First of all, the nature of the European Union is different. We have 27 different member states with different legal and tax systems that are not harmonized. So we are trying to adopt a unique approach to policy making with MiCA. We are allowing room to test the technology, we are interacting with stakeholders and we are trying to establish concrete proposals to create legal certainty, clarity, at least in this first big step that we are taking. When we talk about technology that is developed in a more, let’s say, free way, in the U.S. or Asia, I would say that a lack of standards or legal certainty has its own challenges. You see what’s happening with El Salvador with the government suddenly legalizing bitcoin. You see what happened with China, for example. China had the highest concentration of bitcoin miners and then suddenly changed [its] approach. Then the U.S. [Securities and Exchange Commission], which is reportedly investigating DeFi platforms and the parties behind them. It’s an unclear investigation.

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