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Zebec Ecosystem Spaces: Compliance Edition
Recorded: June 19, 2025 Duration: 0:48:28Space Recording
Short Summary
In a recent discussion, industry leaders emphasized the critical role of compliance in the evolving Web3 landscape, highlighting Zebek's strategic acquisition of GateKnox to enhance regulatory capabilities. As compliance becomes a prerequisite for attracting institutional clients, the conversation underscored the need for innovative solutions to streamline KYC and KYB processes, ultimately fostering trust and growth in the crypto sector.
Full Transcription
Thank you. Thank you. Thank you. Okay. Hello, hello.
Mic check.
Hope everybody's doing well.
Just waiting on a few people to join.
Simon, want to do a mic check?
All right. We heard you a little chopped off, so want to do a mic check? All right.
We heard you a little chopped off, so want to try it again?
Can you all hear me?
Now you're good.
Hey, hey.
What up, Ben?
How are you, sir?
Very well.
Had a little bit of trouble getting on there.
Hang on there. I'm just inviting Nick, our other guest, to speak.
I'm just inviting Nick, our other guest, to speak.
Yeah.
Yeah.
He should get a request to come up and join us.
Just hit yes on that request on your phone.
I can see Nick.
Oh, you see? All right, cool.
Yeah, yeah, yeah.
Just waiting for him to come up.
Hey, Simon, how are you?
I'm doing very well. Can everyone hear me?
Yeah, okay. I can hear Simon perfectly.
Nick, I just heard you.
Put yourself on mute. You're working fine.
And then Vojtek, also come off mute and give us a hello.
Hello everyone.
There he is.
Hey man, how are you doing man?
Very well. Yourself? yourself perfect look at that we got three four speakers all up here this is what we need right JJ how are you man pretty good
uh very busy morning but that's uh it's obviously good um how about you man yeah excellent excellent let's uh
let's get this thing moving i think yeah go ahead um i'll uh you know i'll be on the on the
background and then just uh i'll let you take take over love it thanks so much welcome everybody
uh another zebek special spaces um today we're talking compliance in Web3. I'm your host,
Ben White. You'll have seen me around now. This is fourth, fifth, sixth spaces that I've hosted.
We also started pushing some really exciting videos that we've been running. It's been a lot
of fun. Joined today by Simon, COO at Zebek, Wojtek, and Nick,
who I will introduce a little bit more formally in a little bit.
Thanks, everyone, for joining.
Really appreciate you.
We're a couple of minutes in now, so a few more will join, I'm sure.
And whilst we're waiting for that to happen, I guess it's really important.
You know, it's a funny one today.
We had a call prior to the spaces because we like to run through these things,
make sure everyone knows what's what and uh you know compliance it's one of those kind of subjects
a gray subject isn't it where it's uh it can often be kind of like overlooked and perhaps you know
shrugged off a little bit feels like a bit of a boring or you know unnecessary thing to talk about
you know actually when you dig into it and
we're really fortunate to be joined by two real professionals and experts in the field it it's
both exciting in terms of where it's taking the space in the future and also totally misunderstood
and so I think it's really exciting to cover this today whether you're a founder an investor
a user just curious about the future of
digital finance and compliance in this space, then this is a conversation for you. Before we
meet our guests, I want to bring Simon in from Zebek, who I think will spread a bit of light
in terms of why this conversation really matters right now. So, hey, Simon, how are you doing?
Thank you, Ben. Thanks for that great introduction. And hello to everyone on the spaces from the
community. Excited to have everyone here. As Ben said, today we are talking compliance,
an issue in crypto, or not an issue, but an area of crypto that does not get enough attention
and is very important to a payments business like Zbeck. So really
excited to be diving deep into some compliance topics today to discuss what Zbeck has been
doing in the compliance space, what is on our compliance roadmap, and of course, bringing
in two of our really star advisors here in the compliance space to get their thoughts
as well.
Love that. Thank you. And before we get into it, I've got a couple of questions for you,
actually, Simon. I don't know, like, obviously the space is wrapped with people talking about
it at the moment. What were your views on the US Senate passing this stablecoin genius act
earlier in the week? Well, I could say this is enormously positive news for the industry.
It's a huge boost to any company that is operating with stablecoins like Zbeck, of course, as we
built our payroll system on the USDC currency. Stablecoins are a 200 billion plus segment of
the crypto industry, and they're growing incredibly fast. And that really shows the demand from the
market for increased uses for stable
coins as they are faster, quicker, cheaper than fiat alternatives. And it gives us as a crypto
operator, some sort of regulatory clarity that banks can now operate in the world of stable coins
and digital assets. And it's really helping build trust in the stable coin ecosystem as well. So
Frisabank, as a company that I mentioned, has built a lot of our infrastructure on the Circle infrastructure network as well as USDC.
It's a great step forward. Yeah, I love that. I mean, there are rumors now off the back of that
that some of the major US banks are looking to issue their own stablecoins. Question, and I appreciate, you know, feel free to give me as
much or as little information as you can. Would you guys be open to supporting bank-issued stable
coins? I think it's all very early at this point. I think we've seen the news from Bank of America
that they're considering issuing a stable coin. JP Morgan, who we already work with closely,
they're looking at issuing a stable coin.
I think we are going to adopt more of a wait and see approach, given our longstanding relationship with Circle.
Of course, we're a member of the Circle Alliance program.
So we are all in on USDC right now.
And when Circle wins, so does the back.
Love that. Absolutely.
And I appreciate you.
Sorry if that was dropped on you there, two questions. But obviously, it's talk of the town at the moment. So I just wanted to get your view on it.
Let's bring in our guests. I think really important. We've got two voices, two advisors to Zebek, as you've said, who, I mean, they've both helped shape both traditional and digital finance to some extent.
traditional and digital finance to some extent. Wojtek Zatorski, who I met a couple of weeks ago
as well, is the founder of GateKnox and now part of Zebek. He also created Blick, which is Poland's
leading mobile payment system with over 15 million users. And Nick here is the co-founder of Strata
Global, an FCA-regulated firm specializing in digital asset compliance.
He's also a former independent director at Wells Fargo, the investment bank,
and brings decades of experience from across TradFi and Web3.
Two really, really interesting voices from the space who I think can really shed some light on where we're moving and what's
going, what's happening.
So I'm going to bring you both in, but I guess before I do that, hey, both of you, are you
well?
Are you good?
Yeah, yeah, very good.
Welcome, everyone.
And thanks, Ben, for the intro.
Love it.
Love it.
Thank you so much.
Likewise.
Thank you for having me here.
It's an unusual place for me to be speaking
or for a compliance bot to be asked to speak, but I'm more than happy to. I was saying earlier,
I actually think from a Web3 perspective, it's really exciting to talk about compliance. It's
something that perhaps not enough of the space is really facing up to and taking seriously. So
to be able to get your take on that,
I think is really interesting,
but also to then combine that with the direction
that Zebek is moving in is also essential.
So I'm going to put this to both of you,
Voightech first and then Nick coming afterwards.
Why is compliance in Web3 so often misunderstood?
And why do you think founders
should really start to take it seriously
it's misunderstood because it's a hassle and everyone focuses on you know ease of use and
everything and it brings costs brings hassle to both companies and the users. But what is not very well understood is that compliance
is about the trust. And with the cryptocurrency and Web3 becoming more and more mainstream,
attracting more users and attracting especially institutional investors and institutions,
institutional investors and institutions,
this is becoming quite important for Web3 founders
to actually look at the compliance from a perspective
of building trust in the community,
building trust with the institutions
and minimizing the risk
because compliance at its core
is actually about risk management
and making sure that the situations
like FTX and Luna, etc.
won't happen in the future.
Love that.
Yeah, Nick, sorry, I'll let you follow on.
Yeah, no, I agree with that.
But if I take the question back a little bit further
and say trust in compliance is a two-way thing,
one of which is for the firm to ensure that everything is
done in a compliant way but trust is also on the firm firm's expectations on the regulator
is it good regulation undoubtedly in the traditional finance space and much more growing in the web three space is having that clarity of decent regulation so we
can get on and run our business we can make some money without screwing people and cause it causing
a major collapse or in any way like that so good good regulation and good compliance allows us to thrive. And you can see
that in different jurisdictions where there's bad regulation or no regulation. Who wants to go there?
But we'll come to that bit later on. But I think some other parts to your question there, it's the
people. The people typically haven't come from the traditional space, which is where I came from.
And by the way, I just chuck it out there. I was on the board of one very large crypto firm. I was a non-executive at a retail crypto firm.
I did spend two years building a bank-backed stablecoin with some people. So I've been around
the block a bit to see the differences between TradFi and the Web3.
But when I come to the people, if you haven't come and grown up in the sector where the regulated
sector where you have to behave and you're required to behave, and that used to run the basis of we
knew who the charlatans were, and you wouldn't deal with them and that's really uh self-regulation now we
have better regulation on the top of it similarly a number of the people which is why i left one of
those uh crypto firms didn't get the point of compliance and thought it was a tick box approach
uh so no good governance i my my mantra is i'm not going to go to prison for anyone. So you're going to do it properly.
So I also come down to that people part and say the compliance people haven't done a particularly good job for their boards of directors or their founders.
And in my world, I'd say 70 percent. I'd be quite interested to do a poll on that. That's 70% of business prevention officers.
About 20% are actually proactive and therefore drive compliance to make a better business.
And 10% are just a complete waste of time.
There we go.
There's my view.
I love it.
And I guess a really good opportunity then to carry on from your view, if you don't mind, Nick.
Obviously, as you've just stated, you've worked at the highest levels in the TradFi space.
How do you think those expectations carry over and into Web3?
Good question. of whatever happens, Web3 still has to be a participant in the broader financial services sector, wherever you may be located. And that's one of the problems of the original people. And
I go back 10, 12 years in this, which is we decentralise, we don't have to abide by any
rules, etc, etc. And then suddenly they wake up to the fact that using the US as an example
the long reach of the SEC and the FINRA across the globe suddenly catch up catches up with you
and look what happened to CZ from Binance with that long reach. Very difficult to play if you are
very difficult to play if you are on the bad boys list in your business.
And of course, the fiat money has to go somewhere.
You start getting cut off from all of those positions, game over.
Worse, you go to prison before you've even started your business.
But we can go down that route as well later.
Yeah, or not.
Or not.
As I said, women going to going to prison please on this one
great great great answer um vojtek i um i'm really interested i mean we've spoken about the fact now
that the zebek has acquired gate knocks and and you've come into the into the zebek network now
to to advise and work on this stuff.
Talk to us then a little bit about GateKnox and the problem that it was built to solve
and how it differs from traditional compliance tooling at the same time.
Sure, sure.
First of all, Nick, I totally agree that the regulations
need to be adjusted to the space that they address.
And traditional finance regulations don't necessarily do it still quite well.
Obviously, there is progress with this.
So, you know, the best example how the traditional finance approach in compliance doesn't fit the new digital age and especially the crypto space where the transactions happen quickly and you expect to be able to onboard almost instantaneously is, you know, KYC and KYB processes.
And especially KYB processes where you need to review the entire company.
So those processes are still slow, expensive, and very often manual.
The traditional process is very labor intensive.
It relies on compliance officers manually reviewing papers.
And this isn't something that is fit for the 21st century.
So what we've been doing in GateNox is we actually build GateNox to provide services for Web3 industry,
where the expectation is that this process is going to happen rapidly.
So obviously, we've been trying to make this process as easy and quick as possible for both sides of the equation.
The companies that are onboarding and also the service providers.
So on one side, from a perspective
of the companies that onboard, the biggest problem
is that you provide the same documents over and over again.
And you're asking the same questions.
And it takes extremely long time. And a lot of this information that you're asking the same questions. And it takes extremely long time.
And a lot of this information that you're being asked,
it's actually publicly available, and you can obtain it.
And instead of asking these questions,
just ask for confirmation.
So this is what we've been doing on the client side.
And on the compliance officer side,
we've been utilizing AI processes to go through documents
and analyze the risk to provide feedback
to the compliance officer as quickly as possible.
Can I add to that? Yeah, please do. And as Borchak says, if we think about one of my earlier
comments of the business prevention officer, the area of compliance that we're talking about here on the onboarding is a cost centre.
It's not a profit centre. How can we turn it into a profit centre to make sure it becomes a lot more
efficient? And that's something that I try to do when I talk to firms about this. And just to give
you an example of that, 20 years ago, it would take however however long a couple of weeks to onboard somebody manually
and I recall when the CFD and rolling spot firm started up it cost about $800 to onboard a client
that did include the marketing spend that's now come down rapidly
oh Nick I think we lost you there you're you're back on mute I just pinged out I think they come coming back to what Vorchek was saying that the cost is
reduced massively because of theiencies of the technology but the technology in the traditional
firms is blinking ancient and they can't adapt it very quickly and that technology I can always put
in human technology they are processors they're tick boxes this is the way we've always done it
we're not going to do it again and that's the problem of of changing this is why I just love
the web 3 world where
there's much more efficiency understanding that we can throw away that technology and bring in new
so I'll give you an example of that um any crypto firm at the moment trying to open a bank account
why does it take 10 months just to get into the queue and then somebody to start looking for it
and then they ask for um a Wolfsburg form.
I don't know if any of the listeners here have seen a Wolfsburg form.
It's 100 questions which is applicable to a correspondent bank or a bank-to-bank relationship.
So why are you sending that out to a crypto firm?
It's of no relevance at all.
That's because we have to tick a box and say we've done it.
And that comes back to the point uh as vorcek said of being able to understand what we're getting in the uh in the kyc
area of the the wolfsburg form says yes i've got all of these policies and procedures and
governance in place tick a box we can move on but what what Voracek's and GateKnox is doing, it's got the OKRs in there.
It's showing the effectiveness of what you've actually done. And it's allowing the thinking to go on rather than the box ticking.
So, yeah, well done, Voracek.
Yeah. And not only that, if you think about this going forward, you know, in blockchain space, you already have a concept
of zero knowledge proofs and selective disclosures. So the approach that I believe is going to
be taking more and more interest is actually storing all this information in a secure encrypted way on the blockchain and allowing you
to share as much information or as little information as is really needed but for that
we need some changes in regulations as well because if you think about this and i don't know
if you agree with this nick but a lot of those questions are totally unnecessary and for me to
prove that i'm over 18 i don't really need to give you the full picture of id it's enough that that
you trust that you know my identity has been verified and that I am in fact over 18.
You don't even need my birth date for that.
I quite agree with you, but a firm, then we come up against the regulator
and the regulator, wherever they may be, who generally has a process to follow
and they will expect to see certain things even though they are pointless
or irrelevant and maybe if I throw that out and say have a look at the FCA enforcements here in
the UK and see how many times they have enforced against a firm for actual financial crime
compared to enforcing for them in process failure. So that's half the problem in the traditional finance world
is we've got to demonstrate the process first, not that our clients are criminal. Different problem.
Fascinating stuff. Really, really interesting. And thanks so much for both of your insights on it.
Simon, I want to bring the conversation back over to you then. Obviously, we're starting to get a picture now of what GateKnox was created for and what
it kind of provides.
What do you think it unlocks now for the ZEBEC ecosystem?
Well, the GateKnox acquisition is a big win for the ZEBEC ecosystem.
Of course, at ZEBEC, we are disrupting the global payroll system, which has largely remained unchanged for the past 50 years.
With stablecoin regulation now paving the way for the industry to finally see an acceleration in the adoption of crypto payroll, compliance is becoming front and center.
And that's really where GateKnox fits in.
So compliance, it has to be embedded within the infrastructure of the payment network for this to really work on a global scale.
And many payment networks that rely on outsourced providers for compliance will be at a disadvantage to those who embed compliance tech into their stack.
And that is exactly what we're doing now as we integrate the GateKnox acquisition into the Zbeck tech stack.
integrate the GateKnox acquisition into the Zbeck tech stack.
For us, integrating GateKnox has allowed us to embed KYC and KYB for all Zbeck users
and partners directly into our flow.
So that means that we have complete ownership over the customer onboarding flow.
We have complete ownership over the data, which also ensures security of that data.
complete ownership over the data, which also ensures security of that data.
We lower our cost by bringing in compliance in-house rather than paying outsourced providers.
And then as we look down the road, this also gives us the potential to white label our own
compliance solution to other crypto platforms. As we view, this will be a growth area in the market.
area in the market massive hopefully simon also speed up the checks because these are very often
the major costs of users dropping off the onboarding right it's at a point of friction
whether you're signing up for a card or you're doing a full kyb to use payroll, the quicker it is, the higher the conversion rate.
Exactly.
100%. I had to sign up for an account a little bit earlier because I needed to test something
with a client that I have, and I gave up.
I was KYC-ing and I gave up.
So I'm going to go back to that another time.
Not only you.
That happens very often.
And also, for the record, that's one of the biggest central exchanges in the world.
And it was just such a headache.
So, yeah, this is all really, really fascinating stuff. Simon, I've got one more for you then before I turn it back to the guys.
I know that you and I were speaking earlier in the week and that Zebek is actively pursuing SOC 2 compliance.
Maybe you can just extrapolate.
I mean, I'm British.
It's also lovely to have Nick on, by the way, talking about how something's blinking ancient.
It's great to have another Brit on with me.
But, yeah, I guess talk us through SOC 2 and what that means and why it matters,
and maybe some of the other things that you're looking at along those lines.
Absolutely. So yes, as you said, Zbeck is currently pursuing SOC 2 compliance. We are
in process with that. And this really comes down to data protection and data security,
which I alluded to earlier with the GateKnox acquisition. It's incredibly important
in the US and it's a requirement for many partners and enterprise clients to have this certification.
And what it does is it sets up Zbeck network to work with much larger institutions, including
governments, universities, and financial institutions. So it expands our reach,
expands the number of clients and type of clients that we can serve. And it's also part of our broader ISO roadmap,
being kind of one of the earlier steps in getting to ISO certification.
Wojtek, Nick, in that order,
how important is SOC2 then when it comes to scaling enterprise-grade systems
and clients and all of those things.
I think Simon already said it's incredibly important especially that many
of those enterprise clients especially in US are not gonna sign or not gonna go
through the process until you do have SOC 2 certification.
So this is sort of prerequisite in many cases.
They don't even want to speak to you if you don't have it.
And in the cases where it's not such a strict requirement,
you know, that sort of proves that you do care about internal processes, your internal policies, that you have your house in order and that the risk is minimized.
So that's sort of coming back again to build trust that the organization is serious about running business in a proper way.
Yeah, as you say, it's a binary choice.
You either do it or you don't.
And that's the same as the first part of this conversation.
We're talking about compliance.
Starting it at the beginning, you're building the proper foundations for governance through
you're building the proper foundations for governance through the entirety of your business
the entirety of your business.
and without those foundations or build it on sand and you're going to have a problem
at a later date the big issue of course for any startup is the cost and you startups are
flying as quickly as they can to get money in, revenue in, appease their VCs on certain projections.
But without those foundations, which don't have to be gold-plated at the very beginning,
you build from them and you have that ethic within your firm, great.
And ultimately, it comes down to that risk-reward scenario. The risks include obviously regulatory sanctions for not having
or having a data breach or a compliance breach for that matter versus the rewards of actually
growing your business much more easily as the CEO because the structure is already there. You
can build on it. The technology is built to be compliant.
It hasn't been forgotten about, and it brings everybody on board.
And then I come back to Voracek's point.
You're then acceptable to the tried-fi space,
which may well hold the keys to you getting your fiat out
somewhere along the line.
Yeah, of course.
Of course.
Easy to, easy to, sorry, go for it.
Easy to go.
Sorry, go, Poitier.
Another thing about any sort of framework like ISO 27001 or SOC 2
is that it really brings your house in order
because you need to go through those processes
and organize them in a proper way.
So very often you may discover that the things
that you believed were in order can be actually
greatly improved.
So I think it also brings the benefit for the company itself, not only from a perspective
of appearing to the market and to enterprise clients, but also internally.
Yeah, absolutely. Sorry, Nick.
I think it's quite interesting as well that it calls,
SOP2 calls for an independent auditor to have a look at what you're doing.
And I compare that then to the UK and
Europe, where you don't need an independent auditor to qualify yourself as suitably robust.
I wonder what will be coming towards Europe and the UK in the future, whether that external audit
will be required. I wouldn't be surprised.
Absolutely agree. Yeah, you can see it. But given where we've come from, and where we're intending to move, I think that that kind of compliance is just going to be necessary,
isn't it, to wash through some of the nonsense?
And dare I say it, it's probably a demand of a regulator. We know that regulators in a number of jurisdictions are very, very fearful of Web3, crypto, loss of control over our financial services sector by this.
I could imagine that's probably one of the things that the Europeans are going to leap on and say, yeah, we like that, but everyone needs to be audited for SOC3 or ISO or GDPR and all of that sort of stuff.
Interesting.
Yeah, really interesting.
Okay, guys, look, we've spent a lot of time talking about what's happening right now.
And having spoken to you both now previously, I'm really interested and excited by the next question because it means we get to look
forward a little bit and we get to look into the future um via your knowledge and uh and experience
so i'm going to put it to uh voitek first and then come back to you nick in a moment i'm really
curious what in your opinion, does the future,
and I'll let you define the future, you can either be next few years or you can really go out there and be fully dystopian,
but what does the future of compliance look like in Web3
and finance more broadly?
Is it real-time? Is it invisible?
What are the big changes and adaptations that we're going to see in that
in that sector yeah i think i think um you know i've already said that the the current processes
are broken and they're not adequate for the digital economy and they they need to evolve
they need to change and this change change needs to happen very quickly.
Because if you think even about KYC process
and going through, taking picture,
and having this verified with the race of AI,
now you can very easily really go around those processes.
So, you know, right now, it looks like the technology is being used
or can be used much quicker for performing criminal activities than what's happening with its use to really verify the individuals.
But not only that, as you said, the compliance needs to become embedded into the backbone of the Web3 industry to grow and to become publicly accepted,
fully publicly accepted.
And in order for that, you do need to have user experience that it's acceptable.
And it's not currently.
The cost obviously needs to go down.
And we do have technology that is capable of helping with
those processes. But we also do have regulations that don't allow this technology to be used
at the current stage to its full advantage. So, you know, going much farther, I really don't see how the current stage can progress much farther.
It does need to be embedded into the whole system in sort of similar way as we have it embedded in the payment systems.
We all forgotten about the fact that, you know,
you had to write checks, you now you just click your phone, and you pay for things. And this is
this is the experience that you do want to have with the compliance. You don't want to remember
about this, you don't want to spend too much time on it, you just want this to happen. So I am big believer in zero knowledge proofs or similar technology
that will allow you to have your identity and all information stored in a secure way, in a way that you control and only provide information that you deem really required.
From my point of view, where do I see it?
I'm actually quite excited about the future.
But let me just put a little
bit into context there. When we use the term compliance, compliance functions, which consume
far too many people in major industries, they're either reactive, proactive, and there's process
driven. And we can't forget the process driven, which you, Vorchek, just spoke about as well.
We can actually use the the words the
transaction monitoring which get tied into the kyc and aml and kyc aml goes into that process
part if you if you like that's the bit that we're really focusing on here today so i i won't bother
with the other parts of the compliance function but where do i see it going i see um i'm not sure
if i should say it this way i I see a major reduction in people,
which is a good thing. And that means greater efficiency and greater data being put in front
of the board of directors or the people who are taking the risks for those businesses,
rather than the rubbish that comes up to senior management at the current time.
But if we have a look at that, it's going to remove the
pain points that you just spoken about, Vorcheck. The ability to embed that into the transaction
monitoring so you can see a whole holistic view of what is going on with your client,
and I include in that the business corporate clients as well. And that's the information
that you really want and what is
the point why are we actually doing kyc aml checks and essentially it's just to keep the bad money out
of the system um so that's what we're really looking for in these these particular things
so i also um think that a lot of what the future will look like will depend upon the regulator attitude, which is way behind the thinking that you probably everybody on this call has that we want to go faster.
We want to go quicker. And this makes sense. And there's another little little bit in there.
I see the ownership of my ID and my ability to use that transport to go and use a different financial service provider because I
prefer their product but I'm not actually a client of theirs should be seamless. We tried that
a long time ago when I worked for a major investment bank not the one you announced by
the way at the beginning and they wanted to set up a centralized KYC piece. But all the other banks wouldn't touch it because they were going to nick your clients.
This is why Web3 is so much more efficient in that, is because I shouldn't be able to nick somebody else's clients just because their KYC is on this particular piece.
So I can see there will be a reluctance to some firms.
I might lose a customer.
But then again, you could gain a few more.
It's going to make your products a little bit better.
But I think the actual answer I was supposed to give you was I see these systems being greatly improved.
We were talking the other day about putting AI agents in to be able to break down those barriers between all of these process pieces and I reckon that within five years this will be seamless and that
GateKnox will be seamless in the way it produces this and hopefully delivers some transaction
reporting as well for you at ZBEC. That would be really good. And that just takes an awful lot of effort
off the senior management
who can then rely on proper management information
coming up to them.
Risks reduced.
That's what you want to do,
assuming it's within our risk appetite
and all of that sort of stuff.
And we can get on and make a bit of money.
There we go.
There you are.
That's what we're all here for.
Go, Void Tech.
Sorry.
Five years, Nick, is extremely long time looking at how the technology is developing, how quickly it's developing as you said regulators and the traditional funds that is not uh yet ready
for for all of this but uh absolutely this this wave is coming and as you said i do believe a lot
of compliance officers are gonna lose their jobs because AI is much more efficient in analyzing the data.
And, you know, if you look at it, probably, I don't know, you might know it better,
but I would say over 90-something percent of people doing any financial transactions in Web3 are legitimate users.
And yet, for the small percentage of illegitimate users,
you go through such hassle.
Yeah, absolutely.
Well, look, guys, this has been a great conversation. I knew it. I knew when we
were talking at the beginning that compliance is capable of being insightful. And so I'm really,
really grateful for all of your time. Simon, to you too. I've got a final question for you all.
got a final question for you all um and and it's actually asking you for a final thought what's
the one thing that you think every founder investor or builder should remember and take
away when it comes to compliance in web3 vojtek i'll let you go first. Yeah, I think we already sort of talked about this,
but I'll reiterate it.
You know, compliance, it's not your enemy.
Think about compliance as trust.
And to build sustainable business,
you need to build trust.
It scales in the long run much better than hype.
I'll leave you with this.
I love that. Build trust completely. Nick, how about you? Well, I think if you really want to build a proper business that's going to have longevity
and be able to make decent money out of it, then act like a real institution and implement the
foundations from the beginning. That doesn't mean you have to over over-engineer them,
but think about them in all of your strategy as to where you're going forward. Compliance
plays a big part in that. And brackets, that's the proactive piece that I mentioned earlier to be able to advise
the board on how it could be built to protect us all yeah I love that and Simon obviously you're
going through this at the moment right you're you're you're not just at the forefront of of
working with these guys to build compliance but you're actually having to be compliant and
so I'm curious like what like, what's your takeaway?
Well, I think we can all agree that compliance is no longer an option in the Web3 space.
The Web3 space is no longer the Wild West that it may have been in its early years.
You're seeing governments now putting out bills.
Governments now putting out bills,
You're seeing financial institutions come into the mix.
And for that reason, we need to operate more like TradFi
with full compliance systems, compliance teams,
and not really just view this as a cost.
It has to be a core part
of all the infrastructure that we build.
Absolutely.
Hopefully Simon, we're gonna add to this,
still Web3 approach from a perspective of building it in a way that it's cost-effective and quick and don't follow traditional finance where they went wrong.
Exactly. We can learn a lot from the big banks and how their compliance system runs and build it in a much quicker and more efficient way in Web3.
I love that.
When I met Void Tech a few weeks ago, it was UX, UX, UX, right?
That's what we do.
We build a streamlined process that nobody can fail to understand
and complete, and by doing so, when you create a product that good,
then you've knocked down all of those barriers.
Absolutely love it. And people are going to come. Yes, when you build it product that good, then, you know, you've knocked down all of those barriers. Absolutely love it.
And people are going to come.
Yes.
When you build it, that typically happens.
That's well said.
Okay, look, huge thanks to Simon and the team from Zebek for hosting this and allowing me to co-host a moderate conversation.
allowing me to co-host and moderate conversation.
Wojtek, Nick, absolutely fantastic to meet with you again
and to get a bit more insight in your expertise.
Really, really appreciate that,
particularly around subjects like this
that just don't get enough attention.
And they are absolutely essential.
Thank you for having me.
Great pleasure.
Okay, everyone.
Compliance, not the enemy of Web3.
Done right, it's what unlocks potential
uh discuss um i hope you uh want to come back and drop us a come into the telegram group come
into our dms you know leave comments etc we'd love to know what you think of this conversation
it's been a really really interesting one today obviously give zebek and everyone here a follow uh for more updates and
um we look forward to seeing you on our next episode i think we've got another one going
live next week in fact we're going live on a weekly cadence now i'm not sure simon do you hear
ben anymore or not oh no ben is on yes yeah all right guys well we'll close it out everybody
thank you so much for showing up, and we'll
catch you guys on the next one.
Love it. Good job that was at the end.
You cut off.
I'm back now. We're all good.
Do you know what? It was perfect timing.
Yeah. Everyone,
come back. Join us for the next episode.
We'll see you soon. All right, guys.
See y'all. Bye-bye.
Bye.
