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Nestor Dubnevych

@nestor

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Hey everyone, I’m sure you’ve seen the key things happening in the web3 legal landscape, but if not, here are some of the developments that I think are worth noting: 1/ SEC's expanding definition of securities. In a lawsuit against Cumberland DRW, the SEC labeled Polygon's POL, Solana's SOL, and an undefined list of other cryptocurrencies as securities. This broad approach could have far-reaching implications for many projects in the space as it’s not clear who might fall onto that list. 2/ Global regulatory shifts. Seychelles has implemented a new VASP framework, aligning with international standards. Meanwhile, the UAE is attracting crypto businesses with VAT exemptions on crypto transfers and conversions. These moves highlight the growing competition among jurisdictions to become crypto-friendly hubs. Also, Seychelles has been a home for many web3 projects, so now they need to either review their legal setups or apply for a license in a short period of time.
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“Entrepreneurs should be at the center of the stage discussing technologies, while lawyers sip coffee at the back of the conference hall.” This quote from a CLO of crypto exchange resonated with me during Mainnet in NYC last week. A proper regulatory framework for Web3 is crucial, especially in countries with "regulation through enforcement." This creates barriers for startups that can't afford regulatory uncertainties, forcing them to seek more friendly environments. My post-conference impressions: - The US remains strong for horizontal Web3 technologies (L1/L2, infrastructure) - Verticalized projects (e.g., DeFi apps) still face significant regulatory uncertainties DeFi advocates like DEF are doing great work educating authorities on decentralized finance's potential. However, the narrative isn't fully established yet. We'll see if the upcoming US election can unlock DeFi's potential in the American market. Until that time, it seems to be better to keep to a non-US legal setup for a dApp.
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