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Policy9000: Navigating Global Regulatory Shifts I Avalanche Summit LATAM
41 Plays15 days ago
Demystify the complexity of global regulation with regional legal and policy experts from the US, EU and APAC as they review recent progress, upcoming implementations, and existing challenges adding to the Web3 riddle. Take a look at Markets in Crypto-Assets (MiCA) and other European regulations coming into full effect in 2025 and beyond, and learn more about the state of play in the US from the perspective of Congress and key regulators, and hear about major issues across key Asia jurisdictions. As the world adapts to a tokenized future, Policy9000 defines a path forward for navigating a global regulatory shift.
Lilya Tessler (Sidley), Urszula McCormack (KWM), Marina Markezic (European Crypto Initiative), Caroline Malcolm (Ruby), Lee Schneider (Ava Labs)
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Transcript
Owl Explained Series Introduction
00:00:06
Speaker
Hi everybody, this is a special Owl Explained series, where we bring key panels from our Avalanche Summit directly to you. Whether you missed the summit or want a fresh look at the discussions shaping blockchain and web3 policy, we've got all the insights right here, straight from the experts, right to your ears.
Global Blockchain Policy Overview
00:00:31
Speaker
Great panel for you all today. ah Marina, Lily, Caroline, Ursula, please come on up. We have experts from around the world who are going to help us learn about what's going on from a policy standpoint. What are the policymakers and regulators thinking about all around the world?
00:00:55
Speaker
ah With that, I will take a seat and ah you guys are going to have to do an EHA again at the end of our panel, just so that you are prepared. ah Caroline, why don't we start with you, introduce everybody, introduce themselves and then we'll kick off some questions. Great, thanks a lot Lee. It's great to be here. So Caroline Malcolm, I've been working in the space for about eight years, always on the policy side, ah first at the OECD and most recently at Chainalysis, where I ran the public policy function.
00:01:24
Speaker
Hey everybody, Selma Cormack. I work in private practice. I'm based in Sydney with a team in Australia and in Hong Kong. People like the Bank for International Settlements around blockchain platforms and the ins and outs of doing those.
00:01:36
Speaker
Hi, my name is Lily Tesler. I'm a partner and head of Sidley Austin's FinTech and Blockchain practice. And day-to-day, I help clients navigate the complex US and cross-border regulatory issues related to blockchain products and services, as well as helping them launch compliance products and services on a global scale.
00:01:55
Speaker
Hello, everyone. My name is Marina Markejic and I'm the CEO of the European Crypto Initiative, which is an advocacy organization based in Brussels. I've been working in this space for the last seven years as well. I was mostly working with projects, um doing advisory, but when Mika, as you may have heard, the market for crypto assets regulation have kicked in, we have started working on policy. So that's what we do today.
00:02:22
Speaker
Great. Well, thank you all for being here and thank you for coming all the way to Buenos Aires. To kick things off, let's talk about tokenization of assets. We heard a lot about that when Gunn was talking, when John was talking. How sort of is the world looking at tokenization of assets? Marina, why don't we start with you for the European perspective?
Europe's Blockchain Adoption
00:02:44
Speaker
Okay, there's a lot happening in Europe. So, Europe has been very early in starting thinking about what blockchain means and what it could bring to the EU um in a way community, to the EU industry, and they have started first with what I mentioned, the markets and assets regulation, but why we are here today is to talk about tokenisation. So there's another very interesting project and it's called the DLT pilot regime that was really focused on basically tokenising securities and that's where I think the EU ah was really like in a way looking ahead, trying to think about what can we do, how can we facilitate securities, financial instruments to be traded and settled on the DLT.
00:03:27
Speaker
So the DLT pilot regime for now is more of a, similar to a sandbox, is a temporary pilot regime. It goes on for three years. And unfortunately, we did not have a lot of success with it. What I mean is there there' are not a lot of projects in Europe that are in a way um regulated under the DLT pilot regime, although it's already possible. And they're not registered under that. And there are a few problems with it. Maybe we can go into that later.
00:03:55
Speaker
ah but What I think is positive still is that everyone, the European Commission, Parliament, everyone in the in the in Brussels, but also all national competent authorities, they have started thinking about the DLT pilot regime, they have started thinking about tokenisation, and I think that we had a lot of learnings and I think that hopefully the pilot regime will be extended and we'll also see more projects working within this pilot regime.
00:04:22
Speaker
Great, thank you, Marina. Lily, let's chat a little little bit about the U.S., which can be problematic, as everybody knows. Yes, definitely happy to talk about the U.S. tokenization regime, which there really is none.
US Regulatory Challenges on Tokenization
00:04:36
Speaker
Really what you need to start with is what is the asset being tokenized and depending on the asset being tokenized. There's a whole line of regulations, legislation, depending on what industry that asset is in, that may or may not apply or may not even take tokenization consideration yet and may require further development and guidance.
00:04:54
Speaker
So I think it's important to to think about that asset, and you know there could be overlapping regulations, which is what' where some of the challenges may lie, as well as certain regulators take the view, the SEC being one of them, that everything is a financial instrument, a financial product, which is not necessarily the case when you're tokenizing assets. So that those are also important things to think about.
00:05:15
Speaker
Just from a policy perspective, this is definitely a hot topic in Washington from a regulatory perspective. I myself participated in a hearing, that we a congressional hearing that we had regarding tokenization of real world assets. So we're starting to see regulators and legislation legislature thinking about Do we need to have the existing regulations be modified, adopted? Do we need to have guidance on how you can use blockchain, tokenize different types of assets within the existing regulations? So it's kind of myriad of overlapping regulations that we're going to see and develop over time.
00:05:51
Speaker
Ursula, I'm not going to ask you to cover all of APAC, since that would be way too much, but give us a few highlights from some key jurisdictions. Yeah, look, absolutely.
Tokenization in APAC Regions
00:06:00
Speaker
So the the wonder of APAC is you see the full gamut. So tokenizing any sort of asset, mainland China, that demonstrates the hardest position. You can't do it, can't sell it, nothing.
00:06:12
Speaker
ah Then we've got sort of the other end of the spectrum, no guidance, nothing, a lot of uncertainty, places like Vietnam. And then in the middle, you've got major markets like Hong Kong and Singapore in particular, ah providing a lot of guidance in terms of what are the technical standards we would expect of you to tokenise an asset. When I say guidance, I generally mean guidance from financial regulators. They're the most active, they will provide their prescriptive requirements to the people they regulate. So it would be the intermediaries who are selling, who are structuring. So in that arena, um there's a lot of really great pathways, guidance, information that provides a lot of confidence to the market, either to experiment themselves or at least to support the industry as a bank, um as a as an intermediary. So that's a really positive thing.
00:07:04
Speaker
In certain cases we see some level of ah of of pruning ah that occurs in that instance but I couldn't emphasise enough for Lily's point which is um that it all matters, the fundamentals matter. So where we've had some really positive experimentation like the tokenisation of gold as an HSBC product um that was launched earlier this year, ah that was a fractional interest in a real gold bar sitting in its London vaults But because it was a fractional interest, it wasn't a oneto one-to-one with the exact full goal bar. It was a collective investment scheme, so it had to go down a regulatory pathway. I can of course create something that's not an instrument like that, ah but but it's a different story. So the combination of
00:07:55
Speaker
clear guidance, some pruning, but also experimentation closely with regulators is is where we're headed. The only final thing i'll I'll mention that's different to what we're seeing in Europe is we're not yet seeing the sort of statutory legal clarity around ah you know the recognition of that digital ah twin of the real world asset. So that's still missing.
00:08:17
Speaker
Caroline, what are the sort of global international groups like the OECD, IOSCO, and others thinking about tokenization of assets? so So
Middle East's Stance on Tokenization
00:08:28
Speaker
that's a good question. I might touch briefly on the Middle East. And then and then because I think the Middle East gets a lot of attention when we think about what I think called like the sort of the peculiar crypto space versus sort of the tokenized asset space, which can be our real world assets versus our sort of digital native assets.
00:08:43
Speaker
and And across the Middle East, you have an interesting sort of bifurcation. You have those jurisdictions which have created regimes for that sort of pure crypto world. Your ah virus, ADGM, for example, in in the UAE.
00:08:59
Speaker
And then you have in Bahrain, but then you have other jurisdictions. And and I'm thinking here about Qatar and even in Saudi who seem to be a little bit more comfortable thinking more about the tokenized world than they do about the the pure crypto world. So just you know at a high level. The other thing I think I sort of see kind of globally is you know still very uneven in terms of the approach. And and when we think about those international bodies,
00:09:26
Speaker
I guess, as a whole, their focus has been a lot more on that that pure crypto space, but we are starting to see some interest. and i think kind of the We don't often think about it when we talk about tokenization, but we think you know but things like stablecoins.
00:09:43
Speaker
tokenization of effectively money market funds is where there is a lot more interest and a lot more actually happening.
Tokenized Assets as Financial Instruments
00:09:49
Speaker
I think that's where regulators and we've seen them focus a lot more on that space than the broader tokenization of what we might think of as a ah financial asset. I just want to add one more thing to sort of, and I know it's probably sort of close to your heart Lee, but this idea that you know when you tokenize something it doesn't in of itself make it a financial asset and the session before really kind of listening to that conversation really brought that home and I think that is another conversation we are not really seeing happening but I would really encourage everyone to have more which is that there is a spectrum of even within what we might call financial assets there's a whole sort of broad spectrum of what they are and they don't necessarily all need the same rules but beyond that I think the risk that when you're you know and I i see this when I talk to regulators say
00:10:36
Speaker
in in certain parts of the world is that they talk about things like gaming and the tokens that you can have within the gaming ecosystem. And they're like, well, yeah, and I mean, those should be subject to rules as well. i was like oh Like, we've never done that. We've never had gaming subject to regulation in the same way where we do finance.
00:10:51
Speaker
And for a whole bunch of sort sort of ah philosophical reasons about why that's the case. And I think we do need to kind of be alert to to this risk that there is a sort of a slippery slope that as soon as you tokenise, oh, wow, now that falls within the kind of remit of the of the financial markets regulators. And kind of developing where we think those lines should be, I think is something that is is to come for the industry.
00:11:16
Speaker
So thank you, Caroline. I'm going to make a shameless plug now based on what you said for our OWL Explains project. And by the way, we have a cool OWL Explains space right under the stairs downstairs. So make sure you go check us out there. OWL Explains is a project that we implemented to try to explain these things to regulators and policymakers, because we have a strong belief that they don't understand what tokenization of assets means. They don't understand the concept that you can digitally represent something, anything on a blockchain and that doesn't change the nature of that asset. So we have a great podcast series and we're working with academics, lots of cool stuff if I do say so myself. So please check it out and Silvia Sanchez who runs that project is somewhere around here in the next couple of days so definitely find her and say hello.
00:12:10
Speaker
um So Ursula you chatted a little bit about the gold bars um and i I know there's been other people who focused on that so ah Lily did you want to talk ah a little bit about that first?
00:12:23
Speaker
Yes, so happy to. So I've worked on projects for tokenization, a lot of different type of assets, tokenized gold being one of them. I just wanted to briefly talk about you know the importance of thinking through where what is the nature of the asset first. So first, what you're tokenizing is actual gold, a bar of gold. So that has certain regulations from a US perspective. Gold is a commodity. So commodities laws apply if you're offering or selling it in the United States, as well as certain other regulations regarding trading venues that that may be um trading these assets. Tokenizing that asset shouldn't change the regulations around it. However, there are certainly considerations as to whether securities laws apply.
00:13:07
Speaker
um that are also subject to SEC regulation if you are selling security interests in the gold rather than the actual bar of gold itself. So that's a consideration. But also you know often overlooked is commercial laws. How do you actually transfer ownership of the asset on chain? In the US, there are US uniform commercial laws that are different in every state in the United States. So depending where you're offering or how you're transferring ownership in a state, that may vary.
00:13:34
Speaker
it becomes even more complex where it meant much of the gold is bought and sold in the London bullion exchange. It may be custody in other countries but you're transferring in the U.S. So what laws apply? is the Foreign jurisdictions, ownership laws, the U.S. um regulations. So there's a lot of interesting kind of legal issues to consider on something as simple as tokenizing.
00:13:55
Speaker
ah gold bars and and selling them and trading them. So that's one example. But we're we're seeing tokenization in a lot of different areas. It's much easier to tokenize security interests because the laws in the US already exist with respect to securities laws. um So we're seeing tokenization of funds interests, tokenization of equity, bonds, and so forth but because the laws exist. But interesting, other creative projects where there is no guidance is a way to need to think through some some of these implications.
EU's Regulatory Focus on Stablecoins
00:14:26
Speaker
Marina, it I know you mentioned Mika. Is Mika thinking about these issues yet or they're really waiting to see what happens and they'll deal with it later like they're going to deal with DeFi later?
00:14:37
Speaker
I love the question. So basically, there's a theory that the first very successful tokenized asset are stablecoins. And those are the heart of the MICA regulation. That's why we have MICA mostly. And if we think about, they are regulated in a very specific way. We have certain requirements, et cetera. As you know, we already had a few licenses issued. And they are regulated stablecoins in Europe already as of July 2024.
00:15:05
Speaker
So that's in a way regulated. Then we have Mikamosi regulates crypto assets, which we in Europe mostly agreed that the tokens that we ah now use and and see are crypto assets and not securities, not financial instruments. We'll still have a lot of debate, I think, with the national competent authorities in the next weeks.
00:15:24
Speaker
but and months but in general, they are not securities. So this kind of ah group of assets that are not securities exists out there. And then we have NFTs that are also mentioned in MICA.
00:15:36
Speaker
And with NFTs it's pretty, I would say, complicated, because if they're not unique and if the issue is not small, so that, or still we need to look into what that exactly means and what are the interpretation, is the, I don't know, 100 NFTs small enough is something that is, I don't know, 100,000, would that be too big of ah of an issue ah to be an NFT?
00:16:03
Speaker
But when it comes to NFTs in general, there could be three different things. There can be NFTs from a legal point of view, so excluded from MICA and not regulated. That could be crypto assets and regulated by MICA, so mostly writing a white paper when issuing listing, et cetera. Or they could be financial instruments. And it really goes back to what we were saying what is really the the core of the of the tokenized asset. So, um the Lincoln Stein regulator, years ago, they mentioned a container. That's a really nice metaphor. So, we don't the regulator doesn't care that much about a container, but what is in it. And um we have these different assets right now, and I think quite a lot of clarity in Europe when it comes to that.
00:16:47
Speaker
um What I mentioned before, the DLT pilot regime is for financial instruments, but to a certain amount. So, for example, when it comes to shares, there's a limitation of 500 million um when it comes to bonds, ah public or private, 200 million, et cetera. So, it's really for smaller projects.
00:17:06
Speaker
And the European Commission at the moment is still looking into and trying to understand more if they should do something more when it comes to, in a way, unlimited issuance of of financial instruments on the DLT pilot regime. So very, very active. There's a lot of things happening in the EU. And I think tokenisation is really going to be something that is going to be pretty important for the new Commission. As you know, we have a new Commission, a new Parliament. So for the next five years, that is really going to be one of the important topics. ah Ursula, Caroline, please weigh in here too. I was i was only going to um I wanted to raise some of the other areas and themes that might be relevant to developers um and you know I'll pick Australia as an example is that there is a stronger focus on the responsibilities of technology developers and providers
00:17:59
Speaker
um Everything from ah doing something with the information they have about the activity that's occurring using their technology and potentially ascribing liability for that. So a great example is just with with fraud and scams and you know people people ah losing a lot of trick to losing a lot of their money.
00:18:19
Speaker
banks now sick of paying out on all of that and really, really, you know, tension focusing on platforms. But also with banks that are issuing stable points, they're worried about the information that they see and with the technological, you know, ah the the technical ah functions that they have to potentially intermediate and disrupt those transactions or even just to see them, um the more you see, the more you need to do with that
Tech Developer Roles in Regulation
00:18:43
Speaker
information. And so that makes a lot of banks nervous about launching that sort of infrastructure where they're able to see, intervene, and they need to do something about it.
00:18:53
Speaker
But the other thing I wanted to mention, given that there's a you know focus here on um you know that there are a number of people building gaming platforms and social components, is that there's also a really strong focus on the design aspects of technology that really push and encourage people to interact. And what I mean by that is the addictive style, ah you know, ah sort of um functionalities and and mechanisms that really hook people in ah that have really been there in the background but haven't had regulatory focus.
00:19:27
Speaker
um And then second are things like dark patterns that sort of nudge people to make certain choices as well. So as as much as there's a real drive to get as much engagement as possible, I would keep an eye out on that as a developer. ah Finally, just briefly, there's also the age restrictions as well.
00:19:48
Speaker
no i look i mean i think you're a shaan I don't think people are paying enough attention to the changing sort of conversation and ultimately sort of regulatory or enforcement action around the responsibilities of of platforms. and i think you know If we think of sort of financial the financial world being down sort of this end of the spectrum and sort of historically the sort of social and sort of communication networks have been down this other end of the spectrum in terms of sort of the degree of scrutiny that they've been allowed to be sort of subject to, I think that's very, very much changing. and and
00:20:23
Speaker
as i said i see i you know I think there is a sort of a social demand that that changes and and Gun was just talking about, you know sort of creating the world that we want to see in terms of this web three, this decentralized sort of space and more opportunities for users and creators in that.
00:20:41
Speaker
But that also then, you know, means that there are, you know, more obligations on those people is what we can sort of foresee coming, but it won't just sit with the platforms, which is where we're sort of moving to now, but ultimately in a sort of a Web3 world that you can see some of those obligations that the users or creators themselves may either have to think about in their own development and design, or actually when they're considering which platforms to sort of make their you know ah products and tools available on, ah you know whether those are actually compliant
Tax and Regulatory Challenges
00:21:13
Speaker
as as well. that that that That kind of shifting liability is is sort of definitely i think so something which we are seeing increasingly occur.
00:21:22
Speaker
And kind of just briefly, because you mentioned earlier that discussion around the sort of game tokens and, you know, being careful around the boundaries. One of the discussions we sometimes have with tax authorities, they say, yeah, well, we didn't care before, but now we've got a people lot of people making a lot of money ah from this ecosystem. And so from a policy perspective, our our approach does need to change. Yeah, no, it is true. It's it's it's quite interesting. So my background is as a tax lawyer and I got into the crypto space through tax.
00:21:49
Speaker
um for my sins and um what was really interesting is that it was that point at where the sort of market really picked up that that you did see a shift so there's some you know there's some risks that come with becoming successful I think in terms of you draw more attention both in terms of the number of people you're touching but also the volumes that that are actually taking place.
00:22:11
Speaker
And I agree that crypto and blockchain is sort of highlighting issues that have already been there, but ah for for whatever reason, tax authorities, regulators and others have not been paying as close attention. But now that there's blockchain, now that there's crypto, all of a sudden they feel like they have to pay a lot of attention to those to those areas. and And I think those areas are ah overlooked in the conversation about tokenization of assets.
00:22:41
Speaker
Right. So thinking about I hate to go back to the taxation although maybe Caroline will enjoy that. um But you know now we spend a huge amount of time thinking about the taxation issues associated with everything related to blockchain and crypto. ah And the last point that I'll make, and and then please others jump in, is because everything is so global, right, we're we're seeing all of these issues play out in different ways, in different countries, at at different time, at different speeds. And so it makes it even more difficult to sort of be able to say, okay, I know what the answer is, let's just do that.
00:23:24
Speaker
Maybe I'll go into that first. the the In a way, blockchain and the industry, it was global from day one.
EU's Platform Regulation and Smart Contracts
00:23:32
Speaker
And right now, we are focusing, and we need to look into each jurisdiction specifically. And as you say, they're not developing at the same time. So we need to be having a license already if you are talking a stablecoin issuer in Europe, but there is no regulation yet in the US or somewhere else. So basically, by default, it makes a project um In a way it forces a project to have different products for different jurisdictions. And that also increases of course the cost of compliance etc. But it really means that you are going to be in a way having a different product in in each jurisdiction. jurisdiction
00:24:08
Speaker
And what I wanted to mention before and what you you went into platform regulation is also something that is happening in the u EU, um the Digital Marketing Act, the Digital Services Act. there's um I don't think the crypto um maybe industry has paid enough attention on that because it was mostly on the ah kind of a content creator platforms, etc. But it is also applicable for all the platforms that we in a way are working on here.
00:24:37
Speaker
And the other topic is in Europe we have the first definition of a smart contract already in a regulation um that is regulating data, but in a way it is something that we have have have right now as a first definition and first standard if you want to use a smart contract in certain instances connected to data that is coming from IoT devices, so very specific.
00:25:01
Speaker
But it really just shows that this kind of ah responsibility when it comes to developers, ah regulating, looking into smart contracts, so the core of what we are building here is going to be also something that we're going to be debating in Europe as well.
00:25:16
Speaker
Lily, just before you jump in, i I do want to emphasize a point that I think you've all made, which is about the amount of data and information that's now available, about the insight you can get from looking at the
Interoperability Across Jurisdictions
00:25:30
Speaker
platforms. And that, to a lot of us, is heightening the need for privacy-preserving technologies. ah and And a very good friend of mine from Portugal a law professor there thinks that that's the next big issue that we all need to be tackling. Sorry, we'll leave. So I just wanted to piggyback off of what Marina said, and I think it's really important that there's many developers here that think about, you know, interchain operability or cross-chain interoperability across, whether it's different avalanche chains or across different blockchains. But thinking about interoperability across jurisdictions and being able to program that on-chain is, I think, that you know often overlooked.
00:26:10
Speaker
um technology development in process or in the process developing technology and should be considered. Maybe there's potentially a way for technology tools and compliance tools to be able to be created to allow for the same tokenized product to move across jurisdictions with it still retaining some of the same characteristics.
00:26:29
Speaker
you As Marina said, you might need to be building different products for different countries, but ideally a blockchain, you want to be able to have the same asset across different countries being able to be moved instantaneously and without those compliance tools given the different regulatory regimes that may not be possible. So just something to think about as people are developing different tokenized assets.
00:26:50
Speaker
um I'll add that it's very easy to be overwhelmed um by the law. It's very easy to get stuck. It's very easy to have bad advisors who will just tell you it's very complicated. What I would say is that there's a huge amount of opportunity in what's happening on the legal and the regulatory side and that's from various angles both to solve legal challenges like, you know, privacy preserving technologies is a great example On-chain analytics, you know what another great example that's solving a regulatory problem. um But also through the need that and regulators have, things around that sound a bit boring from time to time, but like audit of smart contracts, of attestation and certifications of certain custody technology.
00:27:37
Speaker
That's really opening up quite a lot of opportunity for developers to support those who don't know, who can't develop themselves, but in a way that's going to be consistent with the real world in which they'll need to operate.
Future Predictions for Tokenization
00:27:51
Speaker
Yeah, I think that that we're going to see... i mean more and more being built in that reg tech regulatory technology space, just because you are having this shift of power, which has many advantages, and I think particularly sort of for the creative community. But it it does also come with these obligations to making sure that those people have the tools so that what they're building, they don't you know they're not particularly, I'm sure, interested in you know ensuring the finer points of compliance with different sort of regulatory obligations around the world.
00:28:22
Speaker
but they do want to to access those markets. So people building tools for those creators I think will be something which will become more and more attractive over time. So we just have a couple minutes left. I'd love for each of you to give one prognostication It can be far in the future, it can be over the next year, but one thing that you think we're going to see with regard to tokenization of assets at some point in the not too distant future. Caroline, why don't we start with you?
00:28:54
Speaker
um So look my money is really on I mean some of these very short-term the sort of stablecoin money market fund things But at the other end of the spectrum the digitally native assets, I think we're still quite a fair way because there's a lot of vested interest in not changing current systems in terms of the traditional financial markets and but some assets that perhaps don't have a well-established market so far and that includes things sort of like the green asset space ah but also digitally native assets are things we're going to see develop a lot quicker than we're going to see the switch over to say you know seeing New York Stock Exchange and and markets like that operating um with with tokenized assets.
00:29:35
Speaker
um My prediction is that we will not see a revolution of the financial industry. Generally, the pattern that we're seeing is the same levels of intermediation of, say, a bond issuance. You've got the same participants, although you'll have interesting new functionalities through atomic settlement once you have a greater array of both government government-like CBDC backed stablecoins in particular.
00:30:00
Speaker
um That said, ah while those structures and a lot of those existing operators will remain, I think that we'll still start to see a greater proliferation and a greater variety of tokenizedization tokenized assets as we have more platforms that are able to distribute them, which is now what we're seeing through the regulated pathways coming forward from from certain markets.
00:30:28
Speaker
um My prediction, and maybe it's a hope, is that a lot of regulations kind of do away with paper records and that applies across so many different types of industries and really opens the door for digitally um native records, which I think would drive tokenization for a lot more use cases.
00:30:49
Speaker
So it might be a surprise to some, but I think that the major stablecoin issuers in Europe are going to be banks, the ones that are regulated in the future in the next months. And I think that when it comes to tokenization, it's really important that there's liquidity. So those are going to be the so successful use cases. We need a successful business use case in order to even go through all the struggle of compliance, et cetera. So I think we really need to think about where the liquidity is and is there enough people that are interested in buying or selling or trading or even owning those assets. Well, I promised you all another opportunity for a big yee-haw. So join me in a big yee-haw for our terrific panel. Yee-haw! Thank you very much.
00:31:36
Speaker
We hope you enjoyed our Hootenanny. Thank you for listening.
Closing and Resources
00:31:39
Speaker
For more Hootful and hype-free resources, visit www.owlexplanes.com. There, you will find articles, quizzes, practical explainers, suggested reading materials, and lots more. Also, follow us on Twitter and LinkedIn to continue wising up on Blockchain and Web3. That's all for now on Owl Explains. Until next time!