The third aspect is really around anti-money laundering (AML). I think it is very important, because we don’t want to see this thing leveraged by bad actors to do things that are objectively bad for humanity. The solution for that is a kind of “soft KYC [know-your-customer]” rule. Let’s say you have KYC with Binance and they give me a token that says I was KYC’d, you’re in this jurisdiction and you’re a high net worth individual. And then if I want to work with Aave, for example, they can query that token. They don’t know it’s Michael Shaulov, but they can get an attestation that I was certified, and they can certify some parameters about my identity.
Regulating DeFi With Fireblocks CEO Michael Shaulov
