[Music]
GM GM how are you guys oops oops let's
go
ahead
GMM very good okay today I'm here to
talk about the end of self custodian
wallets and how governments and our
friends are trying to ban them and this
is a lightning talk so if you want to
see the full presentations please follow
me on X formally Twitter because I'm
going to post more slides
there and why does this matter is that
if and when the government are going to
restrict the use of self- custodia
wallets it's so-called bad ending and at
that point it doesn't matter what you do
there in the audience because you can
all go home and work in a or a
McDonald's so it should be obvious for
you why this is
important first about the benefits of
the self castoria wallets is that of
course it's first one is that uh we own
our assets it's it's in our control and
there's no risk like you would have with
the bank or centralized exchange that
something they they screw it up and you
lose if you lose it's only your own
fault the other important point is v no
window login so so you can change
wallets you are not locked in a single
uh wallet provider but you can have a
competition between those and it's very
good for a uh cost efficiency because
the cost will be very very low for us
and you all know that we are not paying
for our
wallets and the problem with the wallets
is not the wallet themselves but it's a
crypto and they enable the
cryptocurrencies to flow freely and it's
no longer in this point uh feasible to
ban the crypto
themselves instead uh what governments
and Regulators work is that they will
restrict its use and there are mainly
three ways to do it uh don't allow to
transfer in and out from wallets
regulate developers or regulate
interactions with the wallets like a
frontend Unis
Swap and this is how the regulation in
the world is done why we care about the
US politics is that all the trickle down
economics except in this town it's not
money that trickles down but it's the
so um all the national Regulators
follow what the fitf is doing and they
are doing what the USA them to
do and there's also compliance industry
who is uh making money out of this so
they for them it's very beneficial that
we will restrict the use of the wallets
so they they will vot for more
regulation every time
time and the first case we have in
Estonia so 2021 it was already almost
there that they banned this there was a
compliance company that was lobbying the
government that uh we should actually
not allow the defi platforms and P top
to
be allowed unless they register as a v
VSP provider which means that they would
need to kyc everybody didn't go true
later we had
MAA is overruled and it's I think it's
it's
U Still Still Still Still allowed in
Estonia the second one is a European
Union so the latest uh anti-money
laundering directive they say that the
transfers in and out selfcast wallet is
still
allowed but the amounts are restricted
so you are only allowed to transfer I
think it's
€1,000 and U uh it's going to be
effective in next year or 2026 so after
that in European Union citizen you
really can't use your self custodia
wallet if you have more than €1,000 EUR
in
assets then we have a says so this was
the first country that not in a guidance
but in a law itself uh somebody somebody
I don't know who wrote in the law that
the non-custodial services including
wallets uh should be regulated and it
means that the developers should sign up
there uh with the local regulator if you
are developing a wallet it didn't make
to the final law text but it was
explicit also said that this request
came from uh uh
fatf uh and U they wanted to uh close
this so-called loophole for the
users and then there's a Denmark where
they told that uh Unis Swap and others
can be identified so that's why uh
developer like these should be also
registered in Denmark as a VB because
they can offer services for Dan
citizens and what can you do
so first of all raise awareness of this
issues tweet uh try to donate to the
organizations who are pro crypto I think
in United States we succeed quite well
and most important is that you speak
with local media in your own country
and try to get the credible people there
to uh Lobby for the privacy and the
right to uh own your own
assets thank you and the next
questions thank you very much so again
somebody has any question please raise
your hand I will toss the mic to you yep
we have one yeah better bit far
uh so of course you can ban uh alcohol
um uh as they tried to in the US
obviously and U but it's Enforcement
issue um do you think that's any going
to gives us any any sort of um those
sort of that example does that give us
any reason to have hopium um I think
your talk is great by the way thanks
it's so important not trying to Dum this
down it's really important but is there
hoping out there that you know this
isn't going to be forceable we think we
have to work a bit harder than that
I mean it depends because when they
banned alcohol it was like 100 years ago
and the surveillance State didn't exist
uh today governments can follow your
actions and especially the actions of
the software companies and developers
very closely so they will they can come
to knock your door if you have a k kup
account so that's why I'm uh quite
pessimistic that this can uh fly under
radar so to speak
so there are bad people out there who do
bad things and while you can argue with
how the regulations are laid out you
there's not much argument that terrorist
financing and money laundering shouldn't
be allowed so how do we I think we all
in this here we believe in self-
sovereignty but we also many of us
probably think that zero knowledge is a
potential solution how do we get the
governments to try it because they're
not it's not even in the Overton window
of discussing these new technologies how
do we get them to actess actually
approve a test case or some way of
trying it I mean I think we already
fixed it in one country by having uh our
friends in the US elect Trump so uh
that's a step forward but also um I
think the correct way to go about it is
to talk with media so that we have a
proof we have a SC re real scientif
research that the for the anti-money
laundering work uh the current
regulations are restricting centralized
exchanges is enough and uh it's already
stopping uh most of terrorist funding we
know that uh terrorist yes they use usdt
and the Bitcoin and so on and especially
North Korea is is kind of a pain in the
butt but it's not it's not very
significant still crypto has grown but
still it's it's super small compared to
you know all the other gas and oil and
whatever there is going around
yeah we have one
there last question uh what do you think
about companies like chain analysis and
other death do you think they make a
positive
impact uh some some yes some no like
uh uh some of them are pro crypto but
some of them are part of this uh
compliance industry complex and they
only like uh see how they could seek
rents and usually you can you can know
if the company's Pro crypto or is here
only for money if you read their reports
and if they are doing so-called uh fear
selling like they they are doing the
report saying that so many terrorists
are coming and the blockchain is only
used for money laundering and drugs and
so on and they saw the curves like how
it's bad uses is growing which by the
way is not anymore growing
I it means that they are selling the
fair to the governments who then buy
their services but some good companies
like I think a chain analysis is one of
the good ones they they create reports
that are balanced and they show that
yeah some things are bad but some things
are actually very
good okay thank you very much
[Applause]