Blockchain
GlobalBlock Provides Update on FCA Application
London, United Kingdom and Vancouver, British Columbia–(Newsfile Corp. – February 25, 2022) – GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the “Company” or “GlobalBlock“) provides the following update on the pending application (the “Application“) by the Company’s wholly owned UK subsidiary, GlobalBlock Limited (“GlobalBlock UK“) for registration as a cryptoasset business with the Financial Conduct Authority in the United Kingdom (the “FCA“) in accordance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the MLRs“). GlobalBlock UK filed its Application on June 30, 2020, and has since that date been operating under the transitional provisions of the MLRs and the Temporary Registration Regime established by the FCA. That Temporary Registration Regime is currently scheduled to expire on March 31, 2022.
After nearly 20 months of limited feedback from the FCA in respect of the Application, GlobalBlock UK has now received a Warning Notice from the FCA indicating that it is minded to refuse the Application. While the Company continues to analyse the reasons set forth by the FCA in its warning, the FCA reasoning appears to be that based on its review of a limited number of transactions that took place prior to the Company acquiring GlobalBlock UK in July 2021, and that because of that review the FCA suspects that GlobalBlock UK will fail to comply with its obligations under the MLRs.
The Company strongly disagrees with the concerns and conclusions raised by the FCA and firmly asserts that its procedures are in line with the MLRs. The next step in the process is that GlobalBlock UK has until March 23, 2022 to respond to the Warning Notice. The Company is taking advice from leading experts in these matters and will present a rigorous and fulsome response to the FCA. If the FCA, having considered GlobalBlock UK’s representations, decides to refuse the Application, GlobalBlock UK will have the right of appeal. GlobalBlock UK will remain under the Temporary Registration Regime and will be able to continue to operate its business while it responds to the FCA, and until a final decision is made by the FCA in respect of the Application.
Rufus Round, CEO of the Company, comments as follows:
“Assets traded on crypto rails are on all counts inherently reflective of a higher standard than traditional finance. Not only are transactions eminently more traceable, but they are also subject to rules that are defined and verified by cryptographic processes and therefore resistant to human operational failings. GlobalBlock UK has engineered FCA compliance into its DNA. Our processes are identical to those that a traditional FCA regulated business would incorporate, save for the fact that the superior features of blockchain technology enhance our controls and procedures to the higher standard of crypto. With this is mind we are naturally disappointed with the FCA process as it is being currently applied. Nevertheless, we are confident that upon reviewing our operations in detail, the robustness of our processes will become clear to the FCA and that their misgivings will be allayed. We also acknowledge that the FCA has enormous pressure upon it to administer to the Temporary Registration Regime and make decisions relating to a large number of firms ahead of its self-imposed deadline. As a precaution, the Company is analysing all options and considering other jurisdictions that would enable our trading to continue with minimal friction and that also provide greater optionality with regard to the ever-evolving regulatory landscape.”
The Company will issue additional press releases related to these matters as it progresses the process with the FCA.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly owned subsidiary, GlobalBlock Limited (https://www.globalblock.co.uk), is a United Kingdom based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established in 2018 by an experienced team of financial services professionals, GlobalBlock Limited acts as a trusted agent serving the digital asset needs of individuals, corporates, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets.
GlobalBlock Limited has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a cryptoasset business until 31st March 2022, pending the determination of the application by the Financial Conduct Authority. At this time, GlobalBlock Limited only accepts United Kingdom and Ireland resident clients or customers for its digital asset broker or trading services.
For further information please contact the Company at:
Rufus Round, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +00 44 20 3286 2904
[email protected]
https://globalblock.co.uk/ and http://www.globalblockdigital.com/
https://twitter.com/Globalblocknews
https://www.linkedin.com/company/globalblock/
Media Contact
Angus Campbell
Citigate Dewe Rogerson
[email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the continued and successful development of the businesses of each of the Company and GlobalBlock Limited, the ability of GlobalBlock Limited to obtain the applicable regulatory approvals (including permanent registration with the Financial Conduct Authority in the United Kingdom) to continue to conduct its business and other information concerning the intentions, plans, future action and future successes of the Company, and its businesses, technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Blockchain
Blocks & Headlines: Today in Blockchain – May 15, 2025 (BTC’s Push, Pi Network Fund, Stablecoin Levers, JPM Pilot, OKX × Man City)
Every trading day, Blocks & Headlines decodes the most significant moves in blockchain technology and cryptocurrency, blending market updates, strategic analysis, and thought—so you can stay ahead in Web3’s fast-moving world. Today’s briefing zeroes in on five game-changing developments:
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BTC’s $58 Million Raise for ETH Purchases – Bitcoin miners diversify treasury strategies.
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Pi Network’s $100 Million Ecosystem Fund – A mass-user blockchain backs its next growth stage.
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Three Levers to Drive Stablecoin Public-Sector Adoption – Regulation meets innovation.
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JPMorgan’s Landmark Blockchain–TradFi Pilot – Institutional rails cross the blockchain chasm.
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OKX Rolls Out Alt Manchester City Campaign – Crypto sponsorship enters the football pitch.
Together, these stories highlight key themes: treasury diversification, community-driven funding, regulatory frameworks, institutional integration, and mainstream partnerships. Read on for detailed analyses—and what each means for your crypto strategy.
Introduction: The New Vistas of Blockchain
Blockchain’s evolution this spring underscores a pivotal shift: from pure speculation to strategic deployment. Bitcoin miners, long reliant on transaction fees and network incentives, are now allocating capital to Ethereum, signaling maturation in treasury management. Meanwhile, user-centric chains like Pi Network are mobilizing massive funds to underwrite decentralized app ecosystems. Governments and regulators, too, are pivoting toward structured frameworks—envisioning stablecoins as pillars of public-sector modernization. At the same time, legacy finance players like JPMorgan are testing blockchain rails for cross-border value exchange, while leading exchanges pursue high-profile sporting partnerships to prime global audiences for crypto adoption.
These diverse developments convey one clear message: blockchain is entering its juggernaut phase, where strategic capital deployment, regulatory alignment, and mainstream integrative efforts coalesce to propel Web3 into the next chapter. In this briefing, we unpack each story’s nuances, assess market and technological impacts, and offer takeaways for investors, developers, and institutional players alike.
1. BTC’s $58 Million Raise to Bolster ETH Purchases
What Happened: On May 14, Bitcoin miner collective BTC’s Push announced a successful $58 million secondary raise aimed squarely at funding strategic Ethereum acquisitions for staking and DeFi yield farming purposes. This follows earlier Treasury diversification moves by Marathon Digital and Riot Platforms, but on a larger, coordinated scale.
Source: The Block
The Mechanics of the Raise
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Participants & Structure: The round drew in leading crypto funds—Multicoin, Paradigm, and Pantera—via convertible note instruments, offering 8% interest and a conversion price tied to a 10% discount on ETH’s 30-day volume-weighted average price.
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Allocation Strategy: Proceeds will funnel into direct ETH purchases on major spot venues and institutional OTC desks, with a tranche reserved for Liquid Staking Derivatives (LSDs)—including Lido and Rocket Pool tokens—to capture liquid yields.
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Rationale: Facing compressing Bitcoin margins amid halving-driven scarcity of block rewards, miners are diversifying into Ethereum’s staking economy, capitalizing on predictable APRs (currently ~4.5%) and burgeoning DeFi revenue streams.
Market Implications
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Cross-Chain Treasury Management: BTC miner allocators validating ETH staking signals an era where major protocol economies interweave on the balance sheets of institutional crypto actors.
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Downward Pressure on Spot ETH: Large-scale spot purchases typically buoy prices, but strategic accumulation via OTC may mute volatility—beneficial for staking yield stability.
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LSD Adoption Accelerates: With up to 20% of ETH purchases earmarked for LSDs, native staking derivatives gain further legitimacy, nudging stakeholders to re-evaluate liquid vs. locked staking trade-offs.
Opinion & Outlook
This raise epitomizes institutional sophistication in digital-asset portfolio engineering. Miners are not merely selling BTC to cover expenses; they’re actively deploying capital into interoperable blockchain yield instruments. As ETH’s transition to proof-of-stake matures and DeFi yields remain attractive relative to Bitcoin mining profits, expect more multi-protocol treasury plays—potentially extending to Solana LPs or Avalanche staking pools. For retail and institutional investors alike, these treasury trends suggest durable demand for ETH and LSDs, underpinning mid-term price support.
2. Pi Network Launches $100 Million Ecosystem Fund
What Happened: The Pi Network team unveiled a $100 million ecosystem fund dedicated to nurturing dApp developers, infrastructure providers, and NFT artists building within its rapidly scaling mobile-first blockchain.
Source: Cointelegraph
Fund Structure & Goals
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Capital Allocation:
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40% to Core Infrastructure: Node incentives, RPC services, indexing tools.
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30% to dApp Grants: Particularly financial inclusion, micro-lending, and social-commerce protocols.
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20% to NFT & Creator Programs: Artist residencies, marketplace subsidies.
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10% to Strategic Acquisitions & Partnerships: Cross-chain bridging, zk-rollup integrations.
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Governance Model: Pi Council, comprising core team members and community-elected ambassadors, will vote on disbursements via on-chain proposals—ensuring decentralized stewardship.
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Timeline: Initial $20 million tranche deployed in Q3 2025, with the remainder unlocked quarterly based on network milestones (daily active users, transaction volume, token velocity).
Relevance & Potential
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Mass-User Onboarding: With over 50 million active mobile miners, Pi Network boasts one of the largest captive user bases. Financing dApps tailored to these users could drive real transactional utility—beyond token speculation.
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Community-First Funding: By embedding governance in the Pi Council, the fund aligns incentives with grassroots builders—potentially reducing centralized bottlenecks seen in other ecosystem grants.
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Web3 Democratization: Pi Network’s mobile focus and low-fee architecture positions it to capture under-banked populations—a key frontier for on-chain financial inclusion.
Opinion & Outlook
The $100 million fund is a bold statement: Pi Network is shifting from token distribution hype to ecosystem activation. Success hinges on execution discipline—allocating capital to apps that deliver real-world value and user retention. Should Pi spawn breakout dApps in micro-lending or gig-economy payments, it could validate the “mobile-first blockchain” thesis and challenge established Layer 1s. Conversely, failure to catalyze genuine activity risks relegating Pi to another empty token play. Builders and investors should watch Pi’s Q3 performance metrics closely: active throughput and token velocity will be leading indicators of sustainable growth.
3. Blockchain Regulation & the Public Sector: Three Levers to Drive Stablecoins
What Happened: In a detailed analysis for Funds Society, blockchain policy experts identified three critical levers governments can deploy to accelerate stablecoin adoption in public-sector use cases: 1) Regulatory clarity via bespoke stablecoin frameworks, 2) Central bank digital currency (CBDC) interoperability mandates, and 3) Fiscal stimulus pilot programs.
Source: Funds Society
The Three Levers Explained
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Bespoke Stablecoin Regulation:
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Crafting targeted laws—distinct from securities or money-transmission statutes—can streamline issuer licensing, reserve requirements, and custody standards.
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CBDC Interoperability Mandates:
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Mandating APIs that allow stablecoins to seamlessly transact with emerging CBDCs (e.g., the e-Euro) prevents fragmentation and spurs innovation.
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Stimulus & Grant Pilots:
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Direct funding of social benefits via approved stablecoins (e.g., for disaster relief or tax rebates) bootstrap user familiarity and network liquidity.
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Broader Implications
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Public-Private Collaboration: Co-designing frameworks with established issuers (Circle, Paxos) and DeFi protocols (MakerDAO) ensures regulations accommodate on-chain composability.
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Financial Inclusion: Well-regulated stablecoins can deliver faster, cheaper payouts to under-served communities—particularly across EU-Africa corridors.
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Monetary Stability: Clear guidelines on reserve management and auditing bolster confidence, reducing redemption risk and contagion from issuer failures.
Opinion & Outlook
Stablecoins are the on-ramp to blockchain-based public finance. Yet, regulatory ambiguity has constrained adoption to niche corporate pilots. By wielding these three levers, policymakers can foster a harmonized, innovation-friendly environment—balancing risk mitigation with pace. For blockchain firms, engaging early in consultations and sandbox programs is vital. And investors should track jurisdictions piloting stablecoin grants—these will likely become blueprints for global standard-setting.
4. JPMorgan Bridges Blockchain and TradFi in Landmark Pilot
What Happened: JPMorgan executed its first public blockchain pilot facilitating an institutional cross-border payment between its New York and London operations, using Quorum-based channels and a tokenized USD settlement layer.
Source: CryptoSlate
Pilot Details
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Settlement Tokens: JPM Coin (ERC-20), temporarily bridged via a permissioned Ethereum sidechain.
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Transaction Flow:
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NY branch issues JPM Coin to London counterparty.
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Smart contract escrow holds tokens until KYC/AML checks complete.
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Tokens redeemed and fiat disbursed in local currencies.
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Performance Metrics: Settlement finality in <2 minutes (vs. 3–5 business days for SWIFT), throughput of 1,000 txs/sec, and integrated compliance reporting.
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Next Steps: Scaling to 10+ global corridors, public-private partnerships with central banks exploring wholesale CBDC pilots.
Significance
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TradFi Embrace of Permissioned Chains: A tacit acknowledgment that blockchain can enhance—not replace—existing rails, offering efficiency gains while preserving compliance controls.
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Tokenized Fiat’s Viability: Demonstrates tokenization is not academic—banks can leverage stable, permissioned tokens to slash operational costs and risks.
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CBDC Synergies: Success of JPM Coin pilots lays groundwork for eventual CBDC–stablecoin interoperability and reduces friction in wholesale liquidity management.
Opinion & Outlook
JPMorgan’s pilot is more than a proof-point; it’s a template for global banks to integrate blockchain pockets within legacy infrastructure, extracting value without wholesale disruption. Traditional financial institutions should monitor results closely—particularly the compliance integration and counterparty risk profiles. Meanwhile, DeFi advocates must acknowledge that permissioned blockchains will coexist with public networks, forming a hybrid financial ecosystem. As central banks advance CBDC initiatives, banks already comfortable with tokenized settlement gain a critical head start.
5. OKX Launches Alt Manchester City Campaign
What Happened: Leading crypto exchange OKX unveiled a multi-year sponsorship campaign with Manchester City FC, launching in-stadium NFT activations, fan token incentives, and Web3 watch parties across global OKX lounges.
Source: PR Newswire
Campaign Highlights
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Fan Token Airdrops: Exclusive MCFC NFTs drop via OKX app at key Premier League matches.
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Stadium Engagement: AR experiences—scan stadium QR codes to unlock private token presales and digital memorabilia.
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Global OKX Lounges: Co-hosted events in Dubai, Singapore, and New York, featuring live match streaming with crypto-themed commentary.
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Charity Tie-In: A portion of secondary NFT sales funds City in the Community foundation projects.
Market & Cultural Impact
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Mainstream Awareness: Tapping Premier League’s 1 billion+ fanbase amplifies crypto legitimacy beyond niche circles.
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Fan Token Renaissance: After token hype waned in 2022, OKX’s integrated approach—blending NFTs and real-world utility—may reignite engagement.
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Regional Growth: Local activations in Asia and Middle East signal OKX’s strategic focus on fast-growing crypto markets hungry for experiential marketing.
Opinion & Outlook
OKX’s Manchester City partnership exemplifies crypto’s turn toward lifestyle branding, where fan loyalty and digital asset ownership intertwine. Success metrics will extend beyond token trading volumes to user-retention, event attendance, and charitable outcomes. Other exchanges and NFT projects should note the power of hybrid physical–digital activations: real-world events lend tangibility to virtual communities, critical for long-term adoption. As sports franchises increasingly seek blockchain partners, expect a new wave of Web3 stadiums, in which every seat becomes a node in a global fan network.
Conclusion: Five Takeaways for Blockchain Stakeholders
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Inter-Protocol Treasury Moves: BTC miners backing ETH demonstrates that savvy actors view blockchains as interlinked asset classes—prompting reevaluation of single-chain investment strategies.
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Community-Governed Ecosystem Funds: Pi Network’s $100 million push underscores the necessity of decentralized governance and milestone-based funding to catalyze genuine on-chain activity.
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Regulation as Enabler: Structured stablecoin frameworks, CBDC interoperability, and stimulus grants illustrate how public-sector levers can accelerate blockchain’s maturation and real-world use cases.
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TradFi Co-Optation of Blockchain: JPMorgan’s pilot shows that traditional banks will increasingly embed permissioned tokens and smart-contract rails into core operations—integration, not replacement, is the watchword.
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Mainstream Partnerships Fuel Adoption: OKX’s Man City campaign spotlights the power of mixing digital assets with live events to onboard mass audiences and give blockchain a cultural foothold.
As blockchain’s infrastructure deepens—from miner balance sheets and institutional rails to fan experiences and public-sector deployments—stakeholders must adopt a multi-vector lens: blending treasury strategy, regulatory engagement, technological integration, and experiential marketing. Tomorrow’s top headlines will hinge on how well projects and institutions navigate this complex ecosystem—so stay tuned, stay diversified, and keep validating your own node of opportunity in Web3’s grand experiment.
The post Blocks & Headlines: Today in Blockchain – May 15, 2025 (BTC’s Push, Pi Network Fund, Stablecoin Levers, JPM Pilot, OKX × Man City) appeared first on News, Events, Advertising Options.
Blockchain
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Kezia Miranda at a meeting with Professor Roland Vogl, Executive Director of CodeX, affiliated with Stanford Law School, in California (USA).
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