But the key message is this: is a continuation of the same themes, weve seen and is really providing a lot of much needed clarity and certainty to the market and is not necessarily news for those who have been seeking to comply in the first place. The thing is ursula: can regulators can governments ban kryptos look, there is there are some very practical realities around implementing bands and even if we look at the implementation of regulation generally, it becomes incredibly different difficulty in online environments, where the question of territorial reach of regulation And enforcement becomes extremely challenging, and this is where we see some interesting approaches emerging in relation to how it is that we regulate activities that emerge from other jurisdictions and what were seeing really is an attempt, in this case, to come down quite hard across the entire Ecosystem so right from the generation of new assets in relation to the mining controls and that have various reasons, including concerns around carbon uh, but also extend to the um use of those assets within uh transactions and thats. Why its so critical that this announcement that came through on friday is not just about platforms, its not just around services. It also calls into question the potential enforceability of transactions that involve cryptocurrencies, but how much ursula of this is also down to their plans to have a digital yuan. Here they dont want to have a a competing uh currency, which they the proponents of that currency.

Bitcoin uh also regarded as being feared. Well, of course, you know, and what were seeing worldwide is that money is becoming uh competitive and what i mean by that is that value of its creation, its transfer, its uh application in various ecosystems, is becoming competitive. And so when we look at the various initiatives, whether its cross border payments, whether its uh cbdcs in a particular market cross border cbdcs, as we see in places like hong kong, you know that landscape is dramatically shifting. And so of course, if you have a jurisdiction that is looking to implement at scale a currency that is used in a digital context that is used through adoption that encourages use that encourages cleanliness of use as well. That will, of course, be one of the drivers for implementing controls over competitor value transfer mechanisms, but what that also signals is that there are these: are these very idiosyncratic drivers of these uh particular reforms and changes and uh ongoing uh developments in mainland china? That will be different for other markets, so we tend to see the most restrictive markets being those that do have capital controls that do have other initiatives, whereas on the flip side we have other markets throughout asia that are embracing uh the sector that are recognizing. Perhaps the need for diversity in the value ecosystem that are recognising the potential role for these assets within wealth management, solutions to provide that suite of available products and services.

So, while the drivers may be uh such in mainland china, they look and feel very different. In other markets, yeah also, i mean you know you throw up so many interesting ideas here – that one could even ask something so ephemeral as well. What is money ultimately, but i dont want to go there because well probably be here all day if we do, but its not and youve alluded to this, its, not new what theyve announced theyve sort of codified it havent they and at the same time as doing That theyre not against the principal underlying blockchain, are they they want to encourage that its a tough one isnt it well absolutely, and if we see the initiatives that uh the mainland has championed, and that includes through uh the network that is being created. That draws in really interesting, blockchain and uh developments from global participants, not just uh homegrown ones. You know that story of blockchain innovation within its own organizations within these networks really speaks to the embrace of the technology as a whole, but perhaps not looking at the particular application or preferring uh. You know a different trajectory of of its application, so you know that that youre quite right, uh, that this is consistent. Uh with the message weve seen uh since 2017 uh, we can see thats reflective in this not being as quite a bigger shock to the markets.