And if we talk about, I guess, why now, uh, and touch on the regulatory environment, how has it actually changed in recent years, and why does it make tokenization more, I guess, commercially relevant today than it was before?

I think in the past few years we have seen regulators across the globe.

They've basically radically changed how their stance or position is with regards to blockchains, smart contract, digital money, and also, uh, tokenized assets.

In the past, they kind of treat it like an alien technology, which would create additional risk, and therefore they even introduce sort of frameworks to put punitive treatments on banks and corporates for leveraging those technology.

But nowadays, a lot of these regulators are now recognizing a technology neutral approach, so same activity, same risk, and therefore they apply the same regulation.

And that's kind of formed the foundation of how regulators are thinking nowadays.

And in addition to that, uh, last year particularly, we have seen regulators now taking the driving seat, adopting or introducing new regulatory framework.

And if we, if we actually talk about the preparations or, or I, I suppose in this environment that we're in, what do clients need to do? So, so in terms of to get there, so if their counterparts are moving ahead and they're not, what do they need to be kind of, uh, in-internally, what do they need to be looking for? How do they prepare for, for what's coming, uh, and how do they kind of see that in terms of the market and who do they speak to?