09.480> assets<00:10:09.839> so<00:10:10.500> again<00:10:10.680> the<00:10:11.100> crypto<00:10:11.459> assets 00:10:11.750 --> 00:10:11.760 align:start position:0% crypto assets so again the crypto assets 00:10:11.760 --> 00:10:14.150 align:start position:0% crypto assets so again the crypto assets that<00:10:12.000> are<00:10:12.180> not<00:10:12.300> going<00:10:12.480> to<00:10:12.660> be<00:10:12.899> compliant<00:10:13.440> they 00:10:14.150 --> 00:10:14.160 align:start position:0% that are not going to be compliant they 00:10:14.160 --> 00:10:16.550 align:start position:0% that are not going to be compliant they will<00:10:14.339> not<00:10:14.519> be<00:10:14.700> able<00:10:15.000> to<00:10:15.180> list<00:10:15.360> it<00:10:15.600> on<00:10:15.899> exchanges 00:10:16.550 --> 00:10:16.560 align:start position:0% will not be able to list it on exchanges 00:10:16.560 --> 00:10:18.949 align:start position:0% will not be able to list it on exchanges they're<00:10:16.860> offering<00:10:17.399> their<00:10:17.640> services<00:10:17.880> in<00:10:18.779> the 00:10:18.949 --> 00:10:18.959 align:start position:0% they're offering their services in the 00:10:18.959 --> 00:10:21.470 align:start position:0% they're offering their services in the European<00:10:19.380> Union 00:10:21.470 --> 00:10:21.480 align:start position:0% European Union 00:10:21.480 --> 00:10:23.930 align:start position:0% European Union and<00:10:21.899> let<00:10:22.080> me<00:10:22.260> come<00:10:22.680> to<00:10:22.920> the<00:10:23.220> most<00:10:23.459> critical 00:10:23.930 --> 00:10:23.940 align:start position:0% and let me come to the most critical 00:10:23.940 --> 00:10:26.150 align:start position:0% and let me come to the most critical part<00:10:24.420> of<00:10:24.959> the<00:10:25.140> markets<00:10:25.500> in<00:10:25.560> crypto<00:10:25.860> assets 00:10:26.150 --> 00:10:26.160 align:start position:0% part of the markets in crypto assets 00:10:26.160 --> 00:10:28.670 align:start position:0% part of the markets in crypto assets regulation<00:10:26.700> so<00:10:27.480> this<00:10:27.660> regulation<00:10:28.200> was 00:10:28.670 --> 00:10:28.680 align:start position:0% regulation so this regulation was 00:10:28.680 --> 00:10:32.150 align:start position:0% regulation so this regulation was basically<00:10:29.160> written<00:10:29.760> because<00:10:30.240> of<00:10:30.839> DM<00:10:31.320> and<00:10:31.860> so 00:10:32.150 --> 00:10:32.160 align:start position:0% basically written because of DM and so 00:10:32.160 --> 00:10:34.550 align:start position:0% basically written because of DM and so the<00:10:32.519> aim<00:10:32.820> is<00:10:33.000> to<00:10:33.300> regulate<00:10:33.720> stable<00:10:34.140> coins 00:10:34.550 --> 00:10:34.560 align:start position:0% the aim is to regulate stable coins 00:10:34.560 --> 00:10:36.710 align:start position:0% the aim is to regulate stable coins there<00:10:35.160> is<00:10:35.339> a<00:10:35.459> big<00:10:35.640> part<00:10:35.880> in<00:10:36.180> the<00:10:36.300> regulation 00:10:36.710 --> 00:10:36.720 align:start position:0% there is a big part in the regulation 00:10:36.720 --> 00:10:40.070 align:start position:0% there is a big part in the regulation that<00:10:37.080> regulates<00:10:37.500> stable<00:10:37.860> coins<00:10:38.480> and<00:10:39.480> this<00:10:39.899> is 00:10:40.070 --> 00:10:40.080 align:start position:0% that regulates stable coins and this is 00:10:40.080 --> 00:10:42.889 align:start position:0% that regulates stable coins and this is I<00:10:40.320> would<00:10:40.500> say<00:10:40.620> the<00:10:40.920> most<00:10:41.100> critical<00:10:41.519> part<00:10:41.940> there 00:10:42.889 --> 00:10:42.899 align:start position:0% I would say the most critical part there 00:10:42.899 --> 00:10:46.370 align:start position:0% I would say the most critical part there is<00:10:43.080> a<00:10:43.320> cap<00:10:43.500> of<00:10:43.860> 200<00:10:44.459> million<00:10:45.060> transactions<00:10:46.019> per 00:10:46.370 --> 00:10:46.380 align:start position:0% is a cap of 200 million transactions per 00:10:46.380 --> 00:10:49.670 align:start position:0% is a cap of 200 million transactions per day<00:10:46.620> in<00:10:47.459> the<00:10:47.640> European<00:10:48.000> Union<00:10:48.300> that<00:10:49.260> needs<00:10:49.560> to 00:10:49.670 --> 00:10:49.680 align:start position:0% day in the European Union that needs to 00:10:49.680 --> 00:10:52.730 align:start position:0% day in the European Union that needs to be<00:10:49.920> observed<00:10:50.579> by<00:10:51.300> the<00:10:51.660> issue<00:10:52.260> of<00:10:52.380> the 00:10:52.730 --> 00:10:52.740 align:start position:0% be observed by the issue of the 00:10:52.740 --> 00:10:56.150 align:start position:0% be observed by the issue of the stablecoin<00:10:53.399> but<00:10:53.940> also<00:10:54.300> by<00:10:54.480> the<00:10:54.660> regulator<00:10:55.500> so 00:10:56.150 --> 00:10:56.160 align:start position:0% stablecoin but also by the regulator so 00:10:56.160 --> 00:10:58.550 align:start position:0% stablecoin but also by the regulator so there<00:10:56.459> are<00:10:56.640> obligations<00:10:57.240> like<00:10:57.839> reporting 00:10:58.550 --> 00:10:58.560 align:start position:0% there are obligations like reporting 00:10:58.560 --> 00:11:01.030 align:start position:0% there are obligations like reporting obligations<00:10:59.100> that<00:10:59.760> the<00:11:00.000> crypto<00:11:00.360> issue 00:11:01.030 --> 00:11:01.040 align:start position:0% obligations that the crypto issue 00:11:01.040 --> 00:11:03.889 align:start position:0% obligations that the crypto issue stablecoin<00:11:02.040> issue<00:11:02.399> needs<00:11:02.820> to<00:11:02.940> send<00:11:03.180> quarterly 00:11:03.889 --> 00:11:03.899 align:start position:0% stablecoin issue needs to send quarterly 00:11:03.899 --> 00:11:05.810 align:start position:0% stablecoin issue needs to send quarterly to<00:11:04.500> the<00:11:04.740> regulator 00:11:05.810 --> 00:11:05.820 align:start position:0% to the regulator 00:11:05.820 --> 00:11:08.030 align:start position:0% to the regulator which<00:11:06.300> means<00:11:06.600> that<00:11:06.779> they<00:11:06.959> need<00:11:07.140> to<00:11:07.320> send<00:11:07.620> all 00:11:08.030 --> 00:11:08.040 align:start position:0% which means that they need to send all 00:11:08.040 --> 00:11:09.530 align:start position:0% which means that they need to send all the<00:11:08.160> information<00:11:08.339> of<00:11:09.060> the<00:11:09.240> number<00:11:09.360> of 00:11:09.530 --> 00:11:09.540 align:start position:0% the information of the number of 00:11:09.540 --> 00:11:14.030 align:start position:0% the information of the number of transactions<00:11:10.640> the<00:11:11.640> users<00:11:12.540> Etc<00:11:12.720> and<00:11:13.380> if<00:11:13.620> those 00:11:14.030 --> 00:11:14.040 align:start position:0% transactions the users Etc and if those 00:11:14.040 --> 00:11:17.810 align:start position:0% transactions the users Etc and if those limitations<00:11:15.000> are<00:11:15.600> not<00:11:15.839> met<00:11:16.579> the<00:11:17.579> the 00:11:17.810 --> 00:11:17.820 align:start position:0% limitations are not met the the 00:11:17.820 --> 00:11:20.449 align:start position:0% limitations are not met the the basically<00:11:18.660> it's<00:11:19.079> not<00:11:19.320> possible<00:11:19.740> to<00:11:20.040> operate 00:11:20.449 --> 00:11:20.459 align:start position:0% basically it's not possible to operate 00:11:20.459 --> 00:11:23.210 align:start position:0% basically it's not possible to operate in<00:11:20.700> Europe<00:11:20.880> anymore<00:11:21.240> the<00:11:21.839> license<00:11:22.140> that<00:11:23.040> this 00:11:23.210 --> 00:11:23.220 align:start position:0% in Europe anymore the license that this 00:11:23.220 --> 00:11:25.610 align:start position:0% in Europe anymore the license that this stablecoin<00:11:23.820> issues<00:11:24.240> would<00:11:24.540> have<00:11:24.779> they<00:11:25.440> will 00:11:25.610 --> 00:11:25.620 align:start position:0% stablecoin issues would have they will 00:11:25.620 --> 00:11:28.130 align:start position:0% stablecoin issues would have they will lose<00:11:25.800> it<00:11:26.040> at<00:11:26.339> that<00:11:26.519> moment<00:11:26.839> and<00:11:27.839> there's 00:11:28.130 --> 00:11:28.140 align:start position:0% lose it at that moment and there's 00:11:28.140 --> 00:11:29.630 align:start position:0% lose it at that moment and there's another<00:11:28.380> part<00:11:28.800> the<00:11:29.100> marketing<00:11:29.459> computer 00:11:29.630 --> 00:11:29.640 align:start position:0% another part the marketing computer 00:11:29.640 --> 00:11:32.530 align:start position:0% another part the marketing computer assets<00:11:30.180> regulation<00:11:30.660> even<00:11:31.019> talks<00:11:31.560> about 00:11:32.530 --> 00:11:32.540 align:start position:0% assets regulation even talks about 00:11:32.540 --> 00:11:35.990 align:start position:0% assets regulation even talks about the<00:11:33.540> stopping<00:11:34.019> of<00:11:34.380> issuance<00:11:34.980> of<00:11:35.279> stable<00:11:35.579> coins 00:11:35.990 --> 00:11:36.000 align:start position:0% the stopping of issuance of stable coins 00:11:36.000 --> 00:11:40.009 align:start position:0% the stopping of issuance of stable coins from<00:11:36.300> those<00:11:36.740> stable<00:11:37.740> coin<00:11:38.100> issuers<00:11:38.579> this<00:11:39.420> is<00:11:39.540> I 00:11:40.009 --> 00:11:40.019 align:start position:0% from those stable coin issuers this is I 00:11:40.019 --> 00:11:41.449 align:start position:0% from those stable coin issuers this is I would<00:11:40.140> say<00:11:40.260> quite<00:11:40.500> critical<00:11:40.920> and<00:11:41.160> we're<00:11:41.339> going 00:11:41.449 --> 00:11:41.459 align:start position:0% would say quite critical and we're going 00:11:41.459 --> 00:11:43.970 align:start position:0% would say quite critical and we're going to<00:11:41.640> see<00:11:41.820> how<00:11:42.120> it<00:11:42.240> will<00:11:42.420> work<00:11:42.660> in<00:11:42.959> practice<00:11:43.140> but 00:11:43.970 --> 00:11:43.980 align:start position:0% to see how it will work in practice but 00:11:43.980 --> 00:11:45.590 align:start position:0% to see how it will work in practice but the<00:11:44.220> markets<00:11:44.519> in<00:11:44.640> crypto<00:11:44.880> assets<00:11:45.120> regulation 00:11:45.590 --> 00:11:45.600 align:start position:0% the markets in crypto assets regulation 00:11:45.600 --> 00:11:48.889 align:start position:0% the markets in crypto assets regulation is<00:11:46.079> public<00:11:46.320> so<00:11:46.740> you<00:11:46.980> can<00:11:47.040> read<00:11:47.279> it<00:11:47.459> online<00:11:47.899> and 00:11:48.889 --> 00:11:48.899 align:start position:0% is public so you can read it online and 00:11:48.899 --> 00:11:51.650 align:start position:0% is public so you can read it online and then<00:11:49.079> form<00:11:49.620> your<00:11:49.920> own<00:11:50.040> opinions<00:11:50.579> the<00:11:51.480> last 00:11:51.650 --> 00:11:51.660 align:start position:0% then form your own opinions the last 00:11:51.660 --> 00:11:54.230 align:start position:0% then form your own opinions the last part<00:11:51.899> from<00:11:52.320> my<00:11:52.560> side<00:11:52.740> is<00:11:53.220> the<00:11:53.579> non-fungible 00:11:54.230 --> 00:11:54.240 align:start position:0% part from my side is the non-fungible 00:11:54.240 --> 00:11:58.009 align:start position:0% part from my side is the non-fungible tokens<00:11:54.720> door<00:11:55.620> those<00:11:56.100> are<00:11:56.579> excluded<00:11:57.240> from<00:11:57.779> the 00:11:58.009 --> 00:11:58.019 align:start position:0% tokens door those are excluded from the 00:11:58.019 --> 00:12:00.889 align:start position:0% tokens door those are excluded from the regulation<00:11:58.560> but<00:11:59.339> only<00:11:59.640> the<00:11:59.940> ones<00:12:00.240> that<00:12:00.600> are 00:12:00.889 --> 00:12:00.899 align:start position:0% regulation but only the ones that are 00:12:00.899 --> 00:12:05.090 align:start position:0% regulation but only the ones that are unique<00:12:01.500> and<00:12:02.279> usually<00:12:02.640> linked<00:12:03.180> to<00:12:03.540> an<00:12:03.839> art<00:12:04.100> and 00:12:05.090 --> 00:12:05.100 align:start position:0% unique and usually linked to an art and 00:12:05.100 --> 00:12:07.250 align:start position:0% unique and usually linked to an art and also<00:12:05.399> each<00:12:05.760> shoot<00:12:06.240> in<00:12:06.600> a<00:12:06.839> very<00:12:06.959> small 00:12:07.250 --> 00:12:07.260 align:start position:0% also each shoot in a very small 00:12:07.260 --> 00:12:10.550 align:start position:0% also each shoot in a very small collections<00:12:08.160> so<00:12:09.120> that's<00:12:09.480> all<00:12:09.720> for<00:12:09.899> me<00:12:10.079> I<00:12:10.380> give 00:12:10.550 --> 00:12:10.560 align:start position:0% collections so that's all for me I give 00:12:10.560 --> 00:12:14.750 align:start position:0% collections so that's all for me I give the<00:12:10.740> mic<00:12:10.980> to<00:12:11.339> Florian 00:12:14.750 --> 00:12:14.760 align:start position:0% 00:12:14.760 --> 00:12:17.210 align:start position:0% thank<00:12:15.120> you 00:12:17.210 --> 00:12:17.220 align:start position:0% thank you 00:12:17.220 --> 00:12:19.790 align:start position:0% thank you thank<00:12:17.579> you<00:12:17.760> Marina 00:12:19.790 --> 00:12:19.800 align:start position:0% thank you Marina 00:12:19.800 --> 00:12:21.350 align:start position:0% thank you Marina oopsie 00:12:21.350 --> 00:12:21.360 align:start position:0% oopsie 00:12:21.360 --> 00:12:23.930 align:start position:0% oopsie Springer<00:12:22.079> of<00:12:22.260> bad<00:12:22.500> news<00:12:22.740> Okay 00:12:23.930 --> 00:12:23.940 align:start position:0% Springer of bad news Okay 00:12:23.940 --> 00:12:26.090 align:start position:0% Springer of bad news Okay um<00:12:24.000> whether<00:12:24.300> I<00:12:24.480> click<00:12:24.779> here<00:12:24.899> okay<00:12:25.440> perfect 00:12:26.090 --> 00:12:26.100 align:start position:0% um whether I click here okay perfect 00:12:26.100 --> 00:12:28.190 align:start position:0% um whether I click here okay perfect yeah<00:12:26.760> so<00:12:27.000> let's<00:12:27.180> talk<00:12:27.360> about<00:12:27.540> the<00:12:27.839> positive 00:12:28.190 --> 00:12:28.200 align:start position:0% yeah so let's talk about the positive 00:12:28.200 --> 00:12:30.110 align:start position:0% yeah so let's talk about the positive sides<00:12:28.620> of<00:12:28.800> this<00:12:28.980> regulation<00:12:29.519> because<00:12:29.820> it's 00:12:30.110 --> 00:12:30.120 align:start position:0% sides of this regulation because it's 00:12:30.120 --> 00:12:31.910 align:start position:0% sides of this regulation because it's not<00:12:30.360> just<00:12:30.540> badge<00:12:31.079> I<00:12:31.260> mean<00:12:31.380> that<00:12:31.500> was<00:12:31.740> pretty 00:12:31.910 --> 00:12:31.920 align:start position:0% not just badge I mean that was pretty 00:12:31.920 --> 00:12:34.490 align:start position:0% not just badge I mean that was pretty bad<00:12:32.160> I<00:12:32.459> agree<00:12:32.640> but 00:12:34.490 --> 00:12:34.500 align:start position:0% bad I agree but 00:12:34.500 --> 00:12:37.970 align:start position:0% bad I agree but um<00:12:34.620> not<00:12:34.980> everything<00:12:35.220> is<00:12:35.940> that<00:12:36.480> awful<00:12:36.839> so<00:12:37.260> the 00:12:37.970 --> 00:12:37.980 align:start position:0% um not everything is that awful so the 00:12:37.980 --> 00:12:40.490 align:start position:0% um not everything is that awful so the scope<00:12:38.220> of<00:12:38.459> Mika<00:12:39.000> of<00:12:39.600> this<00:12:39.720> Market<00:12:39.899> in<00:12:40.200> crypto 00:12:40.490 --> 00:12:40.500 align:start position:0% scope of Mika of this Market in crypto 00:12:40.500 --> 00:12:43.610 align:start position:0% scope of Mika of this Market in crypto air<00:12:40.680> regulation<00:12:41.339> is<00:12:42.180> limited<00:12:42.720> in<00:12:43.019> a<00:12:43.139> sense<00:12:43.320> to 00:12:43.610 --> 00:12:43.620 align:start position:0% air regulation is limited in a sense to 00:12:43.620 --> 00:12:47.090 align:start position:0% air regulation is limited in a sense to centralized<00:12:44.480> uh<00:12:45.480> applications<00:12:46.260> of<00:12:46.680> crypto 00:12:47.090 --> 00:12:47.100 align:start position:0% centralized uh applications of crypto 00:12:47.100 --> 00:12:49.610 align:start position:0% centralized uh applications of crypto technology<00:12:47.519> meaning<00:12:48.300> that<00:12:48.660> decentralized 00:12:49.610 --> 00:12:49.620 align:start position:0% technology meaning that decentralized 00:12:49.620 --> 00:12:52.730 align:start position:0% technology meaning that decentralized Finance<00:12:50.160> nfts<00:12:51.120> are<00:12:51.660> officially<00:12:52.139> not<00:12:52.380> in<00:12:52.620> that 00:12:52.730 --> 00:12:52.740 align:start position:0% Finance nfts are officially not in that 00:12:52.740 --> 00:12:57.650 align:start position:0% Finance nfts are officially not in that scope<00:12:53.180> yet<00:12:54.680> so<00:12:55.680> we<00:12:55.920> expect<00:12:56.100> in<00:12:56.639> a<00:12:56.760> sense<00:12:56.880> a<00:12:57.180> Mika 00:12:57.650 --> 00:12:57.660 align:start position:0% scope yet so we expect in a sense a Mika 00:12:57.660 --> 00:13:00.829 align:start position:0% scope yet so we expect in a sense a Mika 2<00:12:57.959> regulation<00:12:58.620> to<00:12:59.220> sort<00:12:59.519> of<00:12:59.579> follow<00:12:59.820> up<00:13:00.060> in<00:13:00.540> I 00:13:00.829 --> 00:13:00.839 align:start position:0% 2 regulation to sort of follow up in I 00:13:00.839 --> 00:13:03.410 align:start position:0% 2 regulation to sort of follow up in I don't<00:13:00.959> know<00:13:01.019> a<00:13:01.320> few<00:13:01.500> years<00:13:01.940> and<00:13:02.940> that's 00:13:03.410 --> 00:13:03.420 align:start position:0% don't know a few years and that's 00:13:03.420 --> 00:13:05.470 align:start position:0% don't know a few years and that's something<00:13:03.600> we'll<00:13:04.019> address<00:13:04.320> later 00:13:05.470 --> 00:13:05.480 align:start position:0% something we'll address later 00:13:05.480 --> 00:13:08.509 align:start position:0% something we'll address later self-custodial<00:13:06.480> wallets<00:13:06.899> survived<00:13:07.860> a<00:13:08.339> pretty 00:13:08.509 --> 00:13:08.519 align:start position:0% self-custodial wallets survived a pretty 00:13:08.519 --> 00:13:10.610 align:start position:0% self-custodial wallets survived a pretty pretty<00:13:08.760> hard<00:13:09.360> harsh<00:13:09.839> attack<00:13:10.079> from<00:13:10.440> the 00:13:10.610 --> 00:13:10.620 align:start position:0% pretty hard harsh attack from the 00:13:10.620 --> 00:13:14.090 align:start position:0% pretty hard harsh attack from the European<00:13:10.920> Parliament<00:13:11.779> we<00:13:12.779> were<00:13:12.959> afraid<00:13:13.380> for<00:13:13.860> a 00:13:14.090 --> 00:13:14.100 align:start position:0% European Parliament we were afraid for a 00:13:14.100 --> 00:13:16.190 align:start position:0% European Parliament we were afraid for a few<00:13:14.220> weeks<00:13:14.579> like<00:13:14.940> most<00:13:15.240> of<00:13:15.420> you<00:13:15.540> probably<00:13:15.779> that 00:13:16.190 --> 00:13:16.200 align:start position:0% few weeks like most of you probably that 00:13:16.200 --> 00:13:17.889 align:start position:0% few weeks like most of you probably that they<00:13:16.560> may<00:13:16.740> be<00:13:16.860> banned 00:13:17.889 --> 00:13:17.899 align:start position:0% they may be banned 00:13:17.899 --> 00:13:22.550 align:start position:0% they may be banned so<00:13:18.899> good<00:13:19.620> news<00:13:19.860> Europe<00:13:20.760> still<00:13:21.300> accepts<00:13:22.019> uh 00:13:22.550 --> 00:13:22.560 align:start position:0% so good news Europe still accepts uh 00:13:22.560 --> 00:13:24.769 align:start position:0% so good news Europe still accepts uh South<00:13:22.740> custodial<00:13:23.279> wallets<00:13:23.639> going<00:13:23.820> forward 00:13:24.769 --> 00:13:24.779 align:start position:0% South custodial wallets going forward 00:13:24.779 --> 00:13:27.650 align:start position:0% South custodial wallets going forward proof<00:13:25.560> of<00:13:25.680> work<00:13:25.920> also<00:13:26.519> survived<00:13:27.120> so<00:13:27.300> there<00:13:27.540> was 00:13:27.650 --> 00:13:27.660 align:start position:0% proof of work also survived so there was 00:13:27.660 --> 00:13:29.329 align:start position:0% proof of work also survived so there was a<00:13:27.779> real<00:13:27.899> chance<00:13:28.139> that<00:13:28.440> proof<00:13:28.740> of<00:13:28.800> work<00:13:28.920> assets 00:13:29.329 --> 00:13:29.339 align:start position:0% a real chance that proof of work assets 00:13:29.339 --> 00:13:31.250 align:start position:0% a real chance that proof of work assets would<00:13:29.579> be<00:13:29.700> flat<00:13:30.000> out<00:13:30.120> illegal<00:13:30.540> in<00:13:30.660> Europe<00:13:30.839> that 00:13:31.250 --> 00:13:31.260 align:start position:0% would be flat out illegal in Europe that 00:13:31.260 --> 00:13:34.250 align:start position:0% would be flat out illegal in Europe that also<00:13:31.620> was<00:13:31.740> this<00:13:32.040> year<00:13:32.300> and<00:13:33.300> I<00:13:33.779> think<00:13:33.899> they<00:13:34.079> got 00:13:34.250 --> 00:13:34.260 align:start position:0% also was this year and I think they got 00:13:34.260 --> 00:13:36.470 align:start position:0% also was this year and I think they got away<00:13:34.380> with<00:13:34.680> a<00:13:34.860> slap<00:13:35.100> on<00:13:35.279> the<00:13:35.399> wrist 00:13:36.470 --> 00:13:36.480 align:start position:0% away with a slap on the wrist 00:13:36.480 --> 00:13:39.170 align:start position:0% away with a slap on the wrist so<00:13:37.260> proof<00:13:38.160> of<00:13:38.220> work<00:13:38.399> assets<00:13:38.820> have<00:13:39.000> been 00:13:39.170 --> 00:13:39.180 align:start position:0% so proof of work assets have been 00:13:39.180 --> 00:13:40.970 align:start position:0% so proof of work assets have been labeled<00:13:39.540> as<00:13:39.720> unsustainable<00:13:40.380> but<00:13:40.680> there<00:13:40.860> are 00:13:40.970 --> 00:13:40.980 align:start position:0% labeled as unsustainable but there are 00:13:40.980 --> 00:13:43.430 align:start position:0% labeled as unsustainable but there are no<00:13:41.100> consequences<00:13:41.579> yet<00:13:41.880> tied<00:13:42.540> to<00:13:42.779> it<00:13:42.899> but<00:13:43.200> the 00:13:43.430 --> 00:13:43.440 align:start position:0% no consequences yet tied to it but the 00:13:43.440 --> 00:13:46.310 align:start position:0% no consequences yet tied to it but the foundation<00:13:43.800> has<00:13:44.579> been<00:13:44.700> laid<00:13:45.000> for<00:13:45.360> a<00:13:45.720> potential 00:13:46.310 --> 00:13:46.320 align:start position:0% foundation has been laid for a potential 00:13:46.320 --> 00:13:48.889 align:start position:0% foundation has been laid for a potential ban<00:13:46.620> later<00:13:46.860> on<00:13:47.100> or<00:13:47.579> very<00:13:48.180> negative<00:13:48.540> tax 00:13:48.889 --> 00:13:48.899 align:start position:0% ban later on or very negative tax 00:13:48.899 --> 00:13:50.930 align:start position:0% ban later on or very negative tax implications<00:13:49.440> for<00:13:49.740> holding<00:13:50.160> them<00:13:50.279> those 00:13:50.930 --> 00:13:50.940 align:start position:0% implications for holding them those 00:13:50.940 --> 00:13:52.750 align:start position:0% implications for holding them those kinds<00:13:51.180> of<00:13:51.240> things 00:13:52.750 --> 00:13:52.760 align:start position:0% kinds of things 00:13:52.760 --> 00:13:55.670 align:start position:0% kinds of things the<00:13:53.760> result<00:13:53.940> is<00:13:54.240> in<00:13:54.480> a<00:13:54.660> sense<00:13:55.079> sort<00:13:55.320> of<00:13:55.380> a<00:13:55.500> white 00:13:55.670 --> 00:13:55.680 align:start position:0% the result is in a sense sort of a white 00:13:55.680 --> 00:13:58.850 align:start position:0% the result is in a sense sort of a white elephant<00:13:56.220> so<00:13:56.880> it's<00:13:57.420> not<00:13:57.600> as<00:13:57.779> bad<00:13:58.079> because<00:13:58.440> it's 00:13:58.850 --> 00:13:58.860 align:start position:0% elephant so it's not as bad because it's 00:13:58.860 --> 00:14:01.129 align:start position:0% elephant so it's not as bad because it's sort<00:13:59.100> of<00:13:59.220> scoped<00:13:59.760> to<00:14:00.240> only<00:14:00.480> regulate 00:14:01.129 --> 00:14:01.139 align:start position:0% sort of scoped to only regulate 00:14:01.139 --> 00:14:03.710 align:start position:0% sort of scoped to only regulate centralized<00:14:02.100> applications<00:14:03.060> not<00:14:03.480> the 00:14:03.710 --> 00:14:03.720 align:start position:0% centralized applications not the 00:14:03.720 --> 00:14:07.129 align:start position:0% centralized applications not the decentralized<00:14:04.380> ones<00:14:05.160> however<00:14:05.959> it's<00:14:06.959> really 00:14:07.129 --> 00:14:07.139 align:start position:0% decentralized ones however it's really 00:14:07.139 --> 00:14:09.170 align:start position:0% decentralized ones however it's really framing<00:14:07.620> everything<00:14:07.920> in<00:14:08.279> the<00:14:08.459> terms<00:14:08.760> of<00:14:09.000> the 00:14:09.170 --> 00:14:09.180 align:start position:0% framing everything in the terms of the 00:14:09.180 --> 00:14:11.509 align:start position:0% framing everything in the terms of the status<00:14:09.360> quo<00:14:09.899> and<00:14:10.139> in<00:14:10.380> terms<00:14:10.680> of<00:14:11.040> financial 00:14:11.509 --> 00:14:11.519 align:start position:0% status quo and in terms of financial 00:14:11.519 --> 00:14:14.930 align:start position:0% status quo and in terms of financial assets<00:14:12.440> so<00:14:13.440> Europe<00:14:13.860> does<00:14:14.279> not<00:14:14.459> yet<00:14:14.639> really 00:14:14.930 --> 00:14:14.940 align:start position:0% assets so Europe does not yet really 00:14:14.940 --> 00:14:17.090 align:start position:0% assets so Europe does not yet really recognize<00:14:15.480> on<00:14:15.779> the<00:14:15.959> legislative<00:14:16.440> level<00:14:16.740> that 00:14:17.090 --> 00:14:17.100 align:start position:0% recognize on the legislative level that 00:14:17.100 --> 00:14:20.690 align:start position:0% recognize on the legislative level that crypto<00:14:17.579> is<00:14:17.820> more<00:14:18.180> than<00:14:18.540> just<00:14:18.779> money 00:14:20.690 --> 00:14:20.700 align:start position:0% crypto is more than just money 00:14:20.700 --> 00:14:22.790 align:start position:0% crypto is more than just money um<00:14:20.760> and<00:14:21.420> you<00:14:21.720> know<00:14:21.839> what<00:14:22.019> we<00:14:22.200> just<00:14:22.380> celebrated 00:14:22.790 --> 00:14:22.800 align:start position:0% um and you know what we just celebrated 00:14:22.800 --> 00:14:25.250 align:start position:0% um and you know what we just celebrated as<00:14:23.100> wins<00:14:23.639> are<00:14:24.060> really<00:14:24.360> just<00:14:24.600> temporary 00:14:25.250 --> 00:14:25.260 align:start position:0% as wins are really just temporary 00:14:25.260 --> 00:14:29.329 align:start position:0% as wins are really just temporary exclusions<00:14:25.980> for<00:14:26.820> The<00:14:26.940> Regulators 00:14:29.329 --> 00:14:29.339 align:start position:0% exclusions for The Regulators 00:14:29.339 --> 00:14:31.550 align:start position:0% exclusions for The Regulators um<00:14:29.459> the<00:14:29.760> long-term<00:14:30.120> impacts<00:14:30.600> that<00:14:31.019> we<00:14:31.139> see<00:14:31.320> of 00:14:31.550 --> 00:14:31.560 align:start position:0% um the long-term impacts that we see of 00:14:31.560 --> 00:14:33.350 align:start position:0% um the long-term impacts that we see of the<00:14:31.680> regulation<00:14:32.100> in<00:14:32.279> Europe<00:14:32.519> that<00:14:33.060> has<00:14:33.180> been 00:14:33.350 --> 00:14:33.360 align:start position:0% the regulation in Europe that has been 00:14:33.360 --> 00:14:35.090 align:start position:0% the regulation in Europe that has been passed<00:14:33.839> now<00:14:34.019> and<00:14:34.320> that<00:14:34.500> is<00:14:34.680> you<00:14:35.040> know 00:14:35.090 --> 00:14:35.100 align:start position:0% passed now and that is you know 00:14:35.100 --> 00:14:36.650 align:start position:0% passed now and that is you know following 00:14:36.650 --> 00:14:36.660 align:start position:0% following 00:14:36.660 --> 00:14:38.329 align:start position:0% following um<00:14:36.779> is<00:14:37.260> definitely 00:14:38.329 --> 00:14:38.339 align:start position:0% um is definitely 00:14:38.339 --> 00:14:39.829 align:start position:0% um is definitely um going<00:14:38.579> to<00:14:38.760> be<00:14:38.820> looking<00:14:39.180> at<00:14:39.420> that<00:14:39.720> it's 00:14:39.829 --> 00:14:39.839 align:start position:0% um going to be looking at that it's 00:14:39.839 --> 00:14:41.750 align:start position:0% um going to be looking at that it's going<00:14:40.019> to<00:14:40.079> be<00:14:40.199> looking<00:14:40.320> at<00:14:40.500> defined<00:14:41.040> nfts<00:14:41.579> much 00:14:41.750 --> 00:14:41.760 align:start position:0% going to be looking at defined nfts much 00:14:41.760 --> 00:14:43.670 align:start position:0% going to be looking at defined nfts much more<00:14:41.940> it's<00:14:42.300> already<00:14:42.540> on<00:14:42.959> the<00:14:43.079> radar<00:14:43.560> of 00:14:43.670 --> 00:14:43.680 align:start position:0% more it's already on the radar of 00:14:43.680 --> 00:14:45.710 align:start position:0% more it's already on the radar of regulators<00:14:44.160> data<00:14:44.639> they're<00:14:44.880> writing<00:14:45.240> reports 00:14:45.710 --> 00:14:45.720 align:start position:0% regulators data they're writing reports 00:14:45.720 --> 00:14:47.449 align:start position:0% regulators data they're writing reports on<00:14:45.839> this<00:14:46.019> in<00:14:46.199> the<00:14:46.380> European<00:14:46.740> commission<00:14:47.220> and 00:14:47.449 --> 00:14:47.459 align:start position:0% on this in the European commission and 00:14:47.459 --> 00:14:48.710 align:start position:0% on this in the European commission and the<00:14:47.639> Parliament 00:14:48.710 --> 00:14:48.720 align:start position:0% the Parliament 00:14:48.720 --> 00:14:51.410 align:start position:0% the Parliament and<00:14:49.440> a<00:14:49.980> big<00:14:50.100> big<00:14:50.279> question<00:14:50.519> there<00:14:50.760> is<00:14:51.000> what<00:14:51.300> is 00:14:51.410 --> 00:14:51.420 align:start position:0% and a big big question there is what is 00:14:51.420 --> 00:14:53.389 align:start position:0% and a big big question there is what is actually<00:14:51.600> decentralization<00:14:52.380> is<00:14:52.920> this<00:14:53.040> a<00:14:53.279> real 00:14:53.389 --> 00:14:53.399 align:start position:0% actually decentralization is this a real 00:14:53.399 --> 00:14:55.670 align:start position:0% actually decentralization is this a real thing<00:14:53.639> can<00:14:54.000> we<00:14:54.240> actually<00:14:54.420> observe<00:14:55.199> this<00:14:55.380> in 00:14:55.670 --> 00:14:55.680 align:start position:0% thing can we actually observe this in 00:14:55.680 --> 00:14:57.350 align:start position:0% thing can we actually observe this in the<00:14:55.800> real<00:14:55.920> world<00:14:56.100> can<00:14:56.459> we<00:14:56.699> pinpoint 00:14:57.350 --> 00:14:57.360 align:start position:0% the real world can we pinpoint 00:14:57.360 --> 00:14:59.689 align:start position:0% the real world can we pinpoint Regulators<00:14:58.079> to<00:14:58.380> assist<00:14:58.620> them<00:14:58.860> and<00:14:59.040> say<00:14:59.279> look 00:14:59.689 --> 00:14:59.699 align:start position:0% Regulators to assist them and say look 00:14:59.699 --> 00:15:01.730 align:start position:0% Regulators to assist them and say look at<00:14:59.880> that<00:15:00.060> this<00:15:00.540> is<00:15:00.660> true<00:15:00.959> decentralization 00:15:01.730 --> 00:15:01.740 align:start position:0% at that this is true decentralization 00:15:01.740 --> 00:15:04.449 align:start position:0% at that this is true decentralization this<00:15:02.100> is<00:15:02.220> what<00:15:02.459> we<00:15:02.699> mean<00:15:02.940> when<00:15:03.540> we<00:15:03.779> say 00:15:04.449 --> 00:15:04.459 align:start position:0% this is what we mean when we say 00:15:04.459 --> 00:15:06.889 align:start position:0% this is what we mean when we say decentralization<00:15:05.459> is<00:15:05.940> not<00:15:06.120> the<00:15:06.360> same<00:15:06.540> as 00:15:06.889 --> 00:15:06.899 align:start position:0% decentralization is not the same as 00:15:06.899 --> 00:15:08.870 align:start position:0% decentralization is not the same as centralized<00:15:07.680> services 00:15:08.870 --> 00:15:08.880 align:start position:0% centralized services 00:15:08.880 --> 00:15:11.269 align:start position:0% centralized services the<00:15:09.600> energy<00:15:09.779> crisis<00:15:10.320> in<00:15:10.500> Europe<00:15:10.680> of<00:15:10.920> course<00:15:11.100> is 00:15:11.269 --> 00:15:11.279 align:start position:0% the energy crisis in Europe of course is 00:15:11.279 --> 00:15:14.030 align:start position:0% the energy crisis in Europe of course is real<00:15:11.519> everybody<00:15:11.940> knows<00:15:12.480> that<00:15:12.660> and<00:15:13.079> so<00:15:13.320> we 00:15:14.030 --> 00:15:14.040 align:start position:0% real everybody knows that and so we 00:15:14.040 --> 00:15:16.670 align:start position:0% real everybody knows that and so we expect<00:15:14.220> you<00:15:14.880> know<00:15:15.000> more<00:15:15.959> sort<00:15:16.560> of 00:15:16.670 --> 00:15:16.680 align:start position:0% expect you know more sort of 00:15:16.680 --> 00:15:19.550 align:start position:0% expect you know more sort of restrictions<00:15:17.399> around<00:15:17.760> proof<00:15:18.240> of<00:15:18.360> work 00:15:19.550 --> 00:15:19.560 align:start position:0% restrictions around proof of work 00:15:19.560 --> 00:15:21.230 align:start position:0% restrictions around proof of work um<00:15:19.620> it's<00:15:19.920> probably<00:15:20.100> not<00:15:20.519> going<00:15:20.699> to<00:15:20.820> be<00:15:20.940> a 00:15:21.230 --> 00:15:21.240 align:start position:0% um it's probably not going to be a 00:15:21.240 --> 00:15:23.930 align:start position:0% um it's probably not going to be a sustainable<00:15:21.660> business<00:15:22.199> or<00:15:22.680> investment<00:15:23.279> uh 00:15:23.930 --> 00:15:23.940 align:start position:0% sustainable business or investment uh 00:15:23.940 --> 00:15:25.850 align:start position:0% sustainable business or investment uh for<00:15:24.240> Europeans 00:15:25.850 --> 00:15:25.860 align:start position:0% for Europeans 00:15:25.860 --> 00:15:28.009 align:start position:0% for Europeans um<00:15:25.920> stable<00:15:26.220> coins<00:15:26.639> continue<00:15:27.060> to<00:15:27.360> be<00:15:27.540> the<00:15:27.839> most 00:15:28.009 --> 00:15:28.019 align:start position:0% um stable coins continue to be the most 00:15:28.019 --> 00:15:30.350 align:start position:0% um stable coins continue to be the most controversial<00:15:28.620> and<00:15:29.100> sort<00:15:29.279> of<00:15:29.399> most 00:15:30.350 --> 00:15:30.360 align:start position:0% controversial and sort of most 00:15:30.360 --> 00:15:33.590 align:start position:0% controversial and sort of most regulated<00:15:31.199> topic<00:15:31.800> going<00:15:32.040> forward<00:15:32.480> we<00:15:33.480> expect 00:15:33.590 --> 00:15:33.600 align:start position:0% regulated topic going forward we expect 00:15:33.600 --> 00:15:36.050 align:start position:0% regulated topic going forward we expect the<00:15:34.079> U.S<00:15:34.440> for<00:15:34.620> example<00:15:34.920> to<00:15:35.160> draft<00:15:35.399> a<00:15:35.820> stable 00:15:36.050 --> 00:15:36.060 align:start position:0% the U.S for example to draft a stable 00:15:36.060 --> 00:15:39.050 align:start position:0% the U.S for example to draft a stable coin<00:15:36.420> bill<00:15:36.540> in<00:15:36.779> the<00:15:36.899> next<00:15:36.959> 12<00:15:37.199> months<00:15:38.060> and 00:15:39.050 --> 00:15:39.060 align:start position:0% coin bill in the next 12 months and 00:15:39.060 --> 00:15:41.269 align:start position:0% coin bill in the next 12 months and Europe<00:15:39.420> will<00:15:39.959> definitely<00:15:40.320> uh<00:15:40.980> you<00:15:41.220> know 00:15:41.269 --> 00:15:41.279 align:start position:0% Europe will definitely uh you know 00:15:41.279 --> 00:15:43.129 align:start position:0% Europe will definitely uh you know continue<00:15:41.579> to<00:15:41.940> be<00:15:42.060> very<00:15:42.240> strict<00:15:42.540> on<00:15:42.720> regulating 00:15:43.129 --> 00:15:43.139 align:start position:0% continue to be very strict on regulating 00:15:43.139 --> 00:15:45.410 align:start position:0% continue to be very strict on regulating them<00:15:43.860> funny<00:15:44.399> enough<00:15:44.579> nobody<00:15:45.000> talks<00:15:45.360> about 00:15:45.410 --> 00:15:45.420 align:start position:0% them funny enough nobody talks about 00:15:45.420 --> 00:15:47.329 align:start position:0% them funny enough nobody talks about Facebook<00:15:45.720> anymore<00:15:46.079> and<00:15:46.440> their<00:15:46.620> stable<00:15:46.920> coin 00:15:47.329 --> 00:15:47.339 align:start position:0% Facebook anymore and their stable coin 00:15:47.339 --> 00:15:49.009 align:start position:0% Facebook anymore and their stable coin because<00:15:47.519> they<00:15:47.760> shelf<00:15:48.060> the<00:15:48.240> project<00:15:48.480> now<00:15:48.779> it's 00:15:49.009 --> 00:15:49.019 align:start position:0% because they shelf the project now it's 00:15:49.019 --> 00:15:52.610 align:start position:0% because they shelf the project now it's just<00:15:49.320> a<00:15:49.560> Terra<00:15:49.920> Luna<00:15:50.279> as<00:15:50.519> being<00:15:50.699> the<00:15:50.940> scapegoat 00:15:52.610 --> 00:15:52.620 align:start position:0% just a Terra Luna as being the scapegoat 00:15:52.620 --> 00:15:53.990 align:start position:0% just a Terra Luna as being the scapegoat um<00:15:52.740> we've<00:15:53.100> all<00:15:53.220> seen<00:15:53.459> what<00:15:53.579> happened<00:15:53.760> with 00:15:53.990 --> 00:15:54.000 align:start position:0% um we've all seen what happened with 00:15:54.000 --> 00:15:56.090 align:start position:0% um we've all seen what happened with tornado<00:15:54.420> cash<00:15:54.660> so<00:15:55.019> privacy<00:15:55.500> preserving 00:15:56.090 --> 00:15:56.100 align:start position:0% tornado cash so privacy preserving 00:15:56.100 --> 00:15:58.910 align:start position:0% tornado cash so privacy preserving protocols<00:15:56.760> will<00:15:57.420> be<00:15:57.660> very<00:15:57.959> very 00:15:58.910 --> 00:15:58.920 align:start position:0% protocols will be very very 00:15:58.920 --> 00:16:02.090 align:start position:0% protocols will be very very um<00:15:59.040> highly<00:15:59.459> regulated<00:15:59.880> going<00:16:00.300> forward<00:16:00.600> so<00:16:02.100> um 00:16:02.090 --> 00:16:02.100 align:start position:0% um highly regulated going forward so um 00:16:02.100 --> 00:16:04.129 align:start position:0% um highly regulated going forward so um this<00:16:02.579> is<00:16:02.760> uh<00:16:03.120> definitely<00:16:03.480> still<00:16:03.839> something 00:16:04.129 --> 00:16:04.139 align:start position:0% this is uh definitely still something 00:16:04.139 --> 00:16:06.829 align:start position:0% this is uh definitely still something where<00:16:04.740> we<00:16:05.399> advise<00:16:05.760> everybody<00:16:06.000> to<00:16:06.420> be<00:16:06.540> super 00:16:06.829 --> 00:16:06.839 align:start position:0% where we advise everybody to be super 00:16:06.839 --> 00:16:07.790 align:start position:0% where we advise everybody to be super super 00:16:07.790 --> 00:16:07.800 align:start position:0% super 00:16:07.800 --> 00:16:09.889 align:start position:0% super um careful 00:16:09.889 --> 00:16:09.899 align:start position:0% um careful 00:16:09.899 --> 00:16:12.590 align:start position:0% um careful yeah<00:16:10.620> thoughts<00:16:11.279> on<00:16:11.339> the<00:16:11.519> future 00:16:12.590 --> 00:16:12.600 align:start position:0% yeah thoughts on the future 00:16:12.600 --> 00:16:14.990 align:start position:0% yeah thoughts on the future um<00:16:12.660> right<00:16:13.019> now<00:16:13.260> the<00:16:13.920> legitimacy<00:16:14.579> of<00:16:14.880> the 00:16:14.990 --> 00:16:15.000 align:start position:0% um right now the legitimacy of the 00:16:15.000 --> 00:16:17.449 align:start position:0% um right now the legitimacy of the crypto<00:16:15.360> space<00:16:15.600> the<00:16:16.260> perceived<00:16:16.740> legitimacy<00:16:17.220> of 00:16:17.449 --> 00:16:17.459 align:start position:0% crypto space the perceived legitimacy of 00:16:17.459 --> 00:16:19.970 align:start position:0% crypto space the perceived legitimacy of the<00:16:17.579> crypto<00:16:17.940> space<00:16:18.180> in<00:16:19.139> the<00:16:19.320> court<00:16:19.500> of<00:16:19.800> public 00:16:19.970 --> 00:16:19.980 align:start position:0% the crypto space in the court of public 00:16:19.980 --> 00:16:21.889 align:start position:0% the crypto space in the court of public opinion<00:16:20.519> is<00:16:20.760> pretty<00:16:20.940> low 00:16:21.889 --> 00:16:21.899 align:start position:0% opinion is pretty low 00:16:21.899 --> 00:16:25.430 align:start position:0% opinion is pretty low it's<00:16:22.260> maybe<00:16:22.440> at<00:16:22.680> its<00:16:22.920> lowest<00:16:23.279> point<00:16:23.459> ever 00:16:25.430 --> 00:16:25.440 align:start position:0% it's maybe at its lowest point ever 00:16:25.440 --> 00:16:26.870 align:start position:0% it's maybe at its lowest point ever um 00:16:26.870 --> 00:16:26.880 align:start position:0% um 00:16:26.880 --> 00:16:29.750 align:start position:0% um the<00:16:27.860> incumbents<00:16:28.860> that<00:16:28.980> we<00:16:29.160> challenge<00:16:29.339> with 00:16:29.750 --> 00:16:29.760 align:start position:0% the incumbents that we challenge with 00:16:29.760 --> 00:16:33.110 align:start position:0% the incumbents that we challenge with this<00:16:30.000> technology<00:16:30.420> are<00:16:31.380> super<00:16:31.980> active<00:16:32.459> in 00:16:33.110 --> 00:16:33.120 align:start position:0% this technology are super active in 00:16:33.120 --> 00:16:35.329 align:start position:0% this technology are super active in spreading<00:16:33.720> thought<00:16:33.899> about<00:16:34.380> crypto<00:16:34.920> you<00:16:35.220> can 00:16:35.329 --> 00:16:35.339 align:start position:0% spreading thought about crypto you can 00:16:35.339 --> 00:16:37.129 align:start position:0% spreading thought about crypto you can read<00:16:35.459> their<00:16:35.699> reports 00:16:37.129 --> 00:16:37.139 align:start position:0% read their reports 00:16:37.139 --> 00:16:40.189 align:start position:0% read their reports central<00:16:37.740> banks<00:16:38.279> of<00:16:38.459> course<00:16:38.959> Regulators<00:16:39.959> on 00:16:40.189 --> 00:16:40.199 align:start position:0% central banks of course Regulators on 00:16:40.199 --> 00:16:41.389 align:start position:0% central banks of course Regulators on the<00:16:40.320> international<00:16:40.440> level<00:16:40.860> like<00:16:41.220> the 00:16:41.389 --> 00:16:41.399 align:start position:0% the international level like the 00:16:41.399 --> 00:16:43.009 align:start position:0% the international level like the financial<00:16:41.519> action<00:16:42.000> task<00:16:42.240> force<00:16:42.720> commercial 00:16:43.009 --> 00:16:43.019 align:start position:0% financial action task force commercial 00:16:43.019 --> 00:16:45.769 align:start position:0% financial action task force commercial Banks<00:16:43.620> and<00:16:44.160> National<00:16:44.339> Regulators<00:16:45.060> they<00:16:45.600> are 00:16:45.769 --> 00:16:45.779 align:start position:0% Banks and National Regulators they are 00:16:45.779 --> 00:16:48.170 align:start position:0% Banks and National Regulators they are all<00:16:45.899> sort<00:16:46.139> of<00:16:46.259> aligned<00:16:46.800> on<00:16:47.160> keeping<00:16:48.000> this 00:16:48.170 --> 00:16:48.180 align:start position:0% all sort of aligned on keeping this 00:16:48.180 --> 00:16:50.030 align:start position:0% all sort of aligned on keeping this technology<00:16:48.600> from<00:16:48.959> reaching<00:16:49.440> Mass<00:16:49.740> market 00:16:50.030 --> 00:16:50.040 align:start position:0% technology from reaching Mass market 00:16:50.040 --> 00:16:52.670 align:start position:0% technology from reaching Mass market adoption<00:16:50.579> in<00:16:50.880> its<00:16:51.180> current<00:16:51.680> decentralized 00:16:52.670 --> 00:16:52.680 align:start position:0% adoption in its current decentralized 00:16:52.680 --> 00:16:53.689 align:start position:0% adoption in its current decentralized form 00:16:53.689 --> 00:16:53.699 align:start position:0% form 00:16:53.699 --> 00:16:56.569 align:start position:0% form and<00:16:54.420> so<00:16:54.600> you<00:16:55.199> know<00:16:55.320> there<00:16:55.800> are<00:16:55.920> two<00:16:56.160> sort<00:16:56.459> of 00:16:56.569 --> 00:16:56.579 align:start position:0% and so you know there are two sort of 00:16:56.579 --> 00:16:58.249 align:start position:0% and so you know there are two sort of problems<00:16:57.060> we<00:16:57.240> have<00:16:57.360> to<00:16:57.540> address<00:16:57.720> as<00:16:58.079> a 00:16:58.249 --> 00:16:58.259 align:start position:0% problems we have to address as a 00:16:58.259 --> 00:17:00.350 align:start position:0% problems we have to address as a community<00:16:58.519> one<00:16:59.519> is<00:16:59.759> the<00:17:00.000> fact<00:17:00.120> that 00:17:00.350 --> 00:17:00.360 align:start position:0% community one is the fact that 00:17:00.360 --> 00:17:02.509 align:start position:0% community one is the fact that regulation<00:17:00.959> is<00:17:01.380> certain 00:17:02.509 --> 00:17:02.519 align:start position:0% regulation is certain 00:17:02.519 --> 00:17:05.090 align:start position:0% regulation is certain but<00:17:02.940> the<00:17:03.060> other<00:17:03.180> one<00:17:03.420> is<00:17:03.660> that<00:17:04.020> we<00:17:04.439> do<00:17:04.620> not<00:17:04.799> have 00:17:05.090 --> 00:17:05.100 align:start position:0% but the other one is that we do not have 00:17:05.100 --> 00:17:07.069 align:start position:0% but the other one is that we do not have the<00:17:05.699> support<00:17:05.880> of<00:17:06.240> the<00:17:06.419> public<00:17:06.540> right<00:17:06.900> now 00:17:07.069 --> 00:17:07.079 align:start position:0% the support of the public right now 00:17:07.079 --> 00:17:09.710 align:start position:0% the support of the public right now we're<00:17:07.740> literally<00:17:08.100> a<00:17:08.459> small<00:17:08.640> Elite<00:17:09.240> that's 00:17:09.710 --> 00:17:09.720 align:start position:0% we're literally a small Elite that's 00:17:09.720 --> 00:17:12.350 align:start position:0% we're literally a small Elite that's sort<00:17:09.959> of<00:17:10.140> growing<00:17:10.500> but<00:17:11.040> not<00:17:11.400> fast<00:17:11.640> enough<00:17:11.939> and 00:17:12.350 --> 00:17:12.360 align:start position:0% sort of growing but not fast enough and 00:17:12.360 --> 00:17:14.750 align:start position:0% sort of growing but not fast enough and most<00:17:12.959> people<00:17:13.199> are<00:17:13.500> not<00:17:13.679> inside<00:17:13.919> our<00:17:14.280> bubble 00:17:14.750 --> 00:17:14.760 align:start position:0% most people are not inside our bubble 00:17:14.760 --> 00:17:17.929 align:start position:0% most people are not inside our bubble and<00:17:15.540> they<00:17:16.079> sort<00:17:16.319> of<00:17:16.500> follow<00:17:16.799> what<00:17:17.640> they<00:17:17.760> read 00:17:17.929 --> 00:17:17.939 align:start position:0% and they sort of follow what they read 00:17:17.939 --> 00:17:21.049 align:start position:0% and they sort of follow what they read in<00:17:18.120> the<00:17:18.240> news<00:17:18.419> and<00:17:18.660> that's<00:17:18.839> mostly<00:17:19.260> bad<00:17:19.520> so<00:17:20.520> we 00:17:21.049 --> 00:17:21.059 align:start position:0% in the news and that's mostly bad so we 00:17:21.059 --> 00:17:22.970 align:start position:0% in the news and that's mostly bad so we have<00:17:21.240> to<00:17:21.540> somehow<00:17:21.839> come<00:17:22.079> up<00:17:22.140> with<00:17:22.319> a<00:17:22.439> way<00:17:22.620> as<00:17:22.799> a 00:17:22.970 --> 00:17:22.980 align:start position:0% have to somehow come up with a way as a 00:17:22.980 --> 00:17:24.069 align:start position:0% have to somehow come up with a way as a community 00:17:24.069 --> 00:17:24.079 align:start position:0% community 00:17:24.079 --> 00:17:27.289 align:start position:0% community to<00:17:25.079> surface<00:17:25.679> the<00:17:25.919> goodness<00:17:26.339> and<00:17:26.939> sort<00:17:27.179> of 00:17:27.289 --> 00:17:27.299 align:start position:0% to surface the goodness and sort of 00:17:27.299 --> 00:17:31.130 align:start position:0% to surface the goodness and sort of label<00:17:27.959> the<00:17:28.439> bad<00:17:28.620> stuff<00:17:28.919> as<00:17:29.220> what<00:17:29.460> it<00:17:29.640> is<00:17:29.820> bad<00:17:30.480> so 00:17:31.130 --> 00:17:31.140 align:start position:0% label the bad stuff as what it is bad so 00:17:31.140 --> 00:17:33.409 align:start position:0% label the bad stuff as what it is bad so scam<00:17:31.500> sex<00:17:31.799> money<00:17:32.220> laundering<00:17:32.700> paid<00:17:33.059> chills 00:17:33.409 --> 00:17:33.419 align:start position:0% scam sex money laundering paid chills 00:17:33.419 --> 00:17:36.110 align:start position:0% scam sex money laundering paid chills and<00:17:33.540> influences<00:17:34.400> uninformed<00:17:35.400> Investments<00:17:35.880> by 00:17:36.110 --> 00:17:36.120 align:start position:0% and influences uninformed Investments by 00:17:36.120 --> 00:17:38.210 align:start position:0% and influences uninformed Investments by the<00:17:36.299> public<00:17:36.480> in<00:17:36.900> things<00:17:37.140> like<00:17:37.500> you<00:17:38.100> know 00:17:38.210 --> 00:17:38.220 align:start position:0% the public in things like you know 00:17:38.220 --> 00:17:40.130 align:start position:0% the public in things like you know stable<00:17:38.760> coins<00:17:39.179> that<00:17:39.360> are<00:17:39.480> going<00:17:39.600> to<00:17:39.780> explode 00:17:40.130 --> 00:17:40.140 align:start position:0% stable coins that are going to explode 00:17:40.140 --> 00:17:43.130 align:start position:0% stable coins that are going to explode next<00:17:40.860> week<00:17:41.100> we<00:17:42.000> should<00:17:42.179> sort<00:17:42.360> of<00:17:42.480> not<00:17:42.780> do<00:17:42.960> that 00:17:43.130 --> 00:17:43.140 align:start position:0% next week we should sort of not do that 00:17:43.140 --> 00:17:45.409 align:start position:0% next week we should sort of not do that and<00:17:43.620> it's<00:17:43.919> I<00:17:44.160> think<00:17:44.340> a<00:17:44.520> collective<00:17:44.880> failure<00:17:45.240> of 00:17:45.409 --> 00:17:45.419 align:start position:0% and it's I think a collective failure of 00:17:45.419 --> 00:17:46.970 align:start position:0% and it's I think a collective failure of the<00:17:45.539> whole<00:17:45.660> space<00:17:45.960> that<00:17:46.320> we<00:17:46.440> haven't<00:17:46.559> come<00:17:46.860> up 00:17:46.970 --> 00:17:46.980 align:start position:0% the whole space that we haven't come up 00:17:46.980 --> 00:17:49.430 align:start position:0% the whole space that we haven't come up with<00:17:47.160> any<00:17:47.400> effective<00:17:48.179> means 00:17:49.430 --> 00:17:49.440 align:start position:0% with any effective means 00:17:49.440 --> 00:17:52.190 align:start position:0% with any effective means um<00:17:49.559> to<00:17:49.919> to<00:17:50.100> do<00:17:50.340> this<00:17:50.580> and<00:17:51.299> um<00:17:51.299> I<00:17:51.900> want<00:17:52.020> to<00:17:52.080> give 00:17:52.190 --> 00:17:52.200 align:start position:0% um to to do this and um I want to give 00:17:52.200 --> 00:17:54.409 align:start position:0% um to to do this and um I want to give it<00:17:52.320> to<00:17:52.440> Simon<00:17:52.799> to<00:17:53.039> to<00:17:53.700> take<00:17:53.940> this<00:17:54.059> further 00:17:54.409 --> 00:17:54.419 align:start position:0% it to Simon to to take this further 00:17:54.419 --> 00:17:58.789 align:start position:0% it to Simon to to take this further thank<00:17:54.840> you 00:17:58.789 --> 00:17:58.799 align:start position:0% 00:17:58.799 --> 00:18:00.590 align:start position:0% thank<00:17:58.919> you 00:18:00.590 --> 00:18:00.600 align:start position:0% thank you 00:18:00.600 --> 00:18:04.669 align:start position:0% thank you thank<00:18:01.140> you<00:18:01.260> so<00:18:01.860> yeah<00:18:02.700> uh<00:18:03.299> what<00:18:03.480> do<00:18:03.660> we<00:18:03.780> do<00:18:03.900> now 00:18:04.669 --> 00:18:04.679 align:start position:0% thank you so yeah uh what do we do now 00:18:04.679 --> 00:18:08.750 align:start position:0% thank you so yeah uh what do we do now and<00:18:05.039> the<00:18:05.520> future<00:18:06.299> looks<00:18:06.900> uh<00:18:07.500> uncertain<00:18:07.919> and 00:18:08.750 --> 00:18:08.760 align:start position:0% and the future looks uh uncertain and 00:18:08.760 --> 00:18:12.830 align:start position:0% and the future looks uh uncertain and the<00:18:09.059> global<00:18:09.980> perception<00:18:10.980> of<00:18:11.280> crypto<00:18:11.700> is<00:18:12.539> not 00:18:12.830 --> 00:18:12.840 align:start position:0% the global perception of crypto is not 00:18:12.840 --> 00:18:16.370 align:start position:0% the global perception of crypto is not ideal<00:18:13.380> and<00:18:14.039> maybe<00:18:14.240> what<00:18:15.240> we<00:18:15.480> thought<00:18:15.780> the 00:18:16.370 --> 00:18:16.380 align:start position:0% ideal and maybe what we thought the 00:18:16.380 --> 00:18:18.590 align:start position:0% ideal and maybe what we thought the crypto<00:18:16.740> would<00:18:17.100> would<00:18:17.400> make<00:18:17.760> as<00:18:18.000> an<00:18:18.240> impact<00:18:18.419> to 00:18:18.590 --> 00:18:18.600 align:start position:0% crypto would would make as an impact to 00:18:18.600 --> 00:18:21.110 align:start position:0% crypto would would make as an impact to the<00:18:18.780> world<00:18:18.900> as<00:18:19.320> not<00:18:19.620> yet<00:18:19.860> fully<00:18:20.400> materialized 00:18:21.110 --> 00:18:21.120 align:start position:0% the world as not yet fully materialized 00:18:21.120 --> 00:18:23.210 align:start position:0% the world as not yet fully materialized so<00:18:21.720> we<00:18:21.900> are<00:18:22.020> at<00:18:22.200> a<00:18:22.380> very<00:18:22.440> critical<00:18:22.799> moment 00:18:23.210 --> 00:18:23.220 align:start position:0% so we are at a very critical moment 00:18:23.220 --> 00:18:24.830 align:start position:0% so we are at a very critical moment because 00:18:24.830 --> 00:18:24.840 align:start position:0% because 00:18:24.840 --> 00:18:26.990 align:start position:0% because as<00:18:25.260> you<00:18:25.380> as<00:18:25.559> we<00:18:25.679> said<00:18:25.860> all<00:18:26.160> The<00:18:26.340> Regulators<00:18:26.820> are 00:18:26.990 --> 00:18:27.000 align:start position:0% as you as we said all The Regulators are 00:18:27.000 --> 00:18:29.090 align:start position:0% as you as we said all The Regulators are looking<00:18:27.179> at<00:18:27.419> us<00:18:27.539> and<00:18:28.140> the<00:18:28.320> results<00:18:28.440> that<00:18:28.919> we 00:18:29.090 --> 00:18:29.100 align:start position:0% looking at us and the results that we 00:18:29.100 --> 00:18:30.470 align:start position:0% looking at us and the results that we are<00:18:29.280> pushing 00:18:30.470 --> 00:18:30.480 align:start position:0% are pushing 00:18:30.480 --> 00:18:34.070 align:start position:0% are pushing forward<00:18:31.080> and<00:18:31.740> maybe<00:18:32.220> not<00:18:32.880> as<00:18:33.240> wonderful<00:18:33.660> as<00:18:33.900> we 00:18:34.070 --> 00:18:34.080 align:start position:0% forward and maybe not as wonderful as we 00:18:34.080 --> 00:18:37.010 align:start position:0% forward and maybe not as wonderful as we want<00:18:34.260> them<00:18:34.440> to<00:18:34.679> be<00:18:35.280> so 00:18:37.010 --> 00:18:37.020 align:start position:0% want them to be so 00:18:37.020 --> 00:18:40.250 align:start position:0% want them to be so what<00:18:37.740> we<00:18:37.980> think<00:18:38.220> now<00:18:38.580> is<00:18:39.059> that<00:18:39.419> we<00:18:39.780> have<00:18:39.960> to<00:18:40.140> be 00:18:40.250 --> 00:18:40.260 align:start position:0% what we think now is that we have to be 00:18:40.260 --> 00:18:42.350 align:start position:0% what we think now is that we have to be a<00:18:40.440> photo<00:18:40.620> proposal<00:18:41.220> like<00:18:41.460> as<00:18:41.700> an<00:18:41.880> industry<00:18:42.179> as 00:18:42.350 --> 00:18:42.360 align:start position:0% a photo proposal like as an industry as 00:18:42.360 --> 00:18:45.169 align:start position:0% a photo proposal like as an industry as a<00:18:42.480> community<00:18:42.660> we<00:18:43.620> have<00:18:43.860> to 00:18:45.169 --> 00:18:45.179 align:start position:0% a community we have to 00:18:45.179 --> 00:18:48.770 align:start position:0% a community we have to somehow<00:18:45.960> and<00:18:46.620> we'll<00:18:47.100> have<00:18:47.280> a<00:18:47.400> plan<00:18:47.520> for<00:18:47.760> that 00:18:48.770 --> 00:18:48.780 align:start position:0% somehow and we'll have a plan for that 00:18:48.780 --> 00:18:51.169 align:start position:0% somehow and we'll have a plan for that um<00:18:48.840> create<00:18:49.440> some<00:18:50.220> form<00:18:50.400> of<00:18:50.520> proposal<00:18:50.940> some 00:18:51.169 --> 00:18:51.179 align:start position:0% um create some form of proposal some 00:18:51.179 --> 00:18:52.210 align:start position:0% um create some form of proposal some form<00:18:51.419> of 00:18:52.210 --> 00:18:52.220 align:start position:0% form of 00:18:52.220 --> 00:18:57.049 align:start position:0% form of initiatives<00:18:53.220> that<00:18:53.820> basically<00:18:54.679> go<00:18:55.679> from<00:18:56.640> Trend 00:18:57.049 --> 00:18:57.059 align:start position:0% initiatives that basically go from Trend 00:18:57.059 --> 00:18:59.390 align:start position:0% initiatives that basically go from Trend The<00:18:57.419> Regulators<00:18:57.960> front-front<00:18:58.620> institutions 00:18:59.390 --> 00:18:59.400 align:start position:0% The Regulators front-front institutions 00:18:59.400 --> 00:19:02.690 align:start position:0% The Regulators front-front institutions and<00:18:59.880> explain<00:19:00.059> what<00:19:01.020> we<00:19:01.200> can<00:19:01.380> do<00:19:01.559> what<00:19:02.100> we<00:19:02.400> are 00:19:02.690 --> 00:19:02.700 align:start position:0% and explain what we can do what we are 00:19:02.700 --> 00:19:05.390 align:start position:0% and explain what we can do what we are doing<00:19:02.940> today<00:19:03.380> in<00:19:04.380> a<00:19:04.559> very<00:19:04.679> positive<00:19:04.980> manner 00:19:05.390 --> 00:19:05.400 align:start position:0% doing today in a very positive manner 00:19:05.400 --> 00:19:07.750 align:start position:0% doing today in a very positive manner and<00:19:05.700> with<00:19:05.940> actual<00:19:06.419> practical 00:19:07.750 --> 00:19:07.760 align:start position:0% and with actual practical 00:19:07.760 --> 00:19:10.490 align:start position:0% and with actual practical mitigation<00:19:08.760> proposals<00:19:09.480> for<00:19:09.720> all<00:19:10.020> the<00:19:10.140> risks 00:19:10.490 --> 00:19:10.500 align:start position:0% mitigation proposals for all the risks 00:19:10.500 --> 00:19:12.730 align:start position:0% mitigation proposals for all the risks and<00:19:10.740> all<00:19:10.860> the<00:19:10.980> issues<00:19:11.520> that<00:19:11.700> we<00:19:11.880> see<00:19:12.000> today 00:19:12.730 --> 00:19:12.740 align:start position:0% and all the issues that we see today 00:19:12.740 --> 00:19:16.850 align:start position:0% and all the issues that we see today and<00:19:13.740> to<00:19:14.580> do<00:19:14.820> that<00:19:15.140> one<00:19:16.140> of<00:19:16.260> the<00:19:16.320> critical<00:19:16.620> thing 00:19:16.850 --> 00:19:16.860 align:start position:0% and to do that one of the critical thing 00:19:16.860 --> 00:19:18.770 align:start position:0% and to do that one of the critical thing is<00:19:17.280> to<00:19:17.520> create<00:19:17.700> some<00:19:17.940> form<00:19:18.120> of<00:19:18.240> consensus 00:19:18.770 --> 00:19:18.780 align:start position:0% is to create some form of consensus 00:19:18.780 --> 00:19:20.990 align:start position:0% is to create some form of consensus inside<00:19:19.500> of<00:19:19.860> the<00:19:20.039> community<00:19:20.160> inside<00:19:20.520> of<00:19:20.820> the 00:19:20.990 --> 00:19:21.000 align:start position:0% inside of the community inside of the 00:19:21.000 --> 00:19:23.390 align:start position:0% inside of the community inside of the industry<00:19:21.360> of<00:19:21.600> what<00:19:21.840> is<00:19:21.960> acceptable<00:19:22.440> and<00:19:23.160> what 00:19:23.390 --> 00:19:23.400 align:start position:0% industry of what is acceptable and what 00:19:23.400 --> 00:19:25.789 align:start position:0% industry of what is acceptable and what we<00:19:23.580> can<00:19:23.760> push<00:19:24.059> forward<00:19:24.320> because<00:19:25.320> we 00:19:25.789 --> 00:19:25.799 align:start position:0% we can push forward because we 00:19:25.799 --> 00:19:28.490 align:start position:0% we can push forward because we definitely<00:19:26.160> don't<00:19:26.520> want<00:19:26.760> to<00:19:27.059> give<00:19:27.660> IDs<00:19:28.260> to<00:19:28.380> The 00:19:28.490 --> 00:19:28.500 align:start position:0% definitely don't want to give IDs to The 00:19:28.500 --> 00:19:30.289 align:start position:0% definitely don't want to give IDs to The Regulators<00:19:28.980> that<00:19:29.280> would<00:19:29.400> be<00:19:29.520> contrary<00:19:29.880> to<00:19:30.120> the 00:19:30.289 --> 00:19:30.299 align:start position:0% Regulators that would be contrary to the 00:19:30.299 --> 00:19:33.650 align:start position:0% Regulators that would be contrary to the values<00:19:30.539> that<00:19:30.720> we<00:19:30.840> want<00:19:31.020> to<00:19:31.140> defend<00:19:31.440> right<00:19:31.740> so 00:19:33.650 --> 00:19:33.660 align:start position:0% values that we want to defend right so 00:19:33.660 --> 00:19:36.190 align:start position:0% values that we want to defend right so there<00:19:34.320> will<00:19:34.500> be<00:19:34.620> difficult<00:19:34.980> choices<00:19:35.340> to<00:19:35.580> make 00:19:36.190 --> 00:19:36.200 align:start position:0% there will be difficult choices to make 00:19:36.200 --> 00:19:39.049 align:start position:0% there will be difficult choices to make and<00:19:37.200> there's<00:19:37.620> a<00:19:37.860> lot<00:19:37.919> of<00:19:38.100> potential<00:19:38.640> solutions 00:19:39.049 --> 00:19:39.059 align:start position:0% and there's a lot of potential solutions 00:19:39.059 --> 00:19:40.810 align:start position:0% and there's a lot of potential solutions that<00:19:39.360> we<00:19:39.480> can<00:19:39.660> think<00:19:39.900> about 00:19:40.810 --> 00:19:40.820 align:start position:0% that we can think about 00:19:40.820 --> 00:19:44.390 align:start position:0% that we can think about both<00:19:41.820> technological<00:19:42.539> uh<00:19:43.440> or<00:19:43.799> in<00:19:44.039> terms<00:19:44.280> of 00:19:44.390 --> 00:19:44.400 align:start position:0% both technological uh or in terms of 00:19:44.400 --> 00:19:46.970 align:start position:0% both technological uh or in terms of initiative<00:19:45.240> that<00:19:45.480> the<00:19:45.660> community<00:19:45.840> can<00:19:46.260> make 00:19:46.970 --> 00:19:46.980 align:start position:0% initiative that the community can make 00:19:46.980 --> 00:19:48.950 align:start position:0% initiative that the community can make but<00:19:47.520> are<00:19:47.760> they<00:19:47.940> acceptable<00:19:48.360> is<00:19:48.840> this 00:19:48.950 --> 00:19:48.960 align:start position:0% but are they acceptable is this 00:19:48.960 --> 00:19:50.510 align:start position:0% but are they acceptable is this something<00:19:49.200> that<00:19:49.620> we<00:19:49.740> want<00:19:49.919> to<00:19:50.039> push<00:19:50.220> forward 00:19:50.510 --> 00:19:50.520 align:start position:0% something that we want to push forward 00:19:50.520 --> 00:19:52.610 align:start position:0% something that we want to push forward and<00:19:51.000> this<00:19:51.179> is<00:19:51.299> an<00:19:51.419> open<00:19:51.539> question<00:19:51.900> that<00:19:52.320> we 00:19:52.610 --> 00:19:52.620 align:start position:0% and this is an open question that we 00:19:52.620 --> 00:19:56.690 align:start position:0% and this is an open question that we will<00:19:52.799> discuss<00:19:53.100> later<00:19:53.539> so<00:19:54.539> for<00:19:55.020> as<00:19:55.559> an<00:19:55.740> example 00:19:56.690 --> 00:19:56.700 align:start position:0% will discuss later so for as an example 00:19:56.700 --> 00:19:58.909 align:start position:0% will discuss later so for as an example um<00:19:56.820> the<00:19:57.240> European<00:19:57.660> commission<00:19:58.140> launched<00:19:58.799> an 00:19:58.909 --> 00:19:58.919 align:start position:0% um the European commission launched an 00:19:58.919 --> 00:20:01.070 align:start position:0% um the European commission launched an initiatives<00:19:59.400> to<00:19:59.640> study<00:19:59.940> whether<00:20:00.299> it<00:20:00.840> would<00:20:00.960> be 00:20:01.070 --> 00:20:01.080 align:start position:0% initiatives to study whether it would be 00:20:01.080 --> 00:20:03.710 align:start position:0% initiatives to study whether it would be meaningful<00:20:01.500> to<00:20:02.039> basically<00:20:03.000> embed<00:20:03.539> the 00:20:03.710 --> 00:20:03.720 align:start position:0% meaningful to basically embed the 00:20:03.720 --> 00:20:06.049 align:start position:0% meaningful to basically embed the civilians<00:20:04.380> of<00:20:04.860> the<00:20:04.980> blockchain<00:20:05.400> or<00:20:05.640> real-time 00:20:06.049 --> 00:20:06.059 align:start position:0% civilians of the blockchain or real-time 00:20:06.059 --> 00:20:08.990 align:start position:0% civilians of the blockchain or real-time surveillance<00:20:06.600> of<00:20:06.720> public<00:20:06.840> blockchain<00:20:07.880> in<00:20:08.880> in 00:20:08.990 --> 00:20:09.000 align:start position:0% surveillance of public blockchain in in 00:20:09.000 --> 00:20:11.930 align:start position:0% surveillance of public blockchain in in some<00:20:09.360> form<00:20:09.539> of<00:20:09.780> of<00:20:10.260> a<00:20:10.740> system<00:20:11.100> that<00:20:11.580> would<00:20:11.760> be 00:20:11.930 --> 00:20:11.940 align:start position:0% some form of of a system that would be 00:20:11.940 --> 00:20:16.070 align:start position:0% some form of of a system that would be used<00:20:12.780> by<00:20:13.140> The<00:20:13.320> Regulators<00:20:13.860> to<00:20:14.520> basically<00:20:15.120> be 00:20:16.070 --> 00:20:16.080 align:start position:0% used by The Regulators to basically be 00:20:16.080 --> 00:20:19.250 align:start position:0% used by The Regulators to basically be alerted<00:20:16.620> and<00:20:17.039> and<00:20:17.220> act<00:20:17.940> on<00:20:18.360> potential<00:20:18.900> issues 00:20:19.250 --> 00:20:19.260 align:start position:0% alerted and and act on potential issues 00:20:19.260 --> 00:20:21.049 align:start position:0% alerted and and act on potential issues happening<00:20:19.919> on<00:20:20.039> the<00:20:20.160> public<00:20:20.280> blockchains<00:20:20.880> do 00:20:21.049 --> 00:20:21.059 align:start position:0% happening on the public blockchains do 00:20:21.059 --> 00:20:22.789 align:start position:0% happening on the public blockchains do we<00:20:21.179> want<00:20:21.299> that<00:20:21.480> do<00:20:21.660> we<00:20:21.840> do<00:20:22.020> we<00:20:22.200> do<00:20:22.440> we<00:20:22.620> support 00:20:22.789 --> 00:20:22.799 align:start position:0% we want that do we do we do we support 00:20:22.799 --> 00:20:25.549 align:start position:0% we want that do we do we do we support this<00:20:23.100> kind<00:20:23.220> of<00:20:23.340> initiatives<00:20:24.020> do<00:20:25.020> we<00:20:25.200> regulate 00:20:25.549 --> 00:20:25.559 align:start position:0% this kind of initiatives do we regulate 00:20:25.559 --> 00:20:27.350 align:start position:0% this kind of initiatives do we regulate interfaces<00:20:26.160> of<00:20:26.400> course<00:20:26.520> this<00:20:26.700> is<00:20:26.820> a<00:20:27.059> very<00:20:27.179> big 00:20:27.350 --> 00:20:27.360 align:start position:0% interfaces of course this is a very big 00:20:27.360 --> 00:20:29.570 align:start position:0% interfaces of course this is a very big subject<00:20:27.780> and<00:20:28.260> to<00:20:28.559> another<00:20:28.679> cache<00:20:29.160> sanctions 00:20:29.570 --> 00:20:29.580 align:start position:0% subject and to another cache sanctions 00:20:29.580 --> 00:20:31.690 align:start position:0% subject and to another cache sanctions really<00:20:30.120> make<00:20:30.419> in<00:20:30.660> China 00:20:31.690 --> 00:20:31.700 align:start position:0% really make in China 00:20:31.700 --> 00:20:35.210 align:start position:0% really make in China and<00:20:32.700> this<00:20:33.059> is<00:20:33.240> still<00:20:33.419> an<00:20:33.600> open<00:20:33.720> question<00:20:34.100> do<00:20:35.100> we 00:20:35.210 --> 00:20:35.220 align:start position:0% and this is still an open question do we 00:20:35.220 --> 00:20:37.669 align:start position:0% and this is still an open question do we regulate<00:20:35.640> and<00:20:35.760> if<00:20:36.059> so<00:20:36.240> how<00:20:36.539> do<00:20:37.320> we<00:20:37.440> want<00:20:37.620> to 00:20:37.669 --> 00:20:37.679 align:start position:0% regulate and if so how do we want to 00:20:37.679 --> 00:20:39.789 align:start position:0% regulate and if so how do we want to circumvent<00:20:38.280> that<00:20:38.460> by<00:20:38.760> creating<00:20:39.120> Shadow 00:20:39.789 --> 00:20:39.799 align:start position:0% circumvent that by creating Shadow 00:20:39.799 --> 00:20:42.770 align:start position:0% circumvent that by creating Shadow interfaces<00:20:40.799> uh<00:20:41.520> is<00:20:41.820> it<00:20:41.940> a<00:20:42.120> long-term<00:20:42.480> solution 00:20:42.770 --> 00:20:42.780 align:start position:0% interfaces uh is it a long-term solution 00:20:42.780 --> 00:20:45.950 align:start position:0% interfaces uh is it a long-term solution open<00:20:43.679> question<00:20:43.980> again<00:20:44.419> do<00:20:45.419> we<00:20:45.600> want<00:20:45.780> to 00:20:45.950 --> 00:20:45.960 align:start position:0% open question again do we want to 00:20:45.960 --> 00:20:48.950 align:start position:0% open question again do we want to Leverage<00:20:46.500> The<00:20:46.919> these<00:20:47.700> in<00:20:48.059> some<00:20:48.240> form<00:20:48.480> like 00:20:48.950 --> 00:20:48.960 align:start position:0% Leverage The these in some form like 00:20:48.960 --> 00:20:51.289 align:start position:0% Leverage The these in some form like creating<00:20:49.640> identities<00:20:50.640> that<00:20:51.000> would<00:20:51.120> be 00:20:51.289 --> 00:20:51.299 align:start position:0% creating identities that would be 00:20:51.299 --> 00:20:53.750 align:start position:0% creating identities that would be recognized<00:20:51.960> by<00:20:52.380> institutions<00:20:52.980> in<00:20:53.460> some<00:20:53.580> way 00:20:53.750 --> 00:20:53.760 align:start position:0% recognized by institutions in some way 00:20:53.760 --> 00:20:57.110 align:start position:0% recognized by institutions in some way do<00:20:54.600> we<00:20:54.780> leverage<00:20:55.080> on<00:20:55.559> the<00:20:55.799> the<00:20:56.039> initiatives<00:20:56.580> of 00:20:57.110 --> 00:20:57.120 align:start position:0% do we leverage on the the initiatives of 00:20:57.120 --> 00:20:58.970 align:start position:0% do we leverage on the the initiatives of the<00:20:57.360> institutions<00:20:57.840> on<00:20:58.260> the<00:20:58.380> IDS<00:20:58.799> because 00:20:58.970 --> 00:20:58.980 align:start position:0% the institutions on the IDS because 00:20:58.980 --> 00:21:01.909 align:start position:0% the institutions on the IDS because there<00:20:59.220> are<00:20:59.340> some<00:20:59.520> in<00:20:59.820> Europe<00:20:59.940> specifically 00:21:01.909 --> 00:21:01.919 align:start position:0% there are some in Europe specifically 00:21:01.919 --> 00:21:02.510 align:start position:0% there are some in Europe specifically um 00:21:02.510 --> 00:21:02.520 align:start position:0% um 00:21:02.520 --> 00:21:05.510 align:start position:0% um do<00:21:03.179> we<00:21:03.360> basically<00:21:03.960> segment<00:21:04.440> regulated<00:21:05.220> and 00:21:05.510 --> 00:21:05.520 align:start position:0% do we basically segment regulated and 00:21:05.520 --> 00:21:07.090 align:start position:0% do we basically segment regulated and Degen<00:21:06.000> space 00:21:07.090 --> 00:21:07.100 align:start position:0% Degen space 00:21:07.100 --> 00:21:10.669 align:start position:0% Degen space it's<00:21:08.100> a<00:21:08.280> potential<00:21:08.640> solution<00:21:09.080> and<00:21:10.080> of<00:21:10.559> course 00:21:10.669 --> 00:21:10.679 align:start position:0% it's a potential solution and of course 00:21:10.679 --> 00:21:13.190 align:start position:0% it's a potential solution and of course the<00:21:11.100> whole<00:21:11.220> sanction<00:21:11.640> in<00:21:12.360> general<00:21:12.480> is<00:21:12.960> it's 00:21:13.190 --> 00:21:13.200 align:start position:0% the whole sanction in general is it's 00:21:13.200 --> 00:21:16.130 align:start position:0% the whole sanction in general is it's it's<00:21:13.320> a<00:21:13.679> very<00:21:13.799> big<00:21:14.039> subject<00:21:14.400> and<00:21:14.880> still<00:21:15.120> uh 00:21:16.130 --> 00:21:16.140 align:start position:0% it's a very big subject and still uh 00:21:16.140 --> 00:21:18.650 align:start position:0% it's a very big subject and still uh with<00:21:16.919> a<00:21:17.220> lot<00:21:17.640> of<00:21:17.760> different<00:21:18.120> implications 00:21:18.650 --> 00:21:18.660 align:start position:0% with a lot of different implications 00:21:18.660 --> 00:21:20.690 align:start position:0% with a lot of different implications where<00:21:19.260> there's<00:21:19.559> a<00:21:19.740> lot<00:21:19.799> of<00:21:19.919> also<00:21:20.340> of<00:21:20.460> open 00:21:20.690 --> 00:21:20.700 align:start position:0% where there's a lot of also of open 00:21:20.700 --> 00:21:22.730 align:start position:0% where there's a lot of also of open questions<00:21:21.120> you've<00:21:21.960> all<00:21:22.140> seen<00:21:22.380> the 00:21:22.730 --> 00:21:22.740 align:start position:0% questions you've all seen the 00:21:22.740 --> 00:21:26.770 align:start position:0% questions you've all seen the discussions<00:21:23.100> recently<00:21:23.640> about<00:21:24.080> do<00:21:25.080> we<00:21:25.320> need<00:21:26.100> to 00:21:26.770 --> 00:21:26.780 align:start position:0% discussions recently about do we need to 00:21:26.780 --> 00:21:29.630 align:start position:0% discussions recently about do we need to basically<00:21:27.780> sanction<00:21:28.440> address<00:21:28.799> at<00:21:29.520> the 00:21:29.630 --> 00:21:29.640 align:start position:0% basically sanction address at the 00:21:29.640 --> 00:21:32.149 align:start position:0% basically sanction address at the protocol<00:21:29.940> level<00:21:30.240> it's<00:21:30.780> a<00:21:31.020> very 00:21:32.149 --> 00:21:32.159 align:start position:0% protocol level it's a very 00:21:32.159 --> 00:21:34.549 align:start position:0% protocol level it's a very uh<00:21:32.880> dangerous<00:21:33.240> question<00:21:33.480> to<00:21:33.720> us<00:21:33.900> but<00:21:34.140> also<00:21:34.380> a 00:21:34.549 --> 00:21:34.559 align:start position:0% uh dangerous question to us but also a 00:21:34.559 --> 00:21:36.770 align:start position:0% uh dangerous question to us but also a very<00:21:34.860> practical<00:21:35.159> one<00:21:35.460> and<00:21:36.000> the<00:21:36.360> the<00:21:36.480> answer 00:21:36.770 --> 00:21:36.780 align:start position:0% very practical one and the the answer 00:21:36.780 --> 00:21:39.710 align:start position:0% very practical one and the the answer has<00:21:37.080> to<00:21:37.200> be<00:21:37.320> has<00:21:37.679> to<00:21:37.919> be<00:21:38.039> given<00:21:38.520> at<00:21:38.760> some<00:21:38.880> point 00:21:39.710 --> 00:21:39.720 align:start position:0% has to be has to be given at some point 00:21:39.720 --> 00:21:42.110 align:start position:0% has to be has to be given at some point so<00:21:40.200> these<00:21:40.620> are<00:21:40.799> basically<00:21:41.159> solutions<00:21:41.640> that 00:21:42.110 --> 00:21:42.120 align:start position:0% so these are basically solutions that 00:21:42.120 --> 00:21:44.510 align:start position:0% so these are basically solutions that could<00:21:42.600> be<00:21:42.840> uh<00:21:43.440> moved<00:21:43.740> forward<00:21:43.860> do<00:21:44.220> we<00:21:44.340> want 00:21:44.510 --> 00:21:44.520 align:start position:0% could be uh moved forward do we want 00:21:44.520 --> 00:21:47.270 align:start position:0% could be uh moved forward do we want that<00:21:44.700> and<00:21:45.360> basically<00:21:46.140> to<00:21:46.440> decide<00:21:46.799> this<00:21:46.980> we 00:21:47.270 --> 00:21:47.280 align:start position:0% that and basically to decide this we 00:21:47.280 --> 00:21:48.890 align:start position:0% that and basically to decide this we need<00:21:47.400> to<00:21:47.640> decide<00:21:48.059> what<00:21:48.539> are<00:21:48.720> the 00:21:48.890 --> 00:21:48.900 align:start position:0% need to decide what are the 00:21:48.900 --> 00:21:51.770 align:start position:0% need to decide what are the non-negotiable<00:21:49.559> values<00:21:50.159> of<00:21:50.700> of<00:21:51.240> the<00:21:51.659> the 00:21:51.770 --> 00:21:51.780 align:start position:0% non-negotiable values of of the the 00:21:51.780 --> 00:21:53.390 align:start position:0% non-negotiable values of of the the community<00:21:52.080> of<00:21:52.440> the<00:21:52.500> of<00:21:52.620> the<00:21:52.799> industry<00:21:53.159> today 00:21:53.390 --> 00:21:53.400 align:start position:0% community of the of the industry today 00:21:53.400 --> 00:21:56.330 align:start position:0% community of the of the industry today it<00:21:54.360> could<00:21:54.480> be<00:21:54.600> a<00:21:54.780> lot<00:21:54.900> of<00:21:55.020> things<00:21:55.260> like<00:21:55.740> uh 00:21:56.330 --> 00:21:56.340 align:start position:0% it could be a lot of things like uh 00:21:56.340 --> 00:21:57.950 align:start position:0% it could be a lot of things like uh credible<00:21:56.820> neutrality<00:21:57.299> of<00:21:57.539> the<00:21:57.659> the<00:21:57.780> public 00:21:57.950 --> 00:21:57.960 align:start position:0% credible neutrality of the the public 00:21:57.960 --> 00:22:00.049 align:start position:0% credible neutrality of the the public networks<00:21:58.559> is<00:21:58.740> that<00:21:58.860> is<00:21:59.039> that<00:21:59.340> the<00:21:59.580> the<00:21:59.880> most 00:22:00.049 --> 00:22:00.059 align:start position:0% networks is that is that the the most 00:22:00.059 --> 00:22:01.370 align:start position:0% networks is that is that the the most important<00:22:00.419> thing<00:22:00.539> that<00:22:00.720> we<00:22:00.840> want<00:22:00.960> to<00:22:01.140> protect 00:22:01.370 --> 00:22:01.380 align:start position:0% important thing that we want to protect 00:22:01.380 --> 00:22:03.890 align:start position:0% important thing that we want to protect is<00:22:02.220> this<00:22:02.400> like<00:22:02.640> the<00:22:02.820> composability<00:22:03.419> like<00:22:03.780> the 00:22:03.890 --> 00:22:03.900 align:start position:0% is this like the composability like the 00:22:03.900 --> 00:22:06.230 align:start position:0% is this like the composability like the openness<00:22:04.320> so<00:22:04.740> we<00:22:04.919> want<00:22:05.100> to<00:22:05.280> basically<00:22:05.880> fight 00:22:06.230 --> 00:22:06.240 align:start position:0% openness so we want to basically fight 00:22:06.240 --> 00:22:09.890 align:start position:0% openness so we want to basically fight every<00:22:06.960> kind<00:22:07.200> of<00:22:07.380> you<00:22:07.740> know<00:22:07.799> kyc<00:22:08.659> things<00:22:09.659> that 00:22:09.890 --> 00:22:09.900 align:start position:0% every kind of you know kyc things that 00:22:09.900 --> 00:22:11.750 align:start position:0% every kind of you know kyc things that could<00:22:10.020> limit<00:22:10.200> this<00:22:10.500> composibility 00:22:11.750 --> 00:22:11.760 align:start position:0% could limit this composibility 00:22:11.760 --> 00:22:15.230 align:start position:0% could limit this composibility uh<00:22:12.480> is<00:22:12.720> this<00:22:12.960> the<00:22:13.679> fight<00:22:13.860> on<00:22:14.240> self-custodian 00:22:15.230 --> 00:22:15.240 align:start position:0% uh is this the fight on self-custodian 00:22:15.240 --> 00:22:17.870 align:start position:0% uh is this the fight on self-custodian wallets<00:22:15.659> that<00:22:15.900> we<00:22:16.080> have<00:22:16.380> to<00:22:16.500> to<00:22:16.679> prioritize<00:22:17.340> is 00:22:17.870 --> 00:22:17.880 align:start position:0% wallets that we have to to prioritize is 00:22:17.880 --> 00:22:20.210 align:start position:0% wallets that we have to to prioritize is it<00:22:18.000> privacy<00:22:18.360> preserving<00:22:18.960> systems<00:22:19.380> and<00:22:19.860> it<00:22:20.100> can 00:22:20.210 --> 00:22:20.220 align:start position:0% it privacy preserving systems and it can 00:22:20.220 --> 00:22:21.890 align:start position:0% it privacy preserving systems and it can be<00:22:20.340> all<00:22:20.580> at<00:22:20.760> once<00:22:21.059> it<00:22:21.299> can<00:22:21.419> be<00:22:21.480> all<00:22:21.720> those 00:22:21.890 --> 00:22:21.900 align:start position:0% be all at once it can be all those 00:22:21.900 --> 00:22:24.350 align:start position:0% be all at once it can be all those things<00:22:22.140> but<00:22:22.799> we<00:22:23.039> need<00:22:23.159> to<00:22:23.340> to<00:22:23.520> be<00:22:24.000> sure<00:22:24.120> that 00:22:24.350 --> 00:22:24.360 align:start position:0% things but we need to to be sure that 00:22:24.360 --> 00:22:26.149 align:start position:0% things but we need to to be sure that where<00:22:24.600> we<00:22:24.780> cross<00:22:24.960> the<00:22:25.140> line<00:22:25.320> and<00:22:25.919> what 00:22:26.149 --> 00:22:26.159 align:start position:0% where we cross the line and what 00:22:26.159 --> 00:22:29.510 align:start position:0% where we cross the line and what Solutions<00:22:26.520> we<00:22:26.880> can<00:22:27.059> put<00:22:27.480> forward<00:22:27.720> or<00:22:28.140> not 00:22:29.510 --> 00:22:29.520 align:start position:0% Solutions we can put forward or not 00:22:29.520 --> 00:22:31.610 align:start position:0% Solutions we can put forward or not um<00:22:29.580> and<00:22:30.000> for<00:22:30.419> this 00:22:31.610 --> 00:22:31.620 align:start position:0% um and for this 00:22:31.620 --> 00:22:34.909 align:start position:0% um and for this I<00:22:32.220> think<00:22:32.400> uh<00:22:32.940> it's<00:22:33.179> very<00:22:33.360> critical<00:22:33.780> that<00:22:34.440> we 00:22:34.909 --> 00:22:34.919 align:start position:0% I think uh it's very critical that we 00:22:34.919 --> 00:22:37.730 align:start position:0% I think uh it's very critical that we have<00:22:35.220> a<00:22:35.460> very<00:22:35.580> clear<00:22:35.820> Way<00:22:36.120> Forward<00:22:36.740> and 00:22:37.730 --> 00:22:37.740 align:start position:0% have a very clear Way Forward and 00:22:37.740 --> 00:22:40.130 align:start position:0% have a very clear Way Forward and there's<00:22:38.580> a<00:22:38.940> few<00:22:39.059> things 00:22:40.130 --> 00:22:40.140 align:start position:0% there's a few things 00:22:40.140 --> 00:22:42.710 align:start position:0% there's a few things that<00:22:40.740> can<00:22:40.919> be<00:22:41.039> leveraged<00:22:41.520> to<00:22:42.000> move<00:22:42.240> forward 00:22:42.710 --> 00:22:42.720 align:start position:0% that can be leveraged to move forward 00:22:42.720 --> 00:22:44.270 align:start position:0% that can be leveraged to move forward with<00:22:43.020> the<00:22:43.260> with<00:22:43.500> the<00:22:43.620> institutions<00:22:44.039> in 00:22:44.270 --> 00:22:44.280 align:start position:0% with the with the institutions in 00:22:44.280 --> 00:22:45.770 align:start position:0% with the with the institutions in general<00:22:44.460> the<00:22:45.000> first<00:22:45.179> thing<00:22:45.299> is<00:22:45.480> that 00:22:45.770 --> 00:22:45.780 align:start position:0% general the first thing is that 00:22:45.780 --> 00:22:49.130 align:start position:0% general the first thing is that everything<00:22:46.679> is<00:22:46.980> not<00:22:47.100> Bleak<00:22:47.520> and<00:22:47.940> there's<00:22:48.299> a 00:22:49.130 --> 00:22:49.140 align:start position:0% everything is not Bleak and there's a 00:22:49.140 --> 00:22:50.450 align:start position:0% everything is not Bleak and there's a lot<00:22:49.260> of<00:22:49.380> people 00:22:50.450 --> 00:22:50.460 align:start position:0% lot of people 00:22:50.460 --> 00:22:52.970 align:start position:0% lot of people um<00:22:50.520> inside<00:22:51.120> of<00:22:51.539> those<00:22:51.720> institutions<00:22:52.320> that 00:22:52.970 --> 00:22:52.980 align:start position:0% um inside of those institutions that 00:22:52.980 --> 00:22:54.350 align:start position:0% um inside of those institutions that know<00:22:53.220> about<00:22:53.460> crypto<00:22:53.880> and<00:22:54.000> that<00:22:54.179> are 00:22:54.350 --> 00:22:54.360 align:start position:0% know about crypto and that are 00:22:54.360 --> 00:22:57.110 align:start position:0% know about crypto and that are interested<00:22:54.780> by<00:22:55.140> uh<00:22:55.679> what's<00:22:56.039> going<00:22:56.220> on<00:22:56.400> they 00:22:57.110 --> 00:22:57.120 align:start position:0% interested by uh what's going on they 00:22:57.120 --> 00:22:59.270 align:start position:0% interested by uh what's going on they are<00:22:57.240> open<00:22:57.419> to<00:22:57.720> suggestions<00:22:58.260> and<00:22:58.860> those<00:22:59.039> people 00:22:59.270 --> 00:22:59.280 align:start position:0% are open to suggestions and those people 00:22:59.280 --> 00:23:01.310 align:start position:0% are open to suggestions and those people we<00:22:59.880> have<00:23:00.059> identified<00:23:00.360> a<00:23:00.600> lot<00:23:00.720> of<00:23:00.840> them<00:23:00.960> at<00:23:01.200> the 00:23:01.310 --> 00:23:01.320 align:start position:0% we have identified a lot of them at the 00:23:01.320 --> 00:23:03.649 align:start position:0% we have identified a lot of them at the EU<00:23:01.559> level<00:23:01.679> but<00:23:01.980> there<00:23:02.159> are<00:23:02.340> some<00:23:03.000> of<00:23:03.120> them<00:23:03.240> at 00:23:03.649 --> 00:23:03.659 align:start position:0% EU level but there are some of them at 00:23:03.659 --> 00:23:05.270 align:start position:0% EU level but there are some of them at every<00:23:04.140> single 00:23:05.270 --> 00:23:05.280 align:start position:0% every single 00:23:05.280 --> 00:23:07.909 align:start position:0% every single um<00:23:05.400> in<00:23:05.760> every<00:23:05.940> single<00:23:06.179> institution<00:23:06.539> worldwide 00:23:07.909 --> 00:23:07.919 align:start position:0% um in every single institution worldwide 00:23:07.919 --> 00:23:10.430 align:start position:0% um in every single institution worldwide those<00:23:08.580> people<00:23:08.760> we<00:23:09.120> need<00:23:09.299> to<00:23:09.419> help<00:23:09.659> them<00:23:09.900> and<00:23:10.260> we 00:23:10.430 --> 00:23:10.440 align:start position:0% those people we need to help them and we 00:23:10.440 --> 00:23:11.930 align:start position:0% those people we need to help them and we need<00:23:10.559> to<00:23:10.740> feed<00:23:10.919> them<00:23:11.100> with<00:23:11.280> suggestions<00:23:11.700> we 00:23:11.930 --> 00:23:11.940 align:start position:0% need to feed them with suggestions we 00:23:11.940 --> 00:23:13.549 align:start position:0% need to feed them with suggestions we need<00:23:12.059> to<00:23:12.179> feed<00:23:12.360> them<00:23:12.480> with<00:23:12.659> actual<00:23:12.960> proposals 00:23:13.549 --> 00:23:13.559 align:start position:0% need to feed them with actual proposals 00:23:13.559 --> 00:23:15.830 align:start position:0% need to feed them with actual proposals and<00:23:13.740> so<00:23:14.100> this<00:23:14.280> is<00:23:14.400> the<00:23:14.580> main<00:23:14.820> uh<00:23:15.240> leverage<00:23:15.539> we 00:23:15.830 --> 00:23:15.840 align:start position:0% and so this is the main uh leverage we 00:23:15.840 --> 00:23:16.970 align:start position:0% and so this is the main uh leverage we have 00:23:16.970 --> 00:23:16.980 align:start position:0% have 00:23:16.980 --> 00:23:20.510 align:start position:0% have um<00:23:17.100> then<00:23:17.520> do<00:23:17.820> we<00:23:18.000> have<00:23:18.179> all<00:23:18.659> the<00:23:18.840> the<00:23:19.520> good 00:23:20.510 --> 00:23:20.520 align:start position:0% um then do we have all the the good 00:23:20.520 --> 00:23:22.730 align:start position:0% um then do we have all the the good Obviously<00:23:21.299> good<00:23:21.480> use<00:23:21.720> cases<00:23:21.960> of<00:23:22.200> crypto<00:23:22.500> that 00:23:22.730 --> 00:23:22.740 align:start position:0% Obviously good use cases of crypto that 00:23:22.740 --> 00:23:24.649 align:start position:0% Obviously good use cases of crypto that we<00:23:22.919> need<00:23:23.100> to<00:23:23.280> to<00:23:23.520> push<00:23:23.760> forward<00:23:24.000> and<00:23:24.299> to<00:23:24.480> move 00:23:24.649 --> 00:23:24.659 align:start position:0% we need to to push forward and to move 00:23:24.659 --> 00:23:26.270 align:start position:0% we need to to push forward and to move forward<00:23:24.840> quickly 00:23:26.270 --> 00:23:26.280 align:start position:0% forward quickly 00:23:26.280 --> 00:23:28.430 align:start position:0% forward quickly um<00:23:26.340> that<00:23:26.580> we've<00:23:27.000> talked<00:23:27.240> a<00:23:27.419> lot<00:23:27.539> about<00:23:27.720> with<00:23:27.960> D5 00:23:28.430 --> 00:23:28.440 align:start position:0% um that we've talked a lot about with D5 00:23:28.440 --> 00:23:31.029 align:start position:0% um that we've talked a lot about with D5 about<00:23:28.679> DSi<00:23:29.340> public<00:23:30.059> good<00:23:30.419> fundings 00:23:31.029 --> 00:23:31.039 align:start position:0% about DSi public good fundings 00:23:31.039 --> 00:23:33.590 align:start position:0% about DSi public good fundings non-financial<00:23:32.039> use<00:23:32.340> cases<00:23:32.640> of<00:23:32.820> crypto<00:23:33.179> all 00:23:33.590 --> 00:23:33.600 align:start position:0% non-financial use cases of crypto all 00:23:33.600 --> 00:23:36.190 align:start position:0% non-financial use cases of crypto all those<00:23:33.780> things<00:23:34.020> uh<00:23:34.799> together<00:23:35.039> they<00:23:35.820> bring 00:23:36.190 --> 00:23:36.200 align:start position:0% those things uh together they bring 00:23:36.200 --> 00:23:39.590 align:start position:0% those things uh together they bring forward<00:23:37.200> a<00:23:37.740> very<00:23:37.860> positive<00:23:38.460> way<00:23:38.940> of<00:23:39.240> doing 00:23:39.590 --> 00:23:39.600 align:start position:0% forward a very positive way of doing 00:23:39.600 --> 00:23:41.210 align:start position:0% forward a very positive way of doing crypto<00:23:39.960> and<00:23:40.080> this<00:23:40.260> is<00:23:40.380> something<00:23:40.500> we<00:23:40.799> need<00:23:40.919> to 00:23:41.210 --> 00:23:41.220 align:start position:0% crypto and this is something we need to 00:23:41.220 --> 00:23:44.690 align:start position:0% crypto and this is something we need to work<00:23:41.940> on<00:23:42.539> and<00:23:43.440> of<00:23:43.860> course<00:23:44.039> there's<00:23:44.400> the 00:23:44.690 --> 00:23:44.700 align:start position:0% work on and of course there's the 00:23:44.700 --> 00:23:46.430 align:start position:0% work on and of course there's the constant<00:23:45.000> Innovation<00:23:45.780> and<00:23:45.960> Improvement<00:23:46.260> in 00:23:46.430 --> 00:23:46.440 align:start position:0% constant Innovation and Improvement in 00:23:46.440 --> 00:23:48.710 align:start position:0% constant Innovation and Improvement in the<00:23:46.620> space<00:23:46.740> that<00:23:47.100> is<00:23:47.280> already<00:23:47.580> happening<00:23:48.120> and 00:23:48.710 --> 00:23:48.720 align:start position:0% the space that is already happening and 00:23:48.720 --> 00:23:50.990 align:start position:0% the space that is already happening and that<00:23:48.900> that<00:23:49.140> we<00:23:49.500> need<00:23:49.620> to<00:23:49.740> leverage<00:23:50.039> so<00:23:50.580> being 00:23:50.990 --> 00:23:51.000 align:start position:0% that that we need to leverage so being 00:23:51.000 --> 00:23:53.029 align:start position:0% that that we need to leverage so being sure<00:23:51.780> that<00:23:51.960> there's<00:23:52.140> the<00:23:52.679> constant 00:23:53.029 --> 00:23:53.039 align:start position:0% sure that there's the constant 00:23:53.039 --> 00:23:54.770 align:start position:0% sure that there's the constant information<00:23:53.460> transmission<00:23:54.120> of<00:23:54.600> information 00:23:54.770 --> 00:23:54.780 align:start position:0% information transmission of information 00:23:54.780 --> 00:23:56.570 align:start position:0% information transmission of information to<00:23:55.200> the<00:23:55.380> regulators<00:23:55.860> and<00:23:56.220> to<00:23:56.400> the 00:23:56.570 --> 00:23:56.580 align:start position:0% to the regulators and to the 00:23:56.580 --> 00:23:59.450 align:start position:0% to the regulators and to the institutions 00:23:59.450 --> 00:23:59.460 align:start position:0% 00:23:59.460 --> 00:24:02.690 align:start position:0% um<00:23:59.520> and<00:24:00.179> maybe<00:24:00.659> to<00:24:01.380> do<00:24:01.559> that<00:24:01.740> I<00:24:02.280> would<00:24:02.400> like<00:24:02.520> to 00:24:02.690 --> 00:24:02.700 align:start position:0% um and maybe to do that I would like to 00:24:02.700 --> 00:24:05.210 align:start position:0% um and maybe to do that I would like to end<00:24:03.000> uh<00:24:03.539> with<00:24:03.840> a<00:24:04.080> call<00:24:04.260> for<00:24:04.500> the<00:24:04.679> for<00:24:04.919> Community 00:24:05.210 --> 00:24:05.220 align:start position:0% end uh with a call for the for Community 00:24:05.220 --> 00:24:07.310 align:start position:0% end uh with a call for the for Community intervention<00:24:05.880> so<00:24:06.179> basically<00:24:06.419> it's<00:24:06.539> a<00:24:06.780> call<00:24:06.900> to 00:24:07.310 --> 00:24:07.320 align:start position:0% intervention so basically it's a call to 00:24:07.320 --> 00:24:08.270 align:start position:0% intervention so basically it's a call to you 00:24:08.270 --> 00:24:08.280 align:start position:0% you 00:24:08.280 --> 00:24:11.510 align:start position:0% you um<00:24:08.340> in<00:24:08.640> general<00:24:09.020> and<00:24:10.020> all<00:24:10.799> the<00:24:10.980> participants 00:24:11.510 --> 00:24:11.520 align:start position:0% um in general and all the participants 00:24:11.520 --> 00:24:13.909 align:start position:0% um in general and all the participants here<00:24:11.820> uh<00:24:12.419> you<00:24:12.659> you<00:24:12.780> came<00:24:12.960> here<00:24:13.200> so<00:24:13.440> you<00:24:13.679> you're 00:24:13.909 --> 00:24:13.919 align:start position:0% here uh you you came here so you you're 00:24:13.919 --> 00:24:15.710 align:start position:0% here uh you you came here so you you're basically<00:24:14.280> interested<00:24:14.700> by<00:24:14.940> regulation<00:24:15.480> and 00:24:15.710 --> 00:24:15.720 align:start position:0% basically interested by regulation and 00:24:15.720 --> 00:24:17.890 align:start position:0% basically interested by regulation and and<00:24:16.260> what's<00:24:16.679> happening<00:24:17.039> in<00:24:17.340> in<00:24:17.460> the<00:24:17.640> future 00:24:17.890 --> 00:24:17.900 align:start position:0% and what's happening in in the future 00:24:17.900 --> 00:24:20.810 align:start position:0% and what's happening in in the future you<00:24:18.900> can<00:24:19.020> help<00:24:19.200> I<00:24:19.620> mean<00:24:19.919> all<00:24:20.159> of<00:24:20.280> you<00:24:20.460> can<00:24:20.640> help 00:24:20.810 --> 00:24:20.820 align:start position:0% you can help I mean all of you can help 00:24:20.820 --> 00:24:24.289 align:start position:0% you can help I mean all of you can help because<00:24:21.720> we<00:24:22.559> need<00:24:22.740> to<00:24:22.980> there's<00:24:23.340> so<00:24:23.820> many<00:24:23.880> paths 00:24:24.289 --> 00:24:24.299 align:start position:0% because we need to there's so many paths 00:24:24.299 --> 00:24:26.990 align:start position:0% because we need to there's so many paths open<00:24:24.419> today<00:24:24.720> and<00:24:25.500> there's<00:24:25.919> of<00:24:26.640> course<00:24:26.760> the 00:24:26.990 --> 00:24:27.000 align:start position:0% open today and there's of course the 00:24:27.000 --> 00:24:30.230 align:start position:0% open today and there's of course the path<00:24:27.299> of<00:24:27.539> Regulation<00:24:28.500> is<00:24:28.740> bad<00:24:29.039> uh<00:24:29.640> per<00:24:29.760> se<00:24:29.940> and 00:24:30.230 --> 00:24:30.240 align:start position:0% path of Regulation is bad uh per se and 00:24:30.240 --> 00:24:33.289 align:start position:0% path of Regulation is bad uh per se and we<00:24:30.419> want<00:24:30.600> to<00:24:30.780> be<00:24:31.620> basically<00:24:32.520> crypto<00:24:32.880> to<00:24:33.120> go 00:24:33.289 --> 00:24:33.299 align:start position:0% we want to be basically crypto to go 00:24:33.299 --> 00:24:35.390 align:start position:0% we want to be basically crypto to go dark<00:24:33.539> and<00:24:34.020> and<00:24:34.260> just<00:24:34.559> don't<00:24:34.799> care<00:24:34.980> about<00:24:35.159> the 00:24:35.390 --> 00:24:35.400 align:start position:0% dark and and just don't care about the 00:24:35.400 --> 00:24:37.909 align:start position:0% dark and and just don't care about the regulation<00:24:35.760> this<00:24:36.120> is<00:24:36.240> a<00:24:36.419> way<00:24:36.539> forward<00:24:36.799> we<00:24:37.799> want 00:24:37.909 --> 00:24:37.919 align:start position:0% regulation this is a way forward we want 00:24:37.919 --> 00:24:39.830 align:start position:0% regulation this is a way forward we want to<00:24:38.039> fully<00:24:38.280> Embrace<00:24:38.580> regulation<00:24:39.120> and 00:24:39.830 --> 00:24:39.840 align:start position:0% to fully Embrace regulation and 00:24:39.840 --> 00:24:41.710 align:start position:0% to fully Embrace regulation and basically<00:24:40.200> cancel<00:24:40.620> decentralization 00:24:41.710 --> 00:24:41.720 align:start position:0% basically cancel decentralization 00:24:41.720 --> 00:24:45.350 align:start position:0% basically cancel decentralization meaning<00:24:42.720> you<00:24:43.140> know<00:24:43.260> abandon<00:24:44.100> all<00:24:44.460> the<00:24:44.700> all<00:24:45.179> the 00:24:45.350 --> 00:24:45.360 align:start position:0% meaning you know abandon all the all the 00:24:45.360 --> 00:24:47.390 align:start position:0% meaning you know abandon all the all the values<00:24:45.659> that<00:24:45.900> that<00:24:46.020> we<00:24:46.559> are<00:24:46.860> trying<00:24:47.039> to<00:24:47.220> build 00:24:47.390 --> 00:24:47.400 align:start position:0% values that that we are trying to build 00:24:47.400 --> 00:24:50.750 align:start position:0% values that that we are trying to build today<00:24:47.960> we<00:24:48.960> can<00:24:49.080> create<00:24:49.260> new<00:24:49.679> standards<00:24:50.159> we<00:24:50.580> can 00:24:50.750 --> 00:24:50.760 align:start position:0% today we can create new standards we can 00:24:50.760 --> 00:24:52.430 align:start position:0% today we can create new standards we can self-regulate 00:24:52.430 --> 00:24:52.440 align:start position:0% self-regulate 00:24:52.440 --> 00:24:55.010 align:start position:0% self-regulate um<00:24:52.500> like<00:24:52.799> creating<00:24:53.280> entities<00:24:54.179> that<00:24:54.720> that 00:24:55.010 --> 00:24:55.020 align:start position:0% um like creating entities that that 00:24:55.020 --> 00:24:57.169 align:start position:0% um like creating entities that that bring<00:24:55.380> rules<00:24:55.860> forward<00:24:56.039> that<00:24:56.340> that<00:24:56.580> are 00:24:57.169 --> 00:24:57.179 align:start position:0% bring rules forward that that are 00:24:57.179 --> 00:24:59.350 align:start position:0% bring rules forward that that are followed<00:24:57.600> you<00:24:58.380> know 00:24:59.350 --> 00:24:59.360 align:start position:0% followed you know 00:24:59.360 --> 00:25:02.630 align:start position:0% followed you know spontaneously<00:25:00.360> by<00:25:00.659> by<00:25:00.900> the<00:25:01.080> protocols<00:25:01.679> when 00:25:02.630 --> 00:25:02.640 align:start position:0% spontaneously by by the protocols when 00:25:02.640 --> 00:25:04.549 align:start position:0% spontaneously by by the protocols when they<00:25:02.820> want<00:25:03.000> to<00:25:03.120> be<00:25:03.360> when<00:25:04.020> they<00:25:04.200> want<00:25:04.320> to<00:25:04.440> be 00:25:04.549 --> 00:25:04.559 align:start position:0% they want to be when they want to be 00:25:04.559 --> 00:25:08.029 align:start position:0% they want to be when they want to be compliant<00:25:05.240> we<00:25:06.240> can<00:25:06.419> you<00:25:07.260> know<00:25:07.320> push<00:25:07.620> to<00:25:07.860> make 00:25:08.029 --> 00:25:08.039 align:start position:0% compliant we can you know push to make 00:25:08.039 --> 00:25:09.710 align:start position:0% compliant we can you know push to make gasps<00:25:08.520> maybe<00:25:08.820> the<00:25:09.059> crypto<00:25:09.299> assets<00:25:09.539> always 00:25:09.710 --> 00:25:09.720 align:start position:0% gasps maybe the crypto assets always 00:25:09.720 --> 00:25:11.750 align:start position:0% gasps maybe the crypto assets always provider<00:25:10.140> the<00:25:10.260> gate<00:25:10.440> keepers<00:25:11.100> of<00:25:11.220> crypto<00:25:11.520> this 00:25:11.750 --> 00:25:11.760 align:start position:0% provider the gate keepers of crypto this 00:25:11.760 --> 00:25:14.390 align:start position:0% provider the gate keepers of crypto this is<00:25:12.299> for<00:25:12.780> now<00:25:13.020> more<00:25:13.559> or<00:25:13.740> less<00:25:13.799> the<00:25:13.980> approach<00:25:14.280> of 00:25:14.390 --> 00:25:14.400 align:start position:0% is for now more or less the approach of 00:25:14.400 --> 00:25:16.010 align:start position:0% is for now more or less the approach of the<00:25:14.520> regulator<00:25:14.880> but<00:25:15.179> do<00:25:15.360> we<00:25:15.480> want<00:25:15.600> to<00:25:15.659> push<00:25:15.840> in 00:25:16.010 --> 00:25:16.020 align:start position:0% the regulator but do we want to push in 00:25:16.020 --> 00:25:17.750 align:start position:0% the regulator but do we want to push in this<00:25:16.200> direction 00:25:17.750 --> 00:25:17.760 align:start position:0% this direction 00:25:17.760 --> 00:25:20.029 align:start position:0% this direction um<00:25:17.880> do<00:25:18.059> we<00:25:18.240> want<00:25:18.360> to<00:25:18.480> create<00:25:18.720> a<00:25:19.200> did<00:25:19.500> standard 00:25:20.029 --> 00:25:20.039 align:start position:0% um do we want to create a did standard 00:25:20.039 --> 00:25:23.149 align:start position:0% um do we want to create a did standard for<00:25:20.220> D5<00:25:20.600> altogether<00:25:21.679> do<00:25:22.679> you<00:25:22.799> want<00:25:22.919> to<00:25:23.039> create 00:25:23.149 --> 00:25:23.159 align:start position:0% for D5 altogether do you want to create 00:25:23.159 --> 00:25:25.130 align:start position:0% for D5 altogether do you want to create that<00:25:23.400> list<00:25:23.580> for<00:25:23.940> name<00:25:24.120> and<00:25:24.360> shames<00:25:24.720> cameras 00:25:25.130 --> 00:25:25.140 align:start position:0% that list for name and shames cameras 00:25:25.140 --> 00:25:27.110 align:start position:0% that list for name and shames cameras hackers<00:25:25.559> I<00:25:25.799> don't<00:25:25.919> know<00:25:26.039> there's<00:25:26.760> a<00:25:26.940> lot<00:25:27.059> of 00:25:27.110 --> 00:25:27.120 align:start position:0% hackers I don't know there's a lot of 00:25:27.120 --> 00:25:29.570 align:start position:0% hackers I don't know there's a lot of things<00:25:27.360> that<00:25:27.600> we<00:25:27.720> can<00:25:27.840> do<00:25:28.020> we<00:25:28.799> have<00:25:28.919> IDs<00:25:29.400> we 00:25:29.570 --> 00:25:29.580 align:start position:0% things that we can do we have IDs we 00:25:29.580 --> 00:25:32.029 align:start position:0% things that we can do we have IDs we have<00:25:29.640> proposals<00:25:30.299> of<00:25:30.419> course<00:25:30.600> at<00:25:30.840> euci<00:25:31.440> but<00:25:31.679> we 00:25:32.029 --> 00:25:32.039 align:start position:0% have proposals of course at euci but we 00:25:32.039 --> 00:25:33.890 align:start position:0% have proposals of course at euci but we would<00:25:32.159> like<00:25:32.340> you<00:25:32.460> to<00:25:32.700> contribute<00:25:33.120> and<00:25:33.539> to<00:25:33.720> help 00:25:33.890 --> 00:25:33.900 align:start position:0% would like you to contribute and to help 00:25:33.900 --> 00:25:36.529 align:start position:0% would like you to contribute and to help and<00:25:34.559> so<00:25:34.980> please<00:25:35.340> join<00:25:35.700> the<00:25:35.820> conversation<00:25:36.240> we 00:25:36.529 --> 00:25:36.539 align:start position:0% and so please join the conversation we 00:25:36.539 --> 00:25:38.390 align:start position:0% and so please join the conversation we have<00:25:36.779> a<00:25:37.260> telegram<00:25:37.679> we<00:25:37.980> have<00:25:38.159> a<00:25:38.279> Twitter 00:25:38.390 --> 00:25:38.400 align:start position:0% have a telegram we have a Twitter 00:25:38.400 --> 00:25:40.549 align:start position:0% have a telegram we have a Twitter account<00:25:38.760> we<00:25:39.059> have<00:25:39.240> a<00:25:39.360> website<00:25:39.720> and<00:25:40.380> we 00:25:40.549 --> 00:25:40.559 align:start position:0% account we have a website and we 00:25:40.559 --> 00:25:44.029 align:start position:0% account we have a website and we organize<00:25:40.980> a<00:25:41.400> big<00:25:41.520> event<00:25:41.880> in<00:25:42.240> Lisbon<00:25:43.039> from 00:25:44.029 --> 00:25:44.039 align:start position:0% organize a big event in Lisbon from 00:25:44.039 --> 00:25:47.149 align:start position:0% organize a big event in Lisbon from November<00:25:44.580> 1<00:25:44.700> to<00:25:44.940> number<00:25:45.120> four<00:25:45.679> feel<00:25:46.679> free<00:25:46.860> if 00:25:47.149 --> 00:25:47.159 align:start position:0% November 1 to number four feel free if 00:25:47.159 --> 00:25:48.169 align:start position:0% November 1 to number four feel free if you<00:25:47.340> are 00:25:48.169 --> 00:25:48.179 align:start position:0% you are 00:25:48.179 --> 00:25:50.930 align:start position:0% you are in<00:25:48.659> Europe<00:25:48.840> at<00:25:49.200> the<00:25:49.320> time<00:25:49.500> or<00:25:49.919> on<00:25:50.159> or<00:25:50.460> nearby 00:25:50.930 --> 00:25:50.940 align:start position:0% in Europe at the time or on or nearby 00:25:50.940 --> 00:25:52.789 align:start position:0% in Europe at the time or on or nearby feel<00:25:51.179> free<00:25:51.360> to<00:25:51.480> come<00:25:51.659> and<00:25:52.020> and<00:25:52.140> walk<00:25:52.440> with<00:25:52.679> us 00:25:52.789 --> 00:25:52.799 align:start position:0% feel free to come and and walk with us 00:25:52.799 --> 00:25:55.070 align:start position:0% feel free to come and and walk with us on<00:25:53.159> this<00:25:53.279> on<00:25:53.520> these<00:25:53.760> Solutions<00:25:54.059> thank<00:25:54.900> you 00:25:55.070 --> 00:25:55.080 align:start position:0% on this on these Solutions thank you 00:25:55.080 --> 00:25:56.190 align:start position:0% on this on these Solutions thank you very<00:25:55.200> much 00:25:56.190 --> 00:25:56.200 align:start position:0% very much 00:25:56.200 --> 00:26:03.470 align:start position:0% very much [Applause] 00:26:03.470 --> 00:26:03.480 align:start position:0% [Applause] 00:26:03.480 --> 00:26:06.529 align:start position:0% [Applause] I<00:26:03.900> think<00:26:04.020> we<00:26:04.260> have<00:26:04.500> time<00:26:04.980> for<00:26:05.460> a<00:26:06.059> few<00:26:06.179> questions 00:26:06.529 --> 00:26:06.539 align:start position:0% I think we have time for a few questions 00:26:06.539 --> 00:26:11.990 align:start position:0% I think we have time for a few questions so<00:26:07.440> thank<00:26:08.279> you<00:26:08.400> so<00:26:08.520> much 00:26:11.990 --> 00:26:12.000 align:start position:0% 00:26:12.000 --> 00:26:14.570 align:start position:0% I<00:26:12.059> have<00:26:12.539> one<00:26:12.720> question<00:26:12.980> so<00:26:13.980> you've<00:26:14.340> mentioned 00:26:14.570 --> 00:26:14.580 align:start position:0% I have one question so you've mentioned 00:26:14.580 --> 00:26:17.269 align:start position:0% I have one question so you've mentioned that<00:26:14.820> nft<00:26:15.299> is<00:26:15.659> now<00:26:15.840> currently<00:26:16.200> exploded<00:26:16.740> from 00:26:17.269 --> 00:26:17.279 align:start position:0% that nft is now currently exploded from 00:26:17.279 --> 00:26:20.630 align:start position:0% that nft is now currently exploded from micro<00:26:17.580> regulation<00:26:18.179> but<00:26:19.500> um<00:26:19.559> if<00:26:20.159> we<00:26:20.340> take<00:26:20.520> a 00:26:20.630 --> 00:26:20.640 align:start position:0% micro regulation but um if we take a 00:26:20.640 --> 00:26:22.850 align:start position:0% micro regulation but um if we take a look<00:26:20.700> and<00:26:21.059> we<00:26:21.419> just<00:26:21.600> you<00:26:22.080> know<00:26:22.140> browse<00:26:22.559> what 00:26:22.850 --> 00:26:22.860 align:start position:0% look and we just you know browse what 00:26:22.860 --> 00:26:25.490 align:start position:0% look and we just you know browse what European<00:26:23.279> console<00:26:23.700> says<00:26:24.000> we<00:26:24.900> see<00:26:25.080> that 00:26:25.490 --> 00:26:25.500 align:start position:0% European console says we see that 00:26:25.500 --> 00:26:28.130 align:start position:0% European console says we see that European<00:26:26.100> Council<00:26:26.520> is<00:26:26.760> aiming<00:26:27.360> to<00:26:27.659> do<00:26:27.960> some 00:26:28.130 --> 00:26:28.140 align:start position:0% European Council is aiming to do some 00:26:28.140 --> 00:26:31.010 align:start position:0% European Council is aiming to do some assessment<00:26:28.559> within<00:26:29.039> the<00:26:29.159> next<00:26:29.279> 18<00:26:29.580> months<00:26:30.120> so 00:26:31.010 --> 00:26:31.020 align:start position:0% assessment within the next 18 months so 00:26:31.020 --> 00:26:35.269 align:start position:0% assessment within the next 18 months so uh<00:26:31.440> the<00:26:31.679> revocation<00:26:32.159> is<00:26:32.880> coming<00:26:33.260> uh<00:26:34.260> but<00:26:34.740> it's 00:26:35.269 --> 00:26:35.279 align:start position:0% uh the revocation is coming uh but it's 00:26:35.279 --> 00:26:38.169 align:start position:0% uh the revocation is coming uh but it's you<00:26:35.640> know<00:26:35.760> we<00:26:36.480> don't<00:26:36.659> know<00:26:36.900> in<00:26:37.080> which<00:26:37.320> form<00:26:37.620> yet 00:26:38.169 --> 00:26:38.179 align:start position:0% you know we don't know in which form yet 00:26:38.179 --> 00:26:40.909 align:start position:0% you know we don't know in which form yet therefore<00:26:39.179> my<00:26:39.419> question<00:26:39.720> was 00:26:40.909 --> 00:26:40.919 align:start position:0% therefore my question was 00:26:40.919 --> 00:26:43.789 align:start position:0% therefore my question was um<00:26:40.980> what<00:26:41.880> in<00:26:42.059> your<00:26:42.240> opinion<00:26:42.659> do<00:26:42.960> you<00:26:43.140> think<00:26:43.260> in 00:26:43.789 --> 00:26:43.799 align:start position:0% um what in your opinion do you think in 00:26:43.799 --> 00:26:45.950 align:start position:0% um what in your opinion do you think in what<00:26:44.100> shape<00:26:44.400> or<00:26:44.580> form<00:26:44.760> the<00:26:45.000> regulation<00:26:45.419> on<00:26:45.659> nft 00:26:45.950 --> 00:26:45.960 align:start position:0% what shape or form the regulation on nft 00:26:45.960 --> 00:26:49.190 align:start position:0% what shape or form the regulation on nft would<00:26:46.380> be<00:26:46.559> coming<00:26:46.760> and<00:26:47.760> perhaps<00:26:48.240> if<00:26:48.720> you<00:26:48.960> could 00:26:49.190 --> 00:26:49.200 align:start position:0% would be coming and perhaps if you could 00:26:49.200 --> 00:26:51.169 align:start position:0% would be coming and perhaps if you could just<00:26:49.440> share<00:26:49.620> some<00:26:49.799> insights<00:26:50.279> what<00:26:50.820> would<00:26:51.000> be 00:26:51.169 --> 00:26:51.179 align:start position:0% just share some insights what would be 00:26:51.179 --> 00:26:53.149 align:start position:0% just share some insights what would be the<00:26:51.419> best<00:26:51.539> way<00:26:51.840> in<00:26:52.080> your<00:26:52.260> opinion<00:26:52.679> to<00:26:52.980> shape 00:26:53.149 --> 00:26:53.159 align:start position:0% the best way in your opinion to shape 00:26:53.159 --> 00:26:56.510 align:start position:0% the best way in your opinion to shape that<00:26:53.400> regulation<00:26:53.880> on<00:26:54.179> nfcs<00:26:55.020> thank<00:26:55.620> you<00:26:55.740> thank 00:26:56.510 --> 00:26:56.520 align:start position:0% that regulation on nfcs thank you thank 00:26:56.520 --> 00:26:59.210 align:start position:0% that regulation on nfcs thank you thank you<00:26:56.700> so<00:26:57.000> for<00:26:57.179> concretely<00:26:57.720> on<00:26:57.960> the<00:26:58.140> nfts<00:26:58.860> at<00:26:59.100> the 00:26:59.210 --> 00:26:59.220 align:start position:0% you so for concretely on the nfts at the 00:26:59.220 --> 00:27:01.430 align:start position:0% you so for concretely on the nfts at the moment<00:26:59.400> there<00:26:59.760> is<00:26:59.940> a<00:27:00.179> loose<00:27:00.840> definition<00:27:01.020> of 00:27:01.430 --> 00:27:01.440 align:start position:0% moment there is a loose definition of 00:27:01.440 --> 00:27:03.710 align:start position:0% moment there is a loose definition of what<00:27:01.679> an<00:27:01.860> nft<00:27:02.220> is<00:27:02.580> in<00:27:02.760> a<00:27:02.940> Marketing<00:27:03.299> Group<00:27:03.480> does 00:27:03.710 --> 00:27:03.720 align:start position:0% what an nft is in a Marketing Group does 00:27:03.720 --> 00:27:06.110 align:start position:0% what an nft is in a Marketing Group does its<00:27:04.020> regulation<00:27:04.440> and<00:27:05.159> then<00:27:05.340> every<00:27:05.580> time<00:27:05.880> there 00:27:06.110 --> 00:27:06.120 align:start position:0% its regulation and then every time there 00:27:06.120 --> 00:27:07.909 align:start position:0% its regulation and then every time there is<00:27:06.299> going<00:27:06.419> to<00:27:06.539> be<00:27:06.659> a<00:27:06.960> new<00:27:07.080> issuance<00:27:07.620> the 00:27:07.909 --> 00:27:07.919 align:start position:0% is going to be a new issuance the 00:27:07.919 --> 00:27:10.430 align:start position:0% is going to be a new issuance the national<00:27:08.159> competent<00:27:08.820> Authority<00:27:09.480> will<00:27:10.200> need 00:27:10.430 --> 00:27:10.440 align:start position:0% national competent Authority will need 00:27:10.440 --> 00:27:13.310 align:start position:0% national competent Authority will need to<00:27:10.679> look<00:27:10.860> into<00:27:11.159> and<00:27:11.640> do<00:27:11.760> any<00:27:11.940> analysis<00:27:12.779> if<00:27:13.080> this 00:27:13.310 --> 00:27:13.320 align:start position:0% to look into and do any analysis if this 00:27:13.320 --> 00:27:15.950 align:start position:0% to look into and do any analysis if this is<00:27:13.500> really<00:27:13.799> again<00:27:14.100> unique<00:27:14.760> enough<00:27:15.059> and<00:27:15.720> if 00:27:15.950 --> 00:27:15.960 align:start position:0% is really again unique enough and if 00:27:15.960 --> 00:27:18.529 align:start position:0% is really again unique enough and if it's<00:27:16.200> issued<00:27:16.919> in<00:27:17.100> a<00:27:17.279> small<00:27:17.400> collection<00:27:17.880> so<00:27:18.299> it 00:27:18.529 --> 00:27:18.539 align:start position:0% it's issued in a small collection so it 00:27:18.539 --> 00:27:21.409 align:start position:0% it's issued in a small collection so it will<00:27:18.720> not<00:27:18.900> be<00:27:19.140> regulated<00:27:19.679> and<00:27:20.520> it<00:27:20.760> is<00:27:20.880> excluded 00:27:21.409 --> 00:27:21.419 align:start position:0% will not be regulated and it is excluded 00:27:21.419 --> 00:27:24.230 align:start position:0% will not be regulated and it is excluded from<00:27:21.779> from<00:27:21.960> Mika<00:27:22.500> what<00:27:23.039> is<00:27:23.220> coming<00:27:23.400> next<00:27:23.880> and 00:27:24.230 --> 00:27:24.240 align:start position:0% from from Mika what is coming next and 00:27:24.240 --> 00:27:28.070 align:start position:0% from from Mika what is coming next and we<00:27:24.960> were<00:27:25.320> just<00:27:25.559> talking<00:27:25.799> to<00:27:26.340> one<00:27:27.299> of<00:27:27.419> the<00:27:27.600> MPS 00:27:28.070 --> 00:27:28.080 align:start position:0% we were just talking to one of the MPS 00:27:28.080 --> 00:27:30.470 align:start position:0% we were just talking to one of the MPS from<00:27:28.440> the<00:27:28.559> European<00:27:28.860> Parliament<00:27:29.400> that<00:27:30.240> is 00:27:30.470 --> 00:27:30.480 align:start position:0% from the European Parliament that is 00:27:30.480 --> 00:27:33.049 align:start position:0% from the European Parliament that is going<00:27:31.260> to<00:27:31.620> lead<00:27:31.799> this<00:27:32.279> effort<00:27:32.640> into 00:27:33.049 --> 00:27:33.059 align:start position:0% going to lead this effort into 00:27:33.059 --> 00:27:36.529 align:start position:0% going to lead this effort into regulating<00:27:33.600> nfts<00:27:34.500> and<00:27:35.340> we're<00:27:35.580> also<00:27:36.000> writing 00:27:36.529 --> 00:27:36.539 align:start position:0% regulating nfts and we're also writing 00:27:36.539 --> 00:27:40.730 align:start position:0% regulating nfts and we're also writing some<00:27:37.380> uh<00:27:37.919> positions<00:27:38.820> on<00:27:39.480> this<00:27:39.659> topic<00:27:40.020> but<00:27:40.559> it 00:27:40.730 --> 00:27:40.740 align:start position:0% some uh positions on this topic but it 00:27:40.740 --> 00:27:43.549 align:start position:0% some uh positions on this topic but it is<00:27:40.919> it<00:27:41.340> has<00:27:41.520> started<00:27:42.000> already<00:27:42.419> and<00:27:43.140> there<00:27:43.380> are 00:27:43.549 --> 00:27:43.559 align:start position:0% is it has started already and there are 00:27:43.559 --> 00:27:44.690 align:start position:0% is it has started already and there are a<00:27:43.620> lot<00:27:43.740> of<00:27:43.799> thoughts<00:27:44.220> and<00:27:44.340> activities 00:27:44.690 --> 00:27:44.700 align:start position:0% a lot of thoughts and activities 00:27:44.700 --> 00:27:46.310 align:start position:0% a lot of thoughts and activities especially<00:27:45.240> in<00:27:45.419> the<00:27:45.600> parliament<00:27:45.960> at<00:27:46.140> the 00:27:46.310 --> 00:27:46.320 align:start position:0% especially in the parliament at the 00:27:46.320 --> 00:27:49.430 align:start position:0% especially in the parliament at the beginning<00:27:46.440> to<00:27:47.220> just<00:27:47.460> start<00:27:48.120> with<00:27:48.600> a<00:27:48.840> general 00:27:49.430 --> 00:27:49.440 align:start position:0% beginning to just start with a general 00:27:49.440 --> 00:27:52.430 align:start position:0% beginning to just start with a general proposal<00:27:50.220> an<00:27:50.640> opinion<00:27:51.120> on<00:27:51.299> this<00:27:51.539> and<00:27:51.960> then<00:27:52.080> I 00:27:52.430 --> 00:27:52.440 align:start position:0% proposal an opinion on this and then I 00:27:52.440 --> 00:27:54.470 align:start position:0% proposal an opinion on this and then I think<00:27:52.559> in<00:27:53.039> the<00:27:53.159> next<00:27:53.279> few<00:27:53.520> years<00:27:53.700> we'll<00:27:54.059> see 00:27:54.470 --> 00:27:54.480 align:start position:0% think in the next few years we'll see 00:27:54.480 --> 00:27:57.289 align:start position:0% think in the next few years we'll see more<00:27:54.840> activities<00:27:55.380> as<00:27:56.279> everywhere<00:27:57.000> the 00:27:57.289 --> 00:27:57.299 align:start position:0% more activities as everywhere the 00:27:57.299 --> 00:27:59.390 align:start position:0% more activities as everywhere the European<00:27:57.720> Union<00:27:57.900> Works<00:27:58.559> in<00:27:58.740> Cycles<00:27:59.159> in 00:27:59.390 --> 00:27:59.400 align:start position:0% European Union Works in Cycles in 00:27:59.400 --> 00:28:01.490 align:start position:0% European Union Works in Cycles in mandates<00:27:59.820> the<00:28:00.120> European<00:28:00.419> commission<00:28:00.960> that 00:28:01.490 --> 00:28:01.500 align:start position:0% mandates the European commission that 00:28:01.500 --> 00:28:04.250 align:start position:0% mandates the European commission that usually<00:28:01.799> proposed<00:28:02.460> the<00:28:02.700> regulation<00:28:03.299> will 00:28:04.250 --> 00:28:04.260 align:start position:0% usually proposed the regulation will 00:28:04.260 --> 00:28:07.190 align:start position:0% usually proposed the regulation will finalize<00:28:05.220> their<00:28:05.580> own<00:28:05.760> mandate<00:28:06.299> very<00:28:06.720> soon<00:28:06.960> in 00:28:07.190 --> 00:28:07.200 align:start position:0% finalize their own mandate very soon in 00:28:07.200 --> 00:28:09.169 align:start position:0% finalize their own mandate very soon in a<00:28:07.380> year<00:28:07.500> so<00:28:07.919> we'll<00:28:08.159> we'll<00:28:08.460> wait<00:28:08.700> for<00:28:08.940> the<00:28:09.059> new 00:28:09.169 --> 00:28:09.179 align:start position:0% a year so we'll we'll wait for the new 00:28:09.179 --> 00:28:11.510 align:start position:0% a year so we'll we'll wait for the new commission<00:28:09.600> to<00:28:09.840> have<00:28:10.080> more<00:28:10.559> ideas<00:28:10.919> how<00:28:11.340> to 00:28:11.510 --> 00:28:11.520 align:start position:0% commission to have more ideas how to 00:28:11.520 --> 00:28:13.370 align:start position:0% commission to have more ideas how to move<00:28:11.640> forward 00:28:13.370 --> 00:28:13.380 align:start position:0% move forward 00:28:13.380 --> 00:28:16.250 align:start position:0% move forward do<00:28:13.919> you<00:28:14.100> think<00:28:14.220> that<00:28:14.460> the<00:28:14.700> European<00:28:15.120> Union<00:28:15.360> is 00:28:16.250 --> 00:28:16.260 align:start position:0% do you think that the European Union is 00:28:16.260 --> 00:28:19.549 align:start position:0% do you think that the European Union is going<00:28:16.559> to<00:28:16.740> be<00:28:16.919> at<00:28:17.220> any<00:28:17.400> time<00:28:17.700> at<00:28:18.419> Dao<00:28:18.840> and<00:28:19.380> I'm 00:28:19.549 --> 00:28:19.559 align:start position:0% going to be at any time at Dao and I'm 00:28:19.559 --> 00:28:22.370 align:start position:0% going to be at any time at Dao and I'm here<00:28:19.679> in<00:28:19.799> Florida 00:28:22.370 --> 00:28:22.380 align:start position:0% 00:28:22.380 --> 00:28:24.950 align:start position:0% Ah<00:28:22.980> that's<00:28:23.159> a<00:28:23.340> beautiful<00:28:23.460> question 00:28:24.950 --> 00:28:24.960 align:start position:0% Ah that's a beautiful question 00:28:24.960 --> 00:28:28.730 align:start position:0% Ah that's a beautiful question um<00:28:25.340> I<00:28:26.340> I<00:28:26.520> do<00:28:26.760> think<00:28:26.940> that<00:28:27.360> the<00:28:27.900> idea<00:28:28.140> of<00:28:28.260> a<00:28:28.440> Dao 00:28:28.730 --> 00:28:28.740 align:start position:0% um I I do think that the idea of a Dao 00:28:28.740 --> 00:28:30.970 align:start position:0% um I I do think that the idea of a Dao is<00:28:28.919> uniquely<00:28:29.400> aligned<00:28:29.820> with<00:28:30.059> European<00:28:30.480> values 00:28:30.970 --> 00:28:30.980 align:start position:0% is uniquely aligned with European values 00:28:30.980 --> 00:28:35.810 align:start position:0% is uniquely aligned with European values so<00:28:31.980> I<00:28:32.520> for<00:28:33.059> example<00:28:33.679> I<00:28:34.679> think<00:28:34.799> Europe<00:28:35.100> is<00:28:35.520> the 00:28:35.810 --> 00:28:35.820 align:start position:0% so I for example I think Europe is the 00:28:35.820 --> 00:28:37.850 align:start position:0% so I for example I think Europe is the continent<00:28:36.179> of<00:28:36.480> cooperatives 00:28:37.850 --> 00:28:37.860 align:start position:0% continent of cooperatives 00:28:37.860 --> 00:28:39.350 align:start position:0% continent of cooperatives um<00:28:37.980> I<00:28:38.159> don't<00:28:38.220> know<00:28:38.340> if<00:28:38.460> there<00:28:38.760> is<00:28:38.820> continent 00:28:39.350 --> 00:28:39.360 align:start position:0% um I don't know if there is continent 00:28:39.360 --> 00:28:41.810 align:start position:0% um I don't know if there is continent with<00:28:39.600> more<00:28:39.779> and<00:28:40.440> I<00:28:40.620> think<00:28:40.740> cooperatives<00:28:41.400> but 00:28:41.810 --> 00:28:41.820 align:start position:0% with more and I think cooperatives but 00:28:41.820 --> 00:28:43.669 align:start position:0% with more and I think cooperatives but also<00:28:42.059> associations<00:28:42.659> are<00:28:43.080> sort<00:28:43.260> of<00:28:43.320> the<00:28:43.500> old 00:28:43.669 --> 00:28:43.679 align:start position:0% also associations are sort of the old 00:28:43.679 --> 00:28:45.529 align:start position:0% also associations are sort of the old world<00:28:43.919> equivalents<00:28:44.640> of<00:28:44.820> what<00:28:45.000> dials<00:28:45.419> are 00:28:45.529 --> 00:28:45.539 align:start position:0% world equivalents of what dials are 00:28:45.539 --> 00:28:47.870 align:start position:0% world equivalents of what dials are shaping<00:28:45.900> up<00:28:46.020> to<00:28:46.200> become<00:28:46.500> sort<00:28:46.860> of<00:28:47.039> inclusive 00:28:47.870 --> 00:28:47.880 align:start position:0% shaping up to become sort of inclusive 00:28:47.880 --> 00:28:52.190 align:start position:0% shaping up to become sort of inclusive Cooperative<00:28:48.860> ways<00:28:49.860> to<00:28:50.159> work<00:28:50.400> together 00:28:52.190 --> 00:28:52.200 align:start position:0% Cooperative ways to work together 00:28:52.200 --> 00:28:54.430 align:start position:0% Cooperative ways to work together um<00:28:52.260> yeah<00:28:52.559> so<00:28:52.799> is<00:28:53.039> the<00:28:53.279> European<00:28:53.580> Union<00:28:53.760> itself 00:28:54.430 --> 00:28:54.440 align:start position:0% um yeah so is the European Union itself 00:28:54.440 --> 00:28:57.370 align:start position:0% um yeah so is the European Union itself uh<00:28:55.440> fit<00:28:55.740> to<00:28:55.860> become<00:28:56.159> a<00:28:56.279> dow<00:28:56.520> I<00:28:56.820> don't<00:28:56.880> think<00:28:57.059> yet 00:28:57.370 --> 00:28:57.380 align:start position:0% uh fit to become a dow I don't think yet 00:28:57.380 --> 00:29:00.289 align:start position:0% uh fit to become a dow I don't think yet they<00:28:58.380> are<00:28:58.500> clinging<00:28:59.039> to<00:28:59.460> their<00:28:59.760> hierarchical 00:29:00.289 --> 00:29:00.299 align:start position:0% they are clinging to their hierarchical 00:29:00.299 --> 00:29:03.590 align:start position:0% they are clinging to their hierarchical Design<00:29:01.200> Systems<00:29:01.919> design<00:29:02.240> but<00:29:03.240> I<00:29:03.480> think 00:29:03.590 --> 00:29:03.600 align:start position:0% Design Systems design but I think 00:29:03.600 --> 00:29:05.570 align:start position:0% Design Systems design but I think citizens<00:29:04.140> of<00:29:04.320> Europe<00:29:04.559> are<00:29:04.860> ready<00:29:04.980> for<00:29:05.220> daos 00:29:05.570 --> 00:29:05.580 align:start position:0% citizens of Europe are ready for daos 00:29:05.580 --> 00:29:07.490 align:start position:0% citizens of Europe are ready for daos and<00:29:05.940> so<00:29:06.120> I<00:29:06.419> do<00:29:06.480> hope<00:29:06.720> that<00:29:06.960> they<00:29:07.140> are<00:29:07.260> going<00:29:07.380> to 00:29:07.490 --> 00:29:07.500 align:start position:0% and so I do hope that they are going to 00:29:07.500 --> 00:29:09.890 align:start position:0% and so I do hope that they are going to front<00:29:07.679> run<00:29:07.980> uh<00:29:08.820> the<00:29:09.000> regulator<00:29:09.299> on<00:29:09.600> this<00:29:09.779> one 00:29:09.890 --> 00:29:09.900 align:start position:0% front run uh the regulator on this one 00:29:09.900 --> 00:29:12.590 align:start position:0% front run uh the regulator on this one and<00:29:10.200> then<00:29:10.320> potentially<00:29:10.799> you<00:29:11.220> know<00:29:11.340> just<00:29:12.120> I 00:29:12.590 --> 00:29:12.600 align:start position:0% and then potentially you know just I 00:29:12.600 --> 00:29:16.370 align:start position:0% and then potentially you know just I don't<00:29:12.720> know<00:29:12.840> swallow<00:29:13.500> the<00:29:13.679> EU<00:29:13.980> and<00:29:14.400> it<00:29:15.260> I<00:29:16.260> have 00:29:16.370 --> 00:29:16.380 align:start position:0% don't know swallow the EU and it I have 00:29:16.380 --> 00:29:18.769 align:start position:0% don't know swallow the EU and it I have no<00:29:16.559> idea<00:29:16.799> but<00:29:17.159> yeah<00:29:17.460> I<00:29:17.940> would<00:29:18.059> I<00:29:18.360> would<00:29:18.539> support 00:29:18.769 --> 00:29:18.779 align:start position:0% no idea but yeah I would I would support 00:29:18.779 --> 00:29:22.250 align:start position:0% no idea but yeah I would I would support uh<00:29:19.679> the<00:29:19.919> EU<00:29:20.100> becoming<00:29:20.460> a<00:29:20.580> doll<00:29:20.760> for<00:29:21.059> sure 00:29:22.250 --> 00:29:22.260 align:start position:0% uh the EU becoming a doll for sure 00:29:22.260 --> 00:29:27.350 align:start position:0% uh the EU becoming a doll for sure let's<00:29:23.159> go<00:29:23.399> okay 00:29:27.350 --> 00:29:27.360 align:start position:0% 00:29:27.360 --> 00:29:29.210 align:start position:0% there's<00:29:27.720> another<00:29:27.960> question<00:29:28.260> over<00:29:28.559> there<00:29:28.740> oh 00:29:29.210 --> 00:29:29.220 align:start position:0% there's another question over there oh 00:29:29.220 --> 00:29:31.669 align:start position:0% there's another question over there oh many<00:29:29.460> questions 00:29:31.669 --> 00:29:31.679 align:start position:0% many questions 00:29:31.679 --> 00:29:33.769 align:start position:0% many questions uh<00:29:32.100> maybe<00:29:32.279> a<00:29:32.460> microphone<00:29:32.880> to<00:29:33.120> these<00:29:33.419> gentlemen 00:29:33.769 --> 00:29:33.779 align:start position:0% uh maybe a microphone to these gentlemen 00:29:33.779 --> 00:29:35.090 align:start position:0% uh maybe a microphone to these gentlemen over<00:29:34.020> there 00:29:35.090 --> 00:29:35.100 align:start position:0% over there 00:29:35.100 --> 00:29:38.570 align:start position:0% over there here<00:29:36.000> sorry<00:29:36.299> okay<00:29:36.659> hi<00:29:37.260> my<00:29:37.440> name<00:29:37.620> is<00:29:37.679> Charlie 00:29:38.570 --> 00:29:38.580 align:start position:0% here sorry okay hi my name is Charlie 00:29:38.580 --> 00:29:39.169 align:start position:0% here sorry okay hi my name is Charlie um 00:29:39.169 --> 00:29:39.179 align:start position:0% um 00:29:39.179 --> 00:29:42.350 align:start position:0% um from<00:29:39.720> a<00:29:39.960> regulatory<00:29:40.740> perspective 00:29:42.350 --> 00:29:42.360 align:start position:0% from a regulatory perspective 00:29:42.360 --> 00:29:45.529 align:start position:0% from a regulatory perspective um<00:29:42.419> if<00:29:42.779> a<00:29:42.960> cryptocurrency<00:29:43.799> exchange<00:29:44.539> goes 00:29:45.529 --> 00:29:45.539 align:start position:0% um if a cryptocurrency exchange goes 00:29:45.539 --> 00:29:46.669 align:start position:0% um if a cryptocurrency exchange goes bankrupt 00:29:46.669 --> 00:29:46.679 align:start position:0% bankrupt 00:29:46.679 --> 00:29:50.210 align:start position:0% bankrupt what's<00:29:47.159> the<00:29:47.340> best<00:29:47.520> approach 00:29:50.210 --> 00:29:50.220 align:start position:0% 00:29:50.220 --> 00:29:51.590 align:start position:0% you<00:29:50.520> mean<00:29:50.700> a<00:29:50.820> centralized<00:29:51.240> or<00:29:51.480> a 00:29:51.590 --> 00:29:51.600 align:start position:0% you mean a centralized or a 00:29:51.600 --> 00:29:54.669 align:start position:0% you mean a centralized or a decentralized<00:29:52.080> exchange<00:29:52.620> both 00:29:54.669 --> 00:29:54.679 align:start position:0% decentralized exchange both 00:29:54.679 --> 00:29:57.049 align:start position:0% decentralized exchange both okay<00:29:55.679> I<00:29:55.980> don't<00:29:56.100> know<00:29:56.220> for<00:29:56.399> a<00:29:56.520> decentralized 00:29:57.049 --> 00:29:57.059 align:start position:0% okay I don't know for a decentralized 00:29:57.059 --> 00:29:59.149 align:start position:0% okay I don't know for a decentralized one<00:29:57.360> uh<00:29:57.899> for<00:29:58.080> a<00:29:58.200> centralized<00:29:58.620> one<00:29:58.799> there<00:29:59.039> are 00:29:59.149 --> 00:29:59.159 align:start position:0% one uh for a centralized one there are 00:29:59.159 --> 00:30:02.389 align:start position:0% one uh for a centralized one there are no<00:29:59.340> regulations<00:29:59.760> in<00:30:00.000> Mika<00:30:00.480> that<00:30:01.380> um<00:30:01.799> you<00:30:02.279> know 00:30:02.389 --> 00:30:02.399 align:start position:0% no regulations in Mika that um you know 00:30:02.399 --> 00:30:05.149 align:start position:0% no regulations in Mika that um you know the<00:30:03.360> um 00:30:05.149 --> 00:30:05.159 align:start position:0% the um 00:30:05.159 --> 00:30:07.730 align:start position:0% the um the<00:30:05.640> money<00:30:05.700> custody<00:30:06.240> by<00:30:06.539> users<00:30:06.960> needs<00:30:07.559> to<00:30:07.620> be 00:30:07.730 --> 00:30:07.740 align:start position:0% the money custody by users needs to be 00:30:07.740 --> 00:30:10.430 align:start position:0% the money custody by users needs to be protected<00:30:08.220> from<00:30:08.460> insolvency<00:30:09.240> right<00:30:09.600> so<00:30:10.080> this 00:30:10.430 --> 00:30:10.440 align:start position:0% protected from insolvency right so this 00:30:10.440 --> 00:30:12.230 align:start position:0% protected from insolvency right so this is<00:30:10.559> really<00:30:10.740> important 00:30:12.230 --> 00:30:12.240 align:start position:0% is really important 00:30:12.240 --> 00:30:15.230 align:start position:0% is really important um so<00:30:12.539> that<00:30:12.779> so<00:30:13.380> I<00:30:13.679> think<00:30:13.799> Mika<00:30:14.760> as<00:30:15.000> a 00:30:15.230 --> 00:30:15.240 align:start position:0% um so that so I think Mika as a 00:30:15.240 --> 00:30:17.710 align:start position:0% um so that so I think Mika as a regulation<00:30:15.720> protects<00:30:16.679> consume<00:30:17.220> interest 00:30:17.710 --> 00:30:17.720 align:start position:0% regulation protects consume interest 00:30:17.720 --> 00:30:19.549 align:start position:0% regulation protects consume interest quite<00:30:18.720> well 00:30:19.549 --> 00:30:19.559 align:start position:0% quite well 00:30:19.559 --> 00:30:22.549 align:start position:0% quite well vis-a-vis<00:30:20.520> centralized<00:30:21.600> business<00:30:22.080> models 00:30:22.549 --> 00:30:22.559 align:start position:0% vis-a-vis centralized business models 00:30:22.559 --> 00:30:24.169 align:start position:0% vis-a-vis centralized business models and<00:30:22.679> crypto<00:30:22.980> asset<00:30:23.279> service<00:30:23.460> providers<00:30:23.940> so<00:30:24.059> in 00:30:24.169 --> 00:30:24.179 align:start position:0% and crypto asset service providers so in 00:30:24.179 --> 00:30:26.169 align:start position:0% and crypto asset service providers so in this<00:30:24.299> case<00:30:24.360> Mika<00:30:24.899> really<00:30:25.080> does<00:30:25.260> help<00:30:25.440> right 00:30:26.169 --> 00:30:26.179 align:start position:0% this case Mika really does help right 00:30:26.179 --> 00:30:29.149 align:start position:0% this case Mika really does help right the<00:30:27.179> problem<00:30:27.360> really<00:30:27.779> is<00:30:28.020> where<00:30:28.260> Mika<00:30:28.679> touches 00:30:29.149 --> 00:30:29.159 align:start position:0% the problem really is where Mika touches 00:30:29.159 --> 00:30:32.269 align:start position:0% the problem really is where Mika touches upon<00:30:29.520> more<00:30:29.820> decentralized<00:30:30.799> applications<00:30:31.799> and 00:30:32.269 --> 00:30:32.279 align:start position:0% upon more decentralized applications and 00:30:32.279 --> 00:30:33.889 align:start position:0% upon more decentralized applications and where<00:30:32.520> the<00:30:32.700> rules<00:30:32.940> don't<00:30:33.120> fit<00:30:33.360> the<00:30:33.539> use<00:30:33.720> case 00:30:33.889 --> 00:30:33.899 align:start position:0% where the rules don't fit the use case 00:30:33.899 --> 00:30:35.810 align:start position:0% where the rules don't fit the use case anymore<00:30:34.200> so 00:30:35.810 --> 00:30:35.820 align:start position:0% anymore so 00:30:35.820 --> 00:30:37.909 align:start position:0% anymore so um yeah<00:30:36.059> I<00:30:36.240> think<00:30:36.419> solvency<00:30:37.320> of<00:30:37.679> a 00:30:37.909 --> 00:30:37.919 align:start position:0% um yeah I think solvency of a 00:30:37.919 --> 00:30:40.010 align:start position:0% um yeah I think solvency of a centralized<00:30:38.340> Exchange<00:30:38.760> in<00:30:39.240> Europe<00:30:39.360> is 00:30:40.010 --> 00:30:40.020 align:start position:0% centralized Exchange in Europe is 00:30:40.020 --> 00:30:41.990 align:start position:0% centralized Exchange in Europe is regulated<00:30:40.799> now 00:30:41.990 --> 00:30:42.000 align:start position:0% regulated now 00:30:42.000 --> 00:30:44.269 align:start position:0% regulated now with<00:30:42.539> the<00:30:42.659> Mika<00:30:43.020> regulation<00:30:43.440> I'm<00:30:43.980> not<00:30:44.159> an 00:30:44.269 --> 00:30:44.279 align:start position:0% with the Mika regulation I'm not an 00:30:44.279 --> 00:30:46.669 align:start position:0% with the Mika regulation I'm not an expert<00:30:44.520> on<00:30:44.700> insolvency<00:30:45.360> law<00:30:45.720> so<00:30:46.080> this<00:30:46.620> is 00:30:46.669 --> 00:30:46.679 align:start position:0% expert on insolvency law so this is 00:30:46.679 --> 00:30:48.769 align:start position:0% expert on insolvency law so this is where<00:30:46.860> I<00:30:47.039> will<00:30:47.159> stop<00:30:47.340> giving<00:30:47.520> advice<00:30:48.000> I<00:30:48.720> don't 00:30:48.769 --> 00:30:48.779 align:start position:0% where I will stop giving advice I don't 00:30:48.779 --> 00:30:50.330 align:start position:0% where I will stop giving advice I don't know<00:30:48.899> if<00:30:49.020> Simon<00:30:49.380> has<00:30:49.559> anything<00:30:49.740> more<00:30:49.980> to<00:30:50.159> say 00:30:50.330 --> 00:30:50.340 align:start position:0% know if Simon has anything more to say 00:30:50.340 --> 00:30:51.230 align:start position:0% know if Simon has anything more to say on<00:30:50.460> that 00:30:51.230 --> 00:30:51.240 align:start position:0% on that 00:30:51.240 --> 00:30:54.409 align:start position:0% on that uh<00:30:51.960> no<00:30:52.140> but<00:30:52.380> I<00:30:52.559> see<00:30:52.679> that<00:30:52.860> the<00:30:53.039> time<00:30:53.159> is<00:30:53.640> is<00:30:54.120> out 00:30:54.409 --> 00:30:54.419 align:start position:0% uh no but I see that the time is is out 00:30:54.419 --> 00:30:56.510 align:start position:0% uh no but I see that the time is is out so<00:30:54.899> I<00:30:55.200> think<00:30:55.440> for<00:30:55.559> the<00:30:55.740> next<00:30:55.860> questions<00:30:56.100> feel 00:30:56.510 --> 00:30:56.520 align:start position:0% so I think for the next questions feel 00:30:56.520 --> 00:30:58.970 align:start position:0% so I think for the next questions feel free<00:30:56.700> to<00:30:56.880> reach<00:30:57.720> out<00:30:57.840> to<00:30:58.020> us<00:30:58.140> and<00:30:58.380> and<00:30:58.620> we'll<00:30:58.860> be 00:30:58.970 --> 00:30:58.980 align:start position:0% free to reach out to us and and we'll be 00:30:58.980 --> 00:31:00.529 align:start position:0% free to reach out to us and and we'll be happy<00:30:59.159> to<00:30:59.340> help<00:30:59.520> you 00:31:00.529 --> 00:31:00.539 align:start position:0% happy to help you 00:31:00.539 --> 00:31:01.990 align:start position:0% happy to help you thank<00:31:01.020> you<00:31:01.080> everybody<00:31:01.200> thank<00:31:01.500> you<00:31:01.620> very<00:31:01.740> much 00:31:01.990 --> 00:31:02.000 align:start position:0% thank you everybody thank you very much 00:31:02.000 --> 00:31:06.529 align:start position:0% thank you everybody thank you very much [Applause]