Did UAE Central Bank Ban Crypto Payments? Irina Heaver Clarifies | The Web3 Talks
Summary
TLDRIn this episode of Web Three Talks, hosts Ornella Hernandez and Stephen Bess interview crypto lawyer Arena Heer, based in Dubai. Heer, a Bitcoin enthusiast, discusses the dynamic and ever-changing landscape of crypto law, emphasizing the need for lawyers to be adaptable in a fast-paced industry. The conversation touches on the recent regulations by the UAE Central Bank, the implications for businesses, and the importance of distinguishing between good and bad actors in the crypto space. Heer also shares his personal journey with Bitcoin, rooted in his family's experience with a collapsing currency, and offers advice for regulators to consider the bigger picture and learn from past mistakes.
Takeaways
- 😀 Arena Heer, a crypto lawyer based in Dubai, expresses his preference for Bitcoin over Ethereum and identifies as a Bitcoin maximalist.
- 💼 Heer's daily routine involves staying updated on rapidly changing crypto laws across 60 jurisdictions and dealing with different regulators, indicating the dynamic nature of his work.
- 🌍 Heer's firm is involved in establishing legal entities in various crypto-friendly jurisdictions, emphasizing the global scope of his work.
- 📞 The crypto law practice requires constant communication with financial regulators and clients, often involving urgent relocations due to shifting legal landscapes.
- 🚫 The recent UAE Central Bank regulation on stable coins and the prohibition of virtual asset payments for goods and services within the UAE are highlighted as significant developments.
- 🔄 There is a 12-month grace period for the implementation of the clause prohibiting virtual asset payments in the UAE, allowing time for adjustments.
- 🤔 Heer raises concerns about the potential negative impacts of the new regulations on businesses, especially on the burgeoning AI and web3 sectors.
- 💡 Heer suggests that regulators should consider the bigger picture, learn from the mistakes of other jurisdictions, and seek clarification to avoid stifling innovation.
- 🚀 Heer encourages lawyers to consider crypto law due to its fast-paced and uncertain nature, which presents great career opportunities and financial returns.
- 🛑 The discussion touches on the challenges faced by regulators in balancing openness to innovation with the need to protect consumers and maintain financial stability.
- 📣 The best way to contact Arena Heer is through LinkedIn, and he warns against scams and impersonators on other social media platforms.
Q & A
What is the main topic of discussion in the 'Web Three Talks' video?
-The main topic of discussion is the experience and insights of Arena, a crypto lawyer based in Dubai, on the crypto industry, regulations, and the implications of recent laws on crypto payments in the UAE.
What is Arena's stance on Bitcoin and Ethereum?
-Arena identifies as a Bitcoin Maxi, indicating a preference for Bitcoin over Ethereum.
How does Arena describe the daily life of a crypto lawyer?
-Arena describes the life of a crypto lawyer as dynamic and fast-paced, with constant changes in crypto laws and the need to stay updated and responsive to regulatory shifts across different jurisdictions.
What is the significance of the recent 'Payment Token Services Regulation' implemented by the UAE Central Bank?
-The regulation is significant as it aims to license and regulate stablecoins within the UAE, preventing situations like the Luna incident and ensuring financial stability.
What is the current limitation on crypto payments for merchants and individuals in the UAE as per the new regulation?
-The new regulation prohibits merchants and individuals from accepting virtual assets for goods and services in the course of business unless the virtual asset is a regulated Durham payment token, with a 12-month grace period for the implementation of this clause.
How does Arena's background influence her perspective on crypto?
-Arena's background, having been born in a country that collapsed and witnessing the impact of currency devaluation on her family, makes her appreciate the decentralized nature of Bitcoin and the security it offers against such events.
What advice does Arena have for regulators in the crypto space?
-Arena advises regulators to consider the larger picture, learn from the mistakes of other jurisdictions, and seek clarification on regulations to avoid stifling growth and innovation in the crypto space.
How does Arena view the role of stablecoins in the future of AI and web3?
-Arena believes that stablecoins will play a crucial role in transactions between AI agents, emphasizing the importance of not prohibiting the technology that will be fundamental to the future of AI and web3.
What is the potential impact of the new regulation on businesses operating in the UAE?
-The new regulation may impact businesses by restricting their ability to accept crypto payments, which could affect their operations and potentially hinder the growth of the web3 ecosystem in the UAE.
What precautions does Arena recommend for individuals and businesses to avoid scams in the crypto space?
-Arena recommends verifying the authenticity of crypto personalities online, being cautious with social media accounts, and reaching out through professional networks like LinkedIn to avoid falling victim to scams and impersonators.
How can viewers get in touch with Arena for legal advice or services?
-Viewers can get in touch with Arena through LinkedIn, where she and her team actively respond to messages, while being cautious of impersonators on other social media platforms.
Outlines
🌐 Introduction to Web 3 Talks with a Crypto Lawyer
The video script begins with an introduction to 'Web 3 Talks,' hosted by Ornella Hernandez and Stephen Bess, who welcome their guest, Arena, a crypto lawyer based in Dubai. The conversation lightens up with a discussion on Bitcoin versus Ethereum preferences, with Arena identifying as a Bitcoin enthusiast. The hosts and guest joke about the fast-paced and ever-changing nature of cryptocurrency law, hinting at the dynamic work environment that comes with the territory.
📚 The Dynamic Life of a Crypto Lawyer
Arena provides an insight into the daily life of a crypto lawyer, emphasizing the need for constant vigilance due to the rapidly evolving landscape of crypto regulations. The discussion highlights the global nature of the work, with the team dealing with multiple jurisdictions and regulators. Arena humorously describes the律师's response to regulatory changes, such as the swift relocation of clients from jurisdictions that become unfavorable, using the example of Malta's shift in stance towards blockchain in 2018.
🛡️ The Regulatory Landscape in the UAE for Cryptocurrency
The conversation shifts to discuss the regulatory environment in the UAE, particularly focusing on the recent 'Payment Token Services Regulation' issued by the UAE Central Bank. Arena explains the regulation's implications for stablecoins and the stipulation that prohibits merchants and individuals from accepting virtual assets for goods and services, unless they are regulated Dubai payment tokens. The summary also touches on Arena's concerns regarding a specific clause that could impact the industry and the 12-month grace period before the clause takes effect.
🚫 The Impact of Crypto Payment Bans and Economic Policies
This section delves into the potential consequences of banning crypto payments, especially in the context of the UAE's aspirations to become a web3 hub. Arena contrasts the UAE's economic policies with countries like Turkey, where crypto has been outlawed, and emphasizes the importance of open economic policies for attracting foreign investment and entrepreneurs. The summary also discusses the importance of regulatory clarity and the potential impact of restrictions on the burgeoning AI and crypto industries.
💡 Personal Stories and the Appeal for Regulatory Clarity
Arena shares a personal story about the collapse of the Soviet Union and the impact it had on his family, which fuels his passion for Bitcoin as a form of financial autonomy. The conversation then circles back to the need for regulatory clarity in the UAE, with Arena expressing hope for the central bank to provide clear guidelines on the application of the new regulations, especially concerning international transactions and the future of crypto payments in the country.
🤔 Advice for Regulators and the Importance of Learning from Past Mistakes
Arena offers advice for regulators, emphasizing the importance of considering the long-term implications of regulations and learning from the experiences of other jurisdictions. The summary captures the complexity of regulatory work and the need for regulators to balance between fostering innovation and preventing fraud. It also reflects on the challenges faced by regulators who often face criticism regardless of their actions.
📞 Final Thoughts and Contact Information
The script concludes with a warning about scams and impersonators on social media, urging viewers to be cautious and reach out through LinkedIn for genuine contact with Arena. The summary highlights the importance of secure communication channels and the prevalence of scams in the crypto industry, ending on a cautionary note about online safety.
Mindmap
Keywords
💡Web Three
💡Crypto Lawyer
💡Bitcoin
💡Ethereum
💡Satoshi
💡Crypto Regulations
💡Stablecoins
💡UAE Central Bank
💡Blockchain
💡NFT Marketplace
💡Decentralization
Highlights
Ornella Hernandez and Stephen Bess interview Arena Heer, a crypto lawyer based in Dubai.
Arena Heer identifies as a Bitcoin maximalist and discusses the preference for Bitcoin over Ethereum.
The interviewees joke about the fast-paced and ever-changing nature of crypto law.
Heer's firm operates across 60 jurisdictions, dealing with various crypto-friendly regulations.
The discussion highlights the need for crypto lawyers to be adaptable due to frequent regulatory changes.
Heer shares anecdotes about the rapid relocation of crypto businesses due to regulatory shifts.
The interview touches on the challenges and opportunities in the crypto law field.
Heer emphasizes the importance of understanding the implications of new regulations for the crypto industry.
The recent stable coin regulation by the UAE Central Bank is critiqued for its potential impact on business.
Heer explains the 12-month grace period for a specific clause in the new regulation affecting crypto payments.
The interview discusses the potential negative effects of banning crypto payments on the UAE's economy and reputation.
Heer's personal background and experience in the oil and gas industry before transitioning to crypto law.
The discussion of the importance of stablecoin regulations and the role they play in the crypto ecosystem.
Heer's perspective on the need for regulators to consider long-term implications and learn from past mistakes.
Advice for regulators on balancing openness and control in the crypto space to foster innovation.
Heer's caution about scams and frauds in the crypto industry and the importance of distinguishing between good and bad actors.
The interview concludes with Heer's advice on how to get in touch for legal services and a warning about impersonation scams.
Transcripts
[Music]
hey everyone welcome to the web three
talks my name is Ornella Hernandez and
I'm step Bess and today we are talking
to Arena he who is a crypto lawyer based
out of Dubai how are you I'm very good
thank you for having me guys so first
question because you're wearing an
orange Blazer BTC or eth what's your
preference coin of course I'm a Bitcoin
Maxi and what I thought I can't uh you
know of course it goes without saying
okay what about you Stephen BTC or eth
uh I've been told BTC I'm not I'm not
quite the expert but uh that's the one
that I have and that's the one that I'll
go with um as um Michael sailor says uh
people who don't save their excess
earnings in Bitcoin and they keep it in
Fiat there's a name for them
he calls them poor and I don't like
being poor so that is why it's BTC all
the way so buy more Bitcoin basically um
sure sure stocking SATs uh that's that's
what you should your should be number
one priority in life okay maybe number
two we should put a disclaimer that we
don't offer Financial advice no we do
not we do not no Arena as a lawyer I
want to get to know what your daytoday
looks like um waking up and panic um
panicking all day long uh calling cents
who are panicking and then going to bed
um with anxiety and panic of course I'm
joking but um working in crypto is uh
never a boring day definitely never have
a boring day my entire team are on their
toes myself we have to be on our toes
because crypto laws um are changing
literally every minute and my firm
practices across 60 jurisdictions we
deal with 60 different regulators and I
don't know how hundreds of regist when
we establishing legal entities is this
mostly in the Middle East and Europe or
which jurisdictions do you work in the
most um basically any jurisdiction that
is crypto-friendly so for example when
we're establishing Dow um uh legal
rappers we we we go for any jurisdiction
that will have us or a jurisdiction that
will be friendly for for that particular
purpose so no absolutely no uh limit as
to geography the limit is only how
friendly is that jurisdiction to was my
client's needs and purposes so um all
the way from Panama to Singapore um so
absolutely and we don't um we don't have
prejudices against certain country or
certain jurisdiction as long as they're
friendly for our needs and purposes and
and we can and the client can meet their
um requirements so going back to the day
um of of a crypto lawyer uh because
crypto laws changing so quickly and
there's so many jurisdiction that we
deal with we have to be on our to all
the time um we're picking up the phone
talking directly to financial Regulators
we're trying to come a client down um if
there is an issue we are quite often
relocating the clients from a
jurisdiction that was friendly 5 minutes
ago now it's not friendly anymore so we
have to literally pick up and go and
we've done that I don't know how many
times remember when Malta in 2018 um
announced themselves to be a blockchain
island hundreds of companies set up
there and then literally five minutes
later they all calling up and saying
move us to the Middle East move us to
the Yi right now pronto ASAP we need it
now so we've moved a lot of this uh
projects here and um at some point um it
was very easy to get banking for crypto
companies in the US so a lot of our
clients set up as is there not anymore
so when um when uh the current um
current US regime declared a war against
crypto companies who had to pack them up
and move them elsewhere it's quite
common in um in emerging industry
because there still um countries and
jurisdictions are still finding their
their place in uh so it's definitely not
boring so all the lawyers out there I
really uh encourage you to consider
Korean crypto law if you do not like
peace if you do not like uh sleeping U
you know 9 hours at at night and if you
seek excitement and also um any area
that is so uncertain and so fast moving
provides great career opportunities
provides great um Financial returns
because a crypto lawyer can charge a
premium on their expertise rather than a
corporate and Commercial lawyer because
we have at least 600 of them in in in in
GLT alone right where we are now so
definitely not boring so then how is it
like being a lawyer in the UAE then
where generally overall it is very
friendly um and it has a lot of
regulations for for crypto and crypto
companies but at the same time there was
a recent Outlaw of crypto payments for
merchants and individuals so maybe you
could go into that a little bit and just
explain what that implies exactly so
I've been I've been a lawyer in the UA
for over 16 years now I came in 2008
working for a national Oil Company
imagine or not um before crypto had I
had I had a career as well I was in
oiling gas I was in oil and gas for 13
years working for national oil companies
International oil companies so when I
came here in 2008 um where we are was
literally being built like J was
literally being built it was super
exciting it was nothing um and look at
you know look what UA has achieved uh
over this short period of time so I was
working for National oil companies
International oil companies um
negotiating deals between governments
all in oil and gas um um did a huge um
joint venture with badela it's um
Sovereign wealth fund it was um 11 a.
half billion doar job that we did in
Central Asia developing oil and gas
Fields so definitely not boring being a
lawyer in this part of the world because
it's growing so fast it's developing so
fast things happen so fast I mean um
Australia were firm uh if you want to
pass a legislation Parliament will be
discussing it for I don't know 15 years
till you die of old age here things
happen a bit too fast maybe and that's
why why um sometimes there might be
something a regulation implemented and
then maybe the consequences are not
forly ConEd and this is what I'm hoping
has happened with the payment services
uh payment token Services regulation
that has recently been um implemented by
the UA Central Bank so first of all what
is UI Central Bank it's a financial
regulator it's a federal financial
regulator in the UA we have two federal
financial Regulators Central Bank and
and security and commodity Authority SEC
you know you have sec in the US we have
Esa in um in the UA
so um Central Bank regulate Banking and
insurance industry so if you want to
open a bank in the UA you go and get a
license from the UA Central Bank or if
you pretending to be a bank without a
license Central Bank will come to you
and ask you know what is going on um
because you're not supposed to be
conducting banking services is without a
license um um Central Bank also
establishes monetary policy and they are
in charge of UA durum right so they
issued um payment token Services
regulation which is all fine basically
it is a stable coin regulation
regulating that stable coins are to be
licensed in the UA that we do not have
um another situation like Luna remember
when we had a $60 billion doar wiped out
of the industry $60 billion that was uh
you know that was really a huge blow to
the industry is it good to have stable
con regulation yes Europe has just
implemented uh one called MAA Singapore
is working on one or may be implemented
already um Hong Kong is working on one
this absolutely fine to have a stable
coin regulation because if you tell me
here's my coin and it's pegged to US
dollar one to one you hold my coin and
it will always be $1 you have to be
regulated because you're really acting
as a bank right because you're holding
US dollars in exchange for this token on
blockchain really close to banking uh
sort of sector so this has to do with
the UAE stable coin so but the uh
regulations that got passed they talk
about regulating foreign stable coins so
for example usdt usdc and issuing a
local Durham bagged stable coin so F so
good hasn't been there isn't doesn't
exist yet yeah there isn't one because
the regulations just got implemented two
weeks ago right there isn't one yet I'm
sure some very intelligent people are
working on that now so so far so good
the only thing I have an issue with and
um I had to cause a little bit of media
um noise around it because I'm one of
those um lawyers who actually read the
regulations in its entirety not just the
press release about the regulation and
get like oh we have stable cone
regulations that's amazing no I will
actually read it and um so one of the
there's one particular Clause that um
has caused a lot of concern for me
personally and the entire industry is
that no Merchant and no person can
accept virtual assets for their goods
and services in the uie in the course of
business so for example you're an
accountant sitting here bu a foreign
crypto company who has no bank account
because don't forget very few crypto
companies actually have bank accounts or
web free companies because we're in the
crypto economy right I'm outside of the
banking sector I'm My Own Bank thank you
very much I can send you $1 million
worth of bitcoin right now and we don't
have an intermediary that's how God
himself sat Nakamoto intended right so
um back to to the regulation so you
cannot accept virtual assets for your
goods and services unless that virtual
asset is a regulated Durham payment
token okay we don't have one yet right
however there is a 12 months pause on
this clause and this Clause will come
into force in 12 months time you know by
then we should have one I suppose
another except another uh um exception
in that Clause is you can accept
regulated foreign stable coins let's say
usdc usdt or any other stable coin that
gets regulated here in exchange for the
other virtual assets let's say you have
an nft Marketplace you're selling an nft
which is a virtual asset so you can sell
it for a regulated stable coin whichever
it becomes within the 12 months so what
are the implications there's no
implications for you if you're just
buying ethereum holding it on your water
and minding your own business there's no
implications for you implications for
you if you are running let's say an nft
Marketplace uh and within the uie you
cannot uh sell those nfts
anymore sorry in 12 months time you
won't be able to sell this nfts unless
that stable coin that you're selling it
for is a regulated stable coin let's say
usdt and usdc decide not to get
regulated in the U right what are your
options what are other stable coins are
there there's maybe 300 different stable
coins but but is there any liquidity not
that much I've also heard that turkey
has completely banned and outlawed
crypto all around yes and um that's a
good example of a country with a
struggling currency trying to maintain
control over their currency and that law
outlawing crypto usage and crypto
payments specifically says this is to
protect Turkish L which is fine but
imagine you're an individual living in
turkey and your savings are being ered
by crazy inflation the prices are
doubling tripling over the over the last
let's say few few months so what are you
going to do you will flee into an asset
which gives the protection for your
family well-being can be usdt can be
Bitcoin can be ethereum can be dollars
can be Euros for those who are not
crypto Savvy in the UA we do not have
this problem Durham is backed by US
dollar so we do not need to protect
their they keep the price controlled
pretty much at the same rate and that's
the role of the central bank right to
maintain these monetary controls and
what is beautiful about the UA you can
come in here you can bring your Capital
you can do business you can make money
and then you can take it back to your
country and purchase a house try getting
money out of turkey good luck to you try
getting money out of Russia try getting
money out of India try getting money out
of any other country in the world which
is so protection against their for their
currency you can't do that and you know
what entrepreneurs don't go to these
countries when was the last time you
heard the largest you know AI company or
web3 compan is opening opening an office
in Russia never why because good luck
getting out of there when have you heard
of a large conglomerate um opening uh
you know with all my love for the Indian
uh culture and people when have you
heard of a huge by bit moving to India
or binance moving to India you don't
hear these things they're moving to the
UAE why because of the leadership of the
UAE have very wise economic policies
have very wise entrepreneurship policies
supporting entrepreneurship you come
here you make money you can take this
money back buy a villa in uh Italy and
live your life right so does you Duram
need uh protectionist policies I don't
know I don't work for the central bank
but in my mind UA needs more open
economic policies to increase foreign
direct Investments to increase jobs to
increase more entrepreneurs moving to
the U do you know how many jobs are
being created by smmes more than 85% of
the jobs in the entire UA are created by
entrepreneurs like yourself like myself
smmes create all the jobs we're the
bloodline of the economy not because you
know I'm I'm so arrogant or anything
that is the fact 85% of the jobs are
created by entrepreneurs if you tell
entrepreneur that he or she cannot
contract in a currency that is
convenient for them because it is
commercially convenient what's next so
what's going to happen to your Baker
friend um my Baker friend is such a
Bitcoin Maxi yeah he will be doing it
despite okay any prohibition not because
he has no uh uh respect for the law is
because he has uh too much love for
Bitcoin I guess so how did your love for
Bitcoin come about in the first place um
or for crypto in general Bitcoin it
started with Bitcoin um I was born in a
country that
collapsed my parents were engineers in
Soviet Union um one day they woke up
with Soviet rubles becoming
nothing um there were days there where
they couldn't get
food um there were days where my mom
couldn't put dinner on the table and I
remember that very well because I was
thinking just yesterday we could go to a
shop and buy bread now we can't what do
you mean we have no bread as a
child that does so much to your um
understanding of the worlding it's very
traumatizing and I'm not saying oh look
at me I'm so poor uh such a traumatizing
childhood you know millions of people
live in countries where currency is
collapsing every day but as a child I
remember I I could not understand how
come my mom cannot go to a shop and buy
bread anymore I could not understand
that and then when my family fleed
Soviet Union with you know nothing to
their name and moved to Australia and
worked hard I kind of understood all
right if you have a good government you
have good government policies that's
good but you cannot always trust the
government fully m that's why when I
discovered Bitcoin in
201 okay super early then I was so
curious because I wanted to understand
what does that mean having peer-to-peer
money with no government involved with
no intermediary involved with no Bank
involved I was so curious to understand
so my first degree is economics and when
I um learned more about Bitcoin I was
like this will not work this will not
work because this is everything that
they told us at school is the it's
exactly the opposite of what they taught
us in school and being a
lawyer I thought no government will
allow for Bitcoin to exist I was very
wrong yeah what changed your mind I did
not understand the power of uh the power
of the network Bitcoin network is so big
and so powerful no government can shut
it down no government can stop it I can
send you as much Bitcoin as I have right
now and no government is here to tell
tell me that I cannot do that so and
that's how um you know when you went
through a traumatic event where you
couldn't understand why the government
literally took away everything your
family had you you sto thinking about I
should have a plan B I love my
government I trust my government but I
have a plan B thank you very much okay
and so what would you like to see more
of in this industry or or less of even
as a lawyer like what are your your
clients maybe worried about the most
um scams scams and frauds oh my God this
needs to be serious serious work put
into weeding the the bad apples from the
industry um Dubai is such a prosperous
place and it attracts a lot of really
good players that are trying to do good
creating jobs supporting the economy but
unfortunately it also attracts a lot of
bad players and um who we need to get
rid of how do we do that having good
stable coin regulations is fantastic
because we want to have good stable
coins um regulated fully backed
by Fiat it's fantastic um but outlawing
crypto payments that may impede business
transactions not only that also the um
the standing of the UA is the web three
Hub internationally yeah some people are
calling it the next Silicon Valley
absolutely and I would absolutely agree
with them I'm really looking forward to
clarifications from the central bank
that this Clause applies let's say only
to retail sales which is absolutely fine
we don't want a grandma to get scammed
when she goes to buy groceries which is
absolutely fine um or let's say um this
Clause does not apply to International
transactions which is fine so you can
still um receive usdt from your client
in Panama who has absolutely no other
means in transacting here which is
absolutely fine but there needs to be
clarification there must be
clarification there's another thing I
want to
mention um crypto payments all fine and
good think about AI an AI
agent providing services to another AI
agent how are they going to pay each
other by bank transfer by cbdc transfer
no they'll pay each other in sets
they'll pay each other in units of um
ethereum what is the smallest unit of
ethereum I think it's way they pay each
other in ways will they pay each other
in Bank transfers and cbdcs absolutely
not and uie is currently looking to
develop the largest AI um Hub in the
region and maybe even globally and I
truly believe they have everything you
need in order to do that willing
government supportive government so why
ban the technology that AI will be using
literally in you know very short period
of time why prohibit
it h very very interesting actually I
wanted to ask about advice for you know
Regulators more so than anything because
you obviously deal with Regulators from
about 60 different countries and you
deal with making sure that your clients
are uh compliant with those Regulators
as we see that you know if you open it
too much you allow a lot of room for the
problematic players if you close it too
much you stifle growth in the space do
you always have the right answer or do
you sort of just watch and see what
happens when it comes to Regulators
making policies a lot of The Regulators
are my clients so they pay me for my
advice for those so this is your you
that actually did this new
Outlaw God forbid absolutely not um
Central Bank is not my Cent okay um
unfortunately um I would love to call
I'm free um um so the advice for The
Regulators is consider the larger
picture always consider the larg picture
cuz it's absolutely could be okay and
well um to do something in the short
term but then what are the implications
but also learn from the mistakes of
other jurisdictions how many times has
China banned Bitcoin how many times
dozens of times dozens of times have
they succeeded no absolutely not so why
do something which was a complete
failure elsewhere question another
question uh look at Malta how many
millions of viers they spend in making
themselves a blockchain island have they
succeeded no it's a gambling Island I
think well it's a gambling Island
they've been a European gambling Island
but they wanted to Rebrand themselves as
a blockchain island maybe they didn't
have the best branding experts but learn
what m akes Malad dat for example and
let's not do that good idea look at Gary
gansler our favorite um Central Banker
in the world look what he's doing
probably don't do
that um so learn from the mistakes of
other jurisdictions because that would
speak louder than successes because you
do not really know what's where success
came from uh but the mistakes are a
little bit too obvious and of course
it's very easy for us to sit here and
teach The Regulators how to do what but
if you're a regulator put yourself in
the regulator in my defense for The
Regulators put yourself in the regulator
shoes whenever they do something they
get criticized if they don't do
something they get criticized if they
try to do something good like paying uh
like passing um stable coin regulation
which is good then they'll get somebody
like me who criticizes one tiny
Clause not criticizing but um asking for
clarification
to what thec for the indry so I feel bad
for The Regulators like I would not want
to be in no shoes because there'll be
somebody who's always saying oh you
should have done this you should have
done that so being a regulator is a very
very tough job for sure uh wouldn't want
to be in their shoes but they're in
their shoes so learning from the
mistakes of other Regulators is probably
one of the loudest learning lessons you
could receive
okay good advice and thank you for all
those clarifications Arena last question
what is the best way for our viewers to
get in touch with you to reach out or
use your services just um message me on
LinkedIn Arena heer it's very easy to
find me and my team looks at all the
messages and aners all the messages be
careful with Instagram and Twitter
there's about 600 Arena heas on Twitter
and about 500 Arena heers on Instagram
none of them are me they are um scammers
trying to SC people for money uh
pretending to be me U my mom gets 20
messages a day asking for one Bitcoin
from um a fake Arena hea account which
is really disturbing she's an old lady
every time she gets really scared um so
be careful with be careful online with
with the scammers and impersonators not
just me but you know everyone in the
industry be very careful yeah definitely
okay so LinkedIn is the best way
LinkedIn is the best way Arena heer okay
awesome everyone thank you for tuning in
to the web three talks reach out to if
you have any questions and also make
sure to check out other episodes of the
web 3 talks and the Mina surge podcast
see you guys later
[Music]
[Music]
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