50 yards a day is no longer a "gray zone," it's the economy. The Ministry of Finance announced a figure: 50 billion rubles a day. 10 trillion a year. And we're missing out on all of this. Sergey Shvetsov estimated: our citizens and companies leave crypto exchanges with around $15 billion in fees annually. The Moscow Exchange is looking at this pie and wants a piece of the action. I understand their point. But let's use our brains. To launch the Moscow Crypto Exchange, it's not enough to say "we're ready." Three questions need to be answered. First: Where can we get liquidity and stablecoins? If it's USDT or USDC, consider us building a sandbox on rails that can be dismantled at any moment. Sanctions are coming in droves, the 20th batch is already on the way. Tomorrow they'll block it—and that's it, users will once again flee to gray exchanges, and the exchange will be left with an empty order book. Second. Tokenization on someone else's blockchain is an illusion. I hear a lot of talk: "Let's get real estate, get documents, create digital assets." On what? On Ethereum? On BSC? This is a failed idea for Russia. No sovereignty. No protection. If we don't create our own wallets, our own infrastructure, and our own blockchain, we'll simply hand over our data and liquidity to other people's networks. Third. Taxes, licenses, control. Regulation is necessary. But not just for show. Not to tax everything that moves and then breathe a sigh of relief. If we make the "white market" unprofitable or inoperable, people will remain in the black. They won't be intimidated by a law; they'll only be intimidated by the lack of a convenient and secure tool. I hope the government understands this. And that they have competent advisors who don't just repeat Central Bank presentations, but actually understand the technology. Summer 2026. Regulation must be in place, but it's better to do it well this year than poorly next year. Don't lose the market. Don't ruin the initiative. Do it using our own tools. There may not be another chance.