Today in almost every ICO there is typically a country that let it's base-stand, there's a country of incorporation and that is where we do have some kind of geographical place to land our feet. The more we detaching ourselves from countries, the more we need the development of best practices. We see there's some in ICO industry, but there is no country that says "come to us and I'll tell you exactly what the recipe is for ICO and you're perfectly fine doing through this is 1-2-3-4 life description". It's not the case.
The second thing is that we like certainty. We like rules. Tell me what is allowed and what's not allowed. When no country set any rules, there's uncertainty. And it's something that as lawyers no one likes. But what you see, nevertheless, lawyers also like to make money. So if a client come over to them and say "I want to do an ICO", the answer is not "I can't help you", because there are no laws. You say "sure, I can help you", because we wanna make money.
But what's happening slowly is that you seeing, that companies that don't match the highest standard in those best practices are having a very difficult time attracting investors. So it's funny, but this distributed diversified market that is dictating the rules. It's funny because what we've just heard now (we were in a meeting with other law firms in a round table at the Israeli regulator, thinking about how to regulate the market, and what we were talking about is how the market is punishing that actors.
If you raised money at ICO and you're making your developments, but you are not sharing information about what's going on, if you took my money, but you are not telling me what you are doing with it, you're gonna be punished by the community, by people from all over the world. So there's no one regulator. There's no one set of rules. Now it's the same thing if that demand for information, but it's the same thing demanding you protect our money, and you protect our privacy.
When you create rules, then you need to make sure to expect people to follow these rules. And the thing is that when you are in a global arena, when you are interacting with people from all over the world, then there is no chance in the world that you can obey by all the protection laws all over the countries. Let's say we'll implement GDPR, so we'll be okay in terms of European Union, and also US, because I'll look at the major markets. There's no way in a world that I can make sure that I'm fine with Indonesia, because I just won't do it. I won't even think about doing it. And on the other hand, what the Indonesians gonna do? They gonna reach out to me, they gonna reach out to everyone, so there's no point in creating rules. That's what I'm saying. The legislator will have to adapt.