{"id":"tqYWDEz4fQM","title":"Layer 1 Stage | MiCA Under the Microscope: Is It Enough to Entice Crypto Builders?","description":"MiCA Under the Microscope: Is It Enough to Entice Crypto Builders, presented by Josh Klayman of Linklaters LLP, Mary Beth Buchanan of NEAR Foundation, Nuno Lima da Luz of Cuatrecasas, Joy Macknight of The Banker\n\nThe European Union's package of rules for crypto, known as MiCA, are hailed as the first comprehensive set of do's and dont's for the industry from a major jurisdiction. They come into force against a backdrop of aggressive regulatory action in the U.S. But will MiCA be enough to tempt the world's crypto builders to set up shop in Europe, as jurisdictions around the world race to invite innovation to their own shores?\n\nJoin NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-11-22T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/tqYWDEz4fQM/hqdefault.jpg","transcript_text":"hi there everybody I'm glad that people have come to see this panel uh because we have a very exciting panel for you so I'm Joy mcnight I'm editor of the banker publication which is part of the financial times group and I have some fantastic expert panelists with me today um right beside me I have Nuno Lima Deus who senior associate at Port in in Portugal at international law firm quatra casus and president of the Portuguese blockchain and cryptocurrencies of Association next to him I have Josh Clayman who is us head of fintech and head of blockchain and digital assets as well as co-head of global technology sector at Law Firm link laders uh and next to her I have Mary Beth Buchanan strategic advisor to the near Foundation as well as sitting on the board of the cardano foundation and has previously been a federal prosecutor uh and also a partner at a very large law firm uh so it's a very legal heavy panel uh which is a good thing as we're discussing the eu's markets and crypto assets regulation or Mika which entered into force in June 2023 and is currently going through a consultation process with member states often hailed as a world first in the regulation of crypto assets so from the Banker's readership position uh I.E the banks this framework is very welcomed and is something they've been waiting for before they could really get actively engaged with the crypto assets and obviously many of them have been doing some things on the side uh but the big institutions have really needed this regulatory Clarity so that they feel comfortable uh that they won't be on the receiving end of regulatory finds uh however what is clear is the eu's new framework approaches crypto Asset Services uh from the standpoint of the traditional Market structure it draws heav on existing rules such as the markets and financial instruments directive or miid among others to create a market design for financial instruments and it applies the regulatory principle of same activity same risks same rules which is intended to level the playing field for service providers so Banks and other intermediaries and financial Market infrastructures that require supervision are all applauding the new regulatory framework or at least think it's it's a step in the right direction and Nuno I'm going to pose the first question to you well this is all well and good but then what does m bring to the crypto Community you know what does it include and then what does it leave out well thank you uh it was a very very good introduction so the the markets in crypto assets regulation um brings brings a lot to the table um it was intended the way it was designed initially was to tackle the Libra DM uh issue Facebook meta Facebook yeah yeah uh so uh basically the way that uh met wanted to um to proceed with and to launch uh um an art an asset reference token uh as the way they intended um that could that was um that was a way and could bring a little bit of disruption to the to the financial stability and um and the monetary policy throughout the world yeah so the central banks as soon as they made that announcement all of a sudden exact they were onest imagine the whole the whole community and the users that uh are within Facebook getting a token that they could uh easily use to to pay for services um there are a lot of users for Facebook so yeah that was the biggest the biggest um um motivation for the European Union to to launch this uh this regulation um in in uh in our jurisdiction so basically Mika tried to tackle that issue first basically it's constructed as a way to to regulate um asset reference tokens and e- money tokens the typically the the stable coins that we know nowadays usdc usdt what ever so that was the the the the the main the main focus of this regulation and after that because we as every law must be it needs to be General and applicable to a lot of different different uh subjects and not just only for a specific Target uh they've built um other things around that so nowadays we have a um a good a good framework that regulates the crypto asset service providers how they provide their services what type of services are comprised in that regulation um and the requirements that they need to have in order to provide those kind of services I think it will be a a very good uh very good framework and under the well under the the typical Brussels effect that the regulation in the European Union as um um throughout the world I think it will be a major landmark and be replicated that the basic things that M says uh will be replicated in other jurisdictions um but um yeah in terms of what it does it include and what it leaves out of of that regulation it includes um how um crypto asset service provider must must um must register the the needs that they have the requirements uh um let's say for example the the the the need to um to to separate funds from clients from the users and their own funds um well FDX yeah could could have been tackled if if M was was already in into force and uh FTX was registered in in the European Union uh that could have been prevented let's say so yeah it has a lot of of um a lot of um um a lot of lot of requirements that uh provide some kind of clarity to the end user and uh it's it's all about consumer protection in the end of the day so uh it brings a lot of a lot into the table on that side well it leaves out um nfts because it's a very complex issue to to to to tackle because nfts you must see the underlying asset that is being represented by an nft nowadays it's mostly IP IP content or IP uh IP assets that are being represented as an nft but an nft an ERC uh 7 uh 721 or 1155 uh has a lot of uh complexity and uh so nfts were left left left aside and decentralized uh um D5 projects were also left uh out of of this regulation because with it's a also a very complex issue to tackle so um yeah basically nfts on that side real nonf fungible tokens are left out of MAA and defi so um but I think it will be Revisited uh in the near future as long as the the legislator the lawmakers The Regulators start to understand how everything Works uh yeah because there's these different phases of consultation that's still happening yeah exactly exactly um excellent we'll have some time to to to do that Mary Beth I was going to bring in you bring yourself in now um so what are the pros and cons for small and mediumsized companies or projects sure first I'd like to thank all of the hearty participants out there who enjoyed the great party last night and are still here here and you're awake so thank you for being here um because this is definitely one of the highlights of the conference the mea legislation um there are definitely um pros and cons and I would say the absolute biggest Pro is that with this expansive legislation the European Union is sending a loud and clear message that crypto assets are welcome and you know this might not seem like a big thing but it is huge um because so many businesses that that operate globally in the crypto assets Bas are always wondering you know are we welcome are we not welcome what what's the law um you know if we come here are we going to have a hard time operating so to have this legislation is is a you know a welcome M bring your business to the European Union the the the second major um benefit is the passport ability of the license and again another huge game Cher having been general counsel to a European crypto asset business I can tell you that it is really hard or was really hard uh before M to try to decide where we want to do business across Europe and you know there's very little distance obviously the countries are so close yet the rules are so different and without having the ability to passport um uh companies have to be really careful about deciding where they want to do business and it's it's no small business decision and these decisions um involve the commitment of significant resources uh in some cases the commitment to actually physically move a business and have certain employees to be present in certain jurisdictions and these decisions aren't made lightly and they're obviously made at the board level and so they take a long time to make those decisions and then in some cases even after um you know a particular business model has been vetted and the company moves into a jurisdiction the deal flow uh isn't there and then they realize that they put a lot of resources into a particular country and they're going to have to change course so passport ability number one um I would say the major cons you know for a small to medium business uh would be the increased compliance burdens so some of the you know bigger institutions they they've already had these programs in place and so this isn't a significant thing for them but for a small business to have to certify that each particular crypto asset is appropriate for a particular customer and that the compliance programs are adequate to protect that customer that's a pretty high burden and if if the company fails to meet that burden the penalty is 125% profits I mean huge I mean that's three times bigger than a gdpr violation so this is something that they really need to get right and put the the proper procedures in place to make sure uh that they can meet that burden uh something that Nuno did mention one one of the downsides is that there are some activities that are left out the nfts and um defi activities and I I think he's correct that over over the next uh year or two um there still will be some significant debate about particular defi activities and whether some defi activities may get swept in and so I think that the final word on this probably has not yet been written and we'll we'll have to see uh see what happens there but overall it's it's a strong message for crypto assets across the European Union and hopefully other countries around the world world including the US will uh take a page out of this book well I have to say you did a great segue into the next question which is for Josh and so Josh you know what is the uh how does Mika for example and what's happening in terms of the EU how does that compare to the regulatory environment in the US so I don't think that the US has frequently been accused of providing Clarity for digital assets regulation um unless you speak with Regulators um but so that's one difference right but I think part of that is because rather than having a statute or or a agreement of some sort we have case law right and the case law has grown up in different sorts of ways and we have principles based laws now we do have statutes like the the 33 act the Securities act or the exchange act the 34 act and so on but we have lots of reg Regulators that overlap they have overlapping jurisdiction and and I think people are pretty familiar with that now you know the well-worn test the hoe test and tests about whether something looks like a note that is a security right the Reeves test family resemblance tests which are are lesser known but I think what I would say is the regulatory perimeter the concept that something would be outside of the regulatory perimeter is kind of foreign to our our Regulators in the US um because so much is focused on how is something offered how is something marketed how is something sold so looking at the activities as well what this means is that while under MAA NS and dii are are expressly left out the SEC has made clear that nfts can be in their view Securities and has had some recent settlements with um impact Theory and Stoner cats right and with respect to defi we've seen proposed rule changes that would expand the definition of exchange to try and capture aspects of defi that currently aren't captured under under existing law we've also seen courts within the US really grappling with these issues and sometimes pushing back on The Regulators in ways that I don't think The Regulators necessarily expected also with respect to defi you may be aware of the recent private action that was attempted to be brought um against unisoft Labs right where the court there which happens to be the same judge that's deciding SEC the coinbase and that was the judge judge for the tornado cash action um by treasury in the US where that judge said actually you know the SEC hasn't really we're not there yet Congress needs to act right this is a matter for Congress and that's something that I think a lot of people in the US have been saying for a while of course the Congress has its own challenges I would just plant a seed about something that I think is coming down the pike which is you know the same Regulators that are very concerned about digital Assets in the US are the same ones that are now very worried about AI right and both of these industries have incredible promise and as The Regulators will remind us you know attendant potentially serious risks and I think within the US there's an increased focus on National Security actually just did a um a podcast about this but why I say this is that there have been some things that have come along over the years but they've not been fully developed the US Department of com Commerce is not one of those agencies that really comes to mind in our space we think SEC cftc finsen Etc but actually there are some things in the works that could expand the kind of kyc AML CFT sanctions stuff to infrastructure providers like infrastructure as a service providers and if you think about our industry you know if you're not a Money Services business if you're not a money transmitter you may say I'm just infrastructure just keep this in mind you'll also see if you saw Biden's executive order on AI I know that's a little bit outside of this but I'm telling you these agencies are all coming together there's a really high focus on National Security as well as competition and the Department of Commerce is going to play a key role in that too so I would just say keep your eyes peeled for the Department of Commerce um and yeah there are lots of differences between the US and Ma but I have to say that's so interesting so thanks for raising that it something that never really occurred to me either uh Mary Beth I was going to ask the next question to you which is you know all the things I said at the beginning of the banks and the big institutions now have the ability to actually engage with the crypto assets Etc under MAA you know do you think do you think what I said was actually true in the terms of do you think that it provides that framework for the big institutions to get involved and then do you think they'll all go rushing in yeah I I think that um the the banks the big banks are really the the true winners here here with with ma because the crypto asset businesses that are not financial institutions have to apply uh for authorization to to operate under ma whereas the banks as as financial institutions and persons uh do not have have to apply for authorization but they do have to meet the notice Provisions so they have to notify their you know home regulator that they intend to offer crypto assets and they have to file their white paper but that white paper doesn't have to be approved by anyone and of course they have to comply with all of the compliance requirements but you know for a big bank they already have uh extensive compliance procedures they have anti-money laundering programs they have terrorist financing programs they have you know sanction programs and so they're already ahead of the game um the the other area is that uh you know they're already already have been segregating customer accounts and this might not seem like a big deal but for a small crypto asset business many of them have been operating you with with an Omnibus wallet and they were not segregating uh you know uh customer funds in separate accounts so for some of those businesses even just doing that you know is a hurdle but for the banks they're already so far out ahead of the game um and I think that the banks uh particularly in the US have been sitting on the sidelines realizing that there's a lot of opportunity in offering crypto assets and they have been wanting to do it um but because of the lack of clarity the banks have not gotten in you know not gotten into the game and and they're not offering crypto assets and so their customers are kind of being left out but here now that they've gotten the green light uh they will be able to offer those assets uh you know to to their bigger uh and smaller Financial clients excellent Nuno do you think the banks will be rushing in yeah I've been seeing a lot of movement on that area even in Portugal um we have clients that are moving towards that direction this is a a boat that has set sail a long time ago so uh there's no way to uh to circumvent or to ignore um this space of the digital assets and and crypto assets for for that part um yeah I think that the the yep as as Mary Mary said uh Mary Beth said um this this regul regulatory package was basically built to allow for financial institutions to come on board and the trefi to come on board on this new reality and the process of getting on board in this new industry uh it's much more simpler for the tread fry industry because the you they have they have that all that compliance and structure that they have facilitates this this on boarding because we can't uh we can't forget that m is basically constructed as a way to protect the consumer the end the end user um so um well tread f is typically we have some some some some issues sometimes but um it's basically constructed to give that confidence and to be a trustable environment for the investors and the end users so I think yeah that um m m allows for for that process to be much more clearer and um to bring that Level Playing Field as you said uh to the to the whole industry on that side but I I I wanted to to say uh as well that um to to pick up on what Mary bet said that um well this will be very very harsh to to to smaller projects to to come on board because the requirements uh are very very um very burdensome uh for for smaller projects and uh everyone will need to to address if they are on a starting point if they are really a crypto s service provider under the the legal definition and then how they can tackle uh um all the requirements that that mik brings and I I think that a lot of m&a movements will come on board uh where big traditional web 2 web one uh Corp corporations will try to uh to acquire or to include or to to uh to bring on board some kind of uh some projects that are still developing and they want or that want to develop this this type of products so so yeah uh to to to give a a much shorter answer to your question yeah I think that the banks and the trefi industry um will get on board now because they have legal Clarity and uh it's not a it's not a traveling on uh uncharted waters now yes exactly well I just wanted to close because it's a bit of a shame because we only have like two minutes left uh but I just wanted to close with the question that was posed as the topic of this panel which is like is it enough to entice crypto Builders the crypto Builders to come uh to the EU has EU has the E my my other question was has the EU really stolen a March uh on other jurisdictions and back to your point you know about you know you you expect it to be replicated in other jurisdictions so you know does it but does it like include the whole Community will it entice the crypto Builders well to to be to be very very uh summary to summarize everything yeah I I think it will it is enough to anti scripto Builders um it provides a lot of legal Clarity and foreen ability for for for the future uh on that side so I think it will um it will entice the crypto Builders to to build more and to build with uh with more clarity on what they can build or not uh and one of of the pillars of ma was was also um to allow for um to have new new sorts of new ways to uh to finance the way uh that you do some some kind of BU business so uh it was one of the pillars and the European the European Union and the European commission uh addressed that so um doing iOS or initial crypto offerings um is one of of the ways that uh um that Ma tries to to aach that so um I think it will be very good to uh to u to build more and build better yeah in that sense Josh we have L yes or no almost time i' like you think it will I mean I think yes I think Ma has incentivized Builders um to to come but I think that's that's also just because as Mary bad said it's a welcome that right and so you know there talk about maik 2 and other things that will come along but I think really Builders want to build and so if there's a jurisdiction that is not making it literally onerous for them and and potentially riskier than than it should be Builders are going to build excellent uh yes or no Mary Beth yes it's a technology agnostic and uh it's clear that they're not regulating the technology so yes I agree the build the builders will come excellent well thank you so much Mary Beth Josh Nuno I thought it was a fantastic panel and thanks so much for our audience for braving and coming to watch it thank you","transcript_synced_at":"2026-11-03T06:17:52.427Z","segments":[{"start_seconds":0,"text":"hi there everybody I'm glad that people have come to see this panel uh because we have a very exciting panel for you so","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=0s"},{"start_seconds":7,"text":"I'm Joy mcnight I'm editor of the banker publication which is part of the financial times group and I have some","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=7s"},{"start_seconds":14,"text":"fantastic expert panelists with me today um right beside me I have Nuno Lima Deus who senior associate at Port in in","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=14s"},{"start_seconds":23,"text":"Portugal at international law firm quatra casus and president of the Portuguese blockchain and cryptocurrencies of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=23s"},{"start_seconds":30,"text":"Association next to him I have Josh Clayman who is us head of fintech and head of blockchain and digital assets as","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=30s"},{"start_seconds":38,"text":"well as co-head of global technology sector at Law Firm link laders uh and next to her I have Mary Beth Buchanan","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=38s"},{"start_seconds":45,"text":"strategic advisor to the near Foundation as well as sitting on the board of the cardano foundation and has previously","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=45s"},{"start_seconds":53,"text":"been a federal prosecutor uh and also a partner at a very large law firm uh so it's a very legal heavy panel uh which","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=53s"},{"start_seconds":62,"text":"is a good thing as we're discussing the eu's markets and crypto assets regulation or Mika which entered into","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=62s"},{"start_seconds":69,"text":"force in June 2023 and is currently going through a consultation process with member states often hailed as a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=69s"},{"start_seconds":78,"text":"world first in the regulation of crypto assets so from the Banker's readership position uh I.E the banks this framework","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=78s"},{"start_seconds":86,"text":"is very welcomed and is something they've been waiting for before they could really get actively engaged with the crypto assets and obviously many of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=86s"},{"start_seconds":94,"text":"them have been doing some things on the side uh but the big institutions have really needed this regulatory Clarity so","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=94s"},{"start_seconds":102,"text":"that they feel comfortable uh that they won't be on the receiving end of regulatory finds uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=102s"},{"start_seconds":109,"text":"however what is clear is the eu's new framework approaches crypto Asset Services uh from the standpoint of the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=109s"},{"start_seconds":116,"text":"traditional Market structure it draws heav on existing rules such as the markets and financial instruments","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=116s"},{"start_seconds":123,"text":"directive or miid among others to create a market design for financial instruments and it applies the regulatory principle of same activity","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=123s"},{"start_seconds":132,"text":"same risks same rules which is intended to level the playing field for service providers so Banks and other","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=132s"},{"start_seconds":140,"text":"intermediaries and financial Market infrastructures that require supervision are all applauding the new regulatory","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=140s"},{"start_seconds":148,"text":"framework or at least think it's it's a step in the right direction and Nuno I'm going to pose the first question to you","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=148s"},{"start_seconds":155,"text":"well this is all well and good but then what does m bring to the crypto Community you know what does it include and then what does it leave","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=155s"},{"start_seconds":163,"text":"out well thank you uh it was a very very good introduction so the the markets in","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=163s"},{"start_seconds":170,"text":"crypto assets regulation um brings brings a lot to the table um it was","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=170s"},{"start_seconds":178,"text":"intended the way it was designed initially was to tackle the Libra DM uh issue Facebook meta Facebook yeah yeah","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=178s"},{"start_seconds":188,"text":"uh so uh basically the way that uh met wanted to um to proceed with and to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=188s"},{"start_seconds":195,"text":"launch uh um an art an asset reference token uh as the way they intended um","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=195s"},{"start_seconds":203,"text":"that could that was um that was a way and could bring a little bit of disruption to the to the financial","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=203s"},{"start_seconds":213,"text":"stability and um and the monetary policy throughout the world yeah so the central banks as soon as they made that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=213s"},{"start_seconds":221,"text":"announcement all of a sudden exact they were onest imagine the whole the whole community and the users that uh are","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=221s"},{"start_seconds":229,"text":"within Facebook getting a token that they could uh easily use to to pay for services um there are a lot of users for","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=229s"},{"start_seconds":238,"text":"Facebook so yeah that was the biggest the biggest um um motivation for the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=238s"},{"start_seconds":245,"text":"European Union to to launch this uh this regulation um in in uh in our","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=245s"},{"start_seconds":251,"text":"jurisdiction so basically Mika tried to tackle that issue first basically it's","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=251s"},{"start_seconds":257,"text":"constructed as a way to to regulate um asset reference tokens and e- money tokens the typically the the stable","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=257s"},{"start_seconds":266,"text":"coins that we know nowadays usdc usdt what ever so that was the the the the the main the main focus of this","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=266s"},{"start_seconds":275,"text":"regulation and after that because we as every law must be it needs to be General","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=275s"},{"start_seconds":283,"text":"and applicable to a lot of different different uh subjects and not just only for a specific Target uh they've built","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=283s"},{"start_seconds":292,"text":"um other things around that so nowadays we have a um a good a good framework","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=292s"},{"start_seconds":300,"text":"that regulates the crypto asset service providers how they provide their services what type of services are","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=300s"},{"start_seconds":307,"text":"comprised in that regulation um and the requirements that they need to have in order to provide","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=307s"},{"start_seconds":314,"text":"those kind of services I think it will be a a very good uh very good framework and under the well under the the typical","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=314s"},{"start_seconds":323,"text":"Brussels effect that the regulation in the European Union as um um throughout the world I think it will be a major","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=323s"},{"start_seconds":332,"text":"landmark and be replicated that the basic things that M says uh will be replicated in other","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=332s"},{"start_seconds":339,"text":"jurisdictions um but um yeah in terms of what it does it include and what it leaves out of of that regulation it","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=339s"},{"start_seconds":348,"text":"includes um how um crypto asset service provider must must um must register the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=348s"},{"start_seconds":356,"text":"the needs that they have the requirements uh um let's say for example the the the the need to um to to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=356s"},{"start_seconds":365,"text":"separate funds from clients from the users and their own funds um well FDX","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=365s"},{"start_seconds":373,"text":"yeah could could have been tackled if if M was was already in into force and uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=373s"},{"start_seconds":380,"text":"FTX was registered in in the European Union uh that could have been prevented let's say so yeah it has a lot of of um","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=380s"},{"start_seconds":390,"text":"a lot of um um a lot of lot of requirements that uh provide","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=390s"},{"start_seconds":397,"text":"some kind of clarity to the end user and uh it's it's all about consumer protection in the end of the day so uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=397s"},{"start_seconds":405,"text":"it brings a lot of a lot into the table on that side well it leaves out um","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=405s"},{"start_seconds":412,"text":"nfts because it's a very complex issue to to to to tackle because nfts you must see the underlying asset that is being","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=412s"},{"start_seconds":421,"text":"represented by an nft nowadays it's mostly IP IP content or IP uh IP assets","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=421s"},{"start_seconds":429,"text":"that are being represented as an nft but an nft an ERC uh 7 uh 721 or","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=429s"},{"start_seconds":437,"text":"1155 uh has a lot of uh complexity and uh so nfts were left left","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=437s"},{"start_seconds":443,"text":"left aside and decentralized uh um D5 projects were also left uh out of of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=443s"},{"start_seconds":451,"text":"this regulation because with it's a also a very complex issue to tackle so um yeah basically nfts on that side real","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=451s"},{"start_seconds":460,"text":"nonf fungible tokens are left out of MAA and defi so um but I think it will be","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=460s"},{"start_seconds":468,"text":"Revisited uh in the near future as long as the the legislator the lawmakers The Regulators start to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=468s"},{"start_seconds":477,"text":"understand how everything Works uh yeah because there's these different phases of consultation that's still happening","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=477s"},{"start_seconds":485,"text":"yeah exactly exactly um excellent we'll have some time to to to do that Mary Beth I was going to bring in you bring","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=485s"},{"start_seconds":493,"text":"yourself in now um so what are the pros and cons for small and mediumsized companies or projects sure first I'd","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=493s"},{"start_seconds":501,"text":"like to thank all of the hearty participants out there who enjoyed the great party last night and are still","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=501s"},{"start_seconds":509,"text":"here here and you're awake so thank you for being here um because this is definitely one of the highlights of the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=509s"},{"start_seconds":516,"text":"conference the mea legislation um there are definitely um pros and cons and I would say the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=516s"},{"start_seconds":525,"text":"absolute biggest Pro is that with this expansive legislation the European Union","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=525s"},{"start_seconds":533,"text":"is sending a loud and clear message that crypto assets are welcome and you know this might not seem like a big thing but","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=533s"},{"start_seconds":541,"text":"it is huge um because so many businesses that that operate globally in the crypto assets Bas are always wondering you know","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=541s"},{"start_seconds":550,"text":"are we welcome are we not welcome what what's the law um you know if we come here are we going to have a hard time","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=550s"},{"start_seconds":556,"text":"operating so to have this legislation is is a you know a welcome M bring your business to the European Union the the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=556s"},{"start_seconds":565,"text":"the second major um benefit is the passport ability of the license and again another huge game","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=565s"},{"start_seconds":573,"text":"Cher having been general counsel to a European crypto asset business I can tell you that it is really hard or was","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=573s"},{"start_seconds":583,"text":"really hard uh before M to try to decide where we want to do business across Europe and you know there's very little","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=583s"},{"start_seconds":591,"text":"distance obviously the countries are so close yet the rules are so different and without having the ability to passport","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=591s"},{"start_seconds":598,"text":"um uh companies have to be really careful about deciding where they want to do business and it's it's no small","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=598s"},{"start_seconds":606,"text":"business decision and these decisions um involve the commitment of significant resources uh in some cases the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=606s"},{"start_seconds":614,"text":"commitment to actually physically move a business and have certain employees to be present in certain","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=614s"},{"start_seconds":621,"text":"jurisdictions and these decisions aren't made lightly and they're obviously made at the board level and so they take a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=621s"},{"start_seconds":628,"text":"long time to make those decisions and then in some cases even after um you know a particular business model has","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=628s"},{"start_seconds":635,"text":"been vetted and the company moves into a jurisdiction the deal flow uh isn't there and then they realize that they put a lot of resources into a particular","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=635s"},{"start_seconds":644,"text":"country and they're going to have to change course so passport ability number one um I would say the major cons you","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=644s"},{"start_seconds":653,"text":"know for a small to medium business uh would be the increased compliance burdens so some of the you know bigger institutions they they've already had","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=653s"},{"start_seconds":661,"text":"these programs in place and so this isn't a significant thing for them but for a small business to have to certify","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=661s"},{"start_seconds":670,"text":"that each particular crypto asset is appropriate for a particular customer and that the compliance programs are","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=670s"},{"start_seconds":678,"text":"adequate to protect that customer that's a pretty high burden and if if the company fails to meet that burden the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=678s"},{"start_seconds":687,"text":"penalty is 125% profits I mean huge I mean that's three times bigger than a gdpr violation so","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=687s"},{"start_seconds":695,"text":"this is something that they really need to get right and put the the proper procedures in place to make sure uh that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=695s"},{"start_seconds":703,"text":"they can meet that burden uh something that Nuno did mention one one of the downsides is that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=703s"},{"start_seconds":710,"text":"there are some activities that are left out the nfts and um defi activities and","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=710s"},{"start_seconds":717,"text":"I I think he's correct that over over the next uh year or two um there still will be some significant debate about","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=717s"},{"start_seconds":725,"text":"particular defi activities and whether some defi activities may get swept in and so I think that the final word on","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=725s"},{"start_seconds":734,"text":"this probably has not yet been written and we'll we'll have to see uh see what happens there but overall it's it's a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=734s"},{"start_seconds":742,"text":"strong message for crypto assets across the European Union and hopefully other countries around the world world","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=742s"},{"start_seconds":749,"text":"including the US will uh take a page out of this book well I have to say you did a great segue into the next question","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=749s"},{"start_seconds":757,"text":"which is for Josh and so Josh you know what is the uh how does Mika for example and what's happening in terms of the EU","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=757s"},{"start_seconds":765,"text":"how does that compare to the regulatory environment in the US so I don't think that the US has","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=765s"},{"start_seconds":772,"text":"frequently been accused of providing Clarity for digital assets regulation um unless you speak with Regulators um but","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=772s"},{"start_seconds":781,"text":"so that's one difference right but I think part of that is because rather than having a statute or or a agreement","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=781s"},{"start_seconds":789,"text":"of some sort we have case law right and the case law has grown up in different sorts of ways and we have principles based laws now we do have statutes like","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=789s"},{"start_seconds":797,"text":"the the 33 act the Securities act or the exchange act the 34 act and so on but we have lots of reg Regulators that overlap","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=797s"},{"start_seconds":806,"text":"they have overlapping jurisdiction and and I think people are pretty familiar with that now you know the well-worn test the hoe test and tests about","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=806s"},{"start_seconds":814,"text":"whether something looks like a note that is a security right the Reeves test family resemblance tests which are are lesser known but I","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=814s"},{"start_seconds":821,"text":"think what I would say is the regulatory perimeter the concept that something would be outside of the regulatory","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=821s"},{"start_seconds":829,"text":"perimeter is kind of foreign to our our Regulators in the US um because so much is focused on how is something offered","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=829s"},{"start_seconds":838,"text":"how is something marketed how is something sold so looking at the activities as well what this means is","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=838s"},{"start_seconds":844,"text":"that while under MAA NS and dii are are expressly left out the SEC has made","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=844s"},{"start_seconds":851,"text":"clear that nfts can be in their view Securities and has had some recent settlements with um impact Theory and","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=851s"},{"start_seconds":860,"text":"Stoner cats right and with respect to defi we've seen proposed rule changes that would expand the definition of exchange to try and capture aspects of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=860s"},{"start_seconds":869,"text":"defi that currently aren't captured under under existing law we've also seen courts within the US really grappling with these issues and sometimes pushing","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=869s"},{"start_seconds":877,"text":"back on The Regulators in ways that I don't think The Regulators necessarily expected also with respect to defi you may be aware of the recent private","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=877s"},{"start_seconds":886,"text":"action that was attempted to be brought um against unisoft Labs right where the court there which happens to be the same","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=886s"},{"start_seconds":893,"text":"judge that's deciding SEC the coinbase and that was the judge judge for the tornado cash action um by treasury in","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=893s"},{"start_seconds":902,"text":"the US where that judge said actually you know the SEC hasn't really we're not there yet Congress needs to act right","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=902s"},{"start_seconds":911,"text":"this is a matter for Congress and that's something that I think a lot of people in the US have been saying for a while of course the Congress has its own","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=911s"},{"start_seconds":918,"text":"challenges I would just plant a seed about something that I think is coming down the pike which is you know the same","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=918s"},{"start_seconds":927,"text":"Regulators that are very concerned about digital Assets in the US are the same ones that are now very worried about AI","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=927s"},{"start_seconds":935,"text":"right and both of these industries have incredible promise and as The Regulators will remind us you know attendant potentially serious risks and I think","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=935s"},{"start_seconds":942,"text":"within the US there's an increased focus on National Security actually just did a um a podcast about this but why I say","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=942s"},{"start_seconds":950,"text":"this is that there have been some things that have come along over the years but they've not been fully developed the US Department of com Commerce is not one of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=950s"},{"start_seconds":959,"text":"those agencies that really comes to mind in our space we think SEC cftc finsen Etc but actually there are some things","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=959s"},{"start_seconds":968,"text":"in the works that could expand the kind of kyc AML CFT sanctions stuff to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=968s"},{"start_seconds":975,"text":"infrastructure providers like infrastructure as a service providers and if you think about our industry you know if you're not a Money Services business if you're not a money","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=975s"},{"start_seconds":984,"text":"transmitter you may say I'm just infrastructure just keep this in mind you'll also see if you saw Biden's executive order on AI I know that's a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=984s"},{"start_seconds":991,"text":"little bit outside of this but I'm telling you these agencies are all coming together there's a really high focus on National Security as well as","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=991s"},{"start_seconds":999,"text":"competition and the Department of Commerce is going to play a key role in that too so I would just say keep your eyes peeled for the Department of Commerce um and yeah there are lots of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=999s"},{"start_seconds":1008,"text":"differences between the US and Ma but I have to say that's so interesting so thanks for raising that it something that never really occurred to me either","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1008s"},{"start_seconds":1016,"text":"uh Mary Beth I was going to ask the next question to you which is you know all the things I said at the beginning of the banks and the big institutions now","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1016s"},{"start_seconds":1024,"text":"have the ability to actually engage with the crypto assets Etc under MAA you know do you think do you think what I said","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1024s"},{"start_seconds":1033,"text":"was actually true in the terms of do you think that it provides that framework for the big institutions to get involved and then do you think they'll all go","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1033s"},{"start_seconds":1040,"text":"rushing in yeah I I think that um the the banks the big banks are really the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1040s"},{"start_seconds":1047,"text":"the true winners here here with with ma because the crypto asset businesses that are not financial institutions have to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1047s"},{"start_seconds":1056,"text":"apply uh for authorization to to operate under ma whereas the banks as as","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1056s"},{"start_seconds":1063,"text":"financial institutions and persons uh do not have have to apply for authorization but they do have to meet the notice","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1063s"},{"start_seconds":1071,"text":"Provisions so they have to notify their you know home regulator that they intend to offer crypto assets","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1071s"},{"start_seconds":1079,"text":"and they have to file their white paper but that white paper doesn't have to be approved by anyone and of course they","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1079s"},{"start_seconds":1086,"text":"have to comply with all of the compliance requirements but you know for a big bank they already have uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1086s"},{"start_seconds":1093,"text":"extensive compliance procedures they have anti-money laundering programs they have terrorist financing programs they","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1093s"},{"start_seconds":1100,"text":"have you know sanction programs and so they're already ahead of the game um the the other area is that uh you know","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1100s"},{"start_seconds":1107,"text":"they're already already have been segregating customer accounts and this might not seem like a big deal but for a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1107s"},{"start_seconds":1115,"text":"small crypto asset business many of them have been operating you with with an Omnibus wallet and they were not","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1115s"},{"start_seconds":1122,"text":"segregating uh you know uh customer funds in separate accounts so for some of those businesses even just doing that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1122s"},{"start_seconds":1130,"text":"you know is a hurdle but for the banks they're already so far out ahead of the game um and I think that the banks uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1130s"},{"start_seconds":1139,"text":"particularly in the US have been sitting on the sidelines realizing that there's a lot of opportunity in offering crypto","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1139s"},{"start_seconds":1147,"text":"assets and they have been wanting to do it um but because of the lack of clarity the banks have not gotten in you know","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1147s"},{"start_seconds":1155,"text":"not gotten into the game and and they're not offering crypto assets and so their customers are kind of being left out but here now that they've gotten the green","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1155s"},{"start_seconds":1163,"text":"light uh they will be able to offer those assets uh you know to to their bigger uh and smaller Financial clients","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1163s"},{"start_seconds":1171,"text":"excellent Nuno do you think the banks will be rushing in yeah I've been seeing a lot of movement on that area even in Portugal","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1171s"},{"start_seconds":1179,"text":"um we have clients that are moving towards that direction this is a a boat that has set sail a long time ago so uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1179s"},{"start_seconds":1189,"text":"there's no way to uh to circumvent or to ignore um this space of the digital assets and and crypto assets for for","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1189s"},{"start_seconds":1198,"text":"that part um yeah I think that the the yep as as Mary Mary said uh Mary Beth","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1198s"},{"start_seconds":1206,"text":"said um this this regul regulatory package was basically built to allow for","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1206s"},{"start_seconds":1214,"text":"financial institutions to come on board and the trefi to come on board on this new reality and the process of getting","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1214s"},{"start_seconds":1223,"text":"on board in this new industry uh it's much more simpler for the tread fry industry because the you they have they","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1223s"},{"start_seconds":1231,"text":"have that all that compliance and structure that they have facilitates this this on boarding because we can't","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1231s"},{"start_seconds":1239,"text":"uh we can't forget that m is basically constructed as a way to protect the consumer the end the end user um so um","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1239s"},{"start_seconds":1248,"text":"well tread f is typically we have some some some some issues sometimes but um it's basically constructed to give that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1248s"},{"start_seconds":1257,"text":"confidence and to be a trustable environment for the investors and the","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1257s"},{"start_seconds":1263,"text":"end users so I think yeah that um m m allows for for that process to be much","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1263s"},{"start_seconds":1271,"text":"more clearer and um to bring that Level Playing Field as you said uh to the to the whole industry on that side but I I","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1271s"},{"start_seconds":1280,"text":"I wanted to to say uh as well that um to to pick up on what Mary bet said that um","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1280s"},{"start_seconds":1288,"text":"well this will be very very harsh to to to smaller projects to to come on board","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1288s"},{"start_seconds":1295,"text":"because the requirements uh are very very um very burdensome uh for for","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1295s"},{"start_seconds":1303,"text":"smaller projects and uh everyone will need to to address if they are on a starting point if they are really a","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1303s"},{"start_seconds":1311,"text":"crypto s service provider under the the legal definition and then how they can tackle uh um all the requirements that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1311s"},{"start_seconds":1320,"text":"that mik brings and I I think that a lot of m&a movements will come on board uh","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1320s"},{"start_seconds":1326,"text":"where big traditional web 2 web one uh Corp corporations will try to uh to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1326s"},{"start_seconds":1334,"text":"acquire or to include or to to uh to bring on board some kind of uh some projects that are still developing and","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1334s"},{"start_seconds":1343,"text":"they want or that want to develop this this type of products so so yeah uh to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1343s"},{"start_seconds":1350,"text":"to to give a a much shorter answer to your question yeah I think that the banks and the trefi industry um will get","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1350s"},{"start_seconds":1359,"text":"on board now because they have legal Clarity and uh it's not a it's not a traveling on uh uncharted waters now yes","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1359s"},{"start_seconds":1368,"text":"exactly well I just wanted to close because it's a bit of a shame because we only have like two minutes left uh but I just wanted to close with the question","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1368s"},{"start_seconds":1375,"text":"that was posed as the topic of this panel which is like is it enough to entice crypto Builders the crypto","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1375s"},{"start_seconds":1383,"text":"Builders to come uh to the EU has EU has the E my my other question was has the EU really stolen a March uh on other","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1383s"},{"start_seconds":1392,"text":"jurisdictions and back to your point you know about you know you you expect it to be replicated in other jurisdictions so","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1392s"},{"start_seconds":1399,"text":"you know does it but does it like include the whole Community will it entice the crypto Builders well to to be","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1399s"},{"start_seconds":1407,"text":"to be very very uh summary to summarize everything yeah I I think it will it is enough to anti","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1407s"},{"start_seconds":1415,"text":"scripto Builders um it provides a lot of legal Clarity and foreen ability for for","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1415s"},{"start_seconds":1423,"text":"for the future uh on that side so I think it will um it will entice the crypto Builders to to build more and to","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1423s"},{"start_seconds":1431,"text":"build with uh with more clarity on what they can build or not uh and one of of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1431s"},{"start_seconds":1438,"text":"the pillars of ma was was also um to allow for um to have new new sorts of","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1438s"},{"start_seconds":1446,"text":"new ways to uh to finance the way uh that you do some some kind of BU business so uh it was one of the pillars","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1446s"},{"start_seconds":1455,"text":"and the European the European Union and the European commission uh addressed that so um doing iOS or initial crypto","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1455s"},{"start_seconds":1465,"text":"offerings um is one of of the ways that uh um that Ma tries to to aach that so","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1465s"},{"start_seconds":1473,"text":"um I think it will be very good to uh to u to build more and build better yeah in that","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1473s"},{"start_seconds":1479,"text":"sense Josh we have L yes or no almost time i' like you think it will I mean I","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1479s"},{"start_seconds":1488,"text":"think yes I think Ma has incentivized Builders um to to come but I think that's that's also just because as Mary","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1488s"},{"start_seconds":1497,"text":"bad said it's a welcome that right and so you know there talk about maik 2 and other things that will come along but I think really Builders want to build and","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1497s"},{"start_seconds":1506,"text":"so if there's a jurisdiction that is not making it literally onerous for them and and potentially riskier than than it","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1506s"},{"start_seconds":1513,"text":"should be Builders are going to build excellent uh yes or no Mary Beth yes it's a technology agnostic and uh it's","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1513s"},{"start_seconds":1522,"text":"clear that they're not regulating the technology so yes I agree the build the builders will come excellent well thank you so much Mary Beth Josh Nuno I","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1522s"},{"start_seconds":1531,"text":"thought it was a fantastic panel and thanks so much for our audience for braving and coming to watch it thank","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1531s"},{"start_seconds":1543,"text":"you","url":"https://www.youtube.com/watch?v=tqYWDEz4fQM&t=1543s"}],"youtube_url":"https://youtube.com/watch?v=tqYWDEz4fQM","url":"https://near-pedia.xyz/videos/tqYWDEz4fQM"}