tell us a little bit before we get into the crypt space what drew you to puerto rico and why what's happening with that michael so i've always been someone who looks at fairness and about you know how to you know do something that will will will help myself my family and so i moved from california to nevada right before i sold mark where my last company because it was crazy to be spending forty percent more taxes if i was living there for a global company rather than the data and when i started getting very deeply involved in the currency starting transform groups the top p.r. firm in that area and advisory all the sudden i'm working with companies and i guess some guys get paid in coin or in some of the other tokens like we launched the theory i'm and i'm seeing at the end of two thousand and fifteen of them starting to trade the price is just skyrocketing and so almost i'm not worried now about nevada tax i'm worried about long term and short term particulars short term

capital gains just thirty nine percent and puerto rico i heard from a friend of mine who is an investment banker who is selling i.p.o.'s in china and he's barely in the u.s. i'm still paying fifty three percent taxes because he had a home in california and so i look the puerto rico i told my wife about it she'd only seen west side story and not the truth while i'm and she said i guess i can maybe do a little time in tax prison and they can peel it away from her she that's right and you know a lot of fence funds guys have moved down here before you and you have john paul saying that. let me just introduce this idea because the way you describe it it sounds very dry that you know there's a tax benefit to moving down here and that's part of the entrepreneurial mix is you've got to look at your entire picture and maximize revenue you can but there's a huge ancillary impact for the crypto community coming to puerto rico it's twofold right there's one is the local community is now. getting the five and you can talk

about that a little bit and then you're bringing in a lot of expertise and a lot of young talent and a lot of fresh talent and that's adding to the mix so can you talk a little bit about the the vision thing as it's become a positive petri dish so when i first came down here in early twenty sixty and people were barely understanding how this could become a technology town much less the first time i spoke at a conference here which is the port of the puerto rico investment summit i asked people in the government about how you treat watching the ants was what is a block when i held my first point in gen the caribbean conference last year the same person i asked what is a block chain actually spoke and talked about the benefits of block chain which they do treat here as being services rather than software and they're both fortress i will get into that a little bit tax and nothing to the i.r.s. if you provide the product down here but with block chain it's open source so you don't own the ip and that's one of the definitions of software were says software

is a service in michael sense a crypto space got going different countries and territories that advertise themselves are trying to position themselves as the quote switzerland of crypto and they want to be the greatest regulation they want to have the greatest environment and i'm you know here for the first time myself and i've been to isle of man i've been to switzerland i've been to various european countries i've been to these places that say hey we want to be the crypt of switzerland you know this place really could be the crypt of switzerland it's got everything across the board what are your thoughts on that i'm a big proponent of that and i'm very encouraged with what wyoming did wyoming just had a unanimous legislature approval and the government signed an act to say that utility tokens which is most of what this i.c.a.o. phenomena comprises is a new asset class that is exempt from securities and money transmission and the courts will decide whether wyoming legislation trumps regulation. but they're

pretty adam of the day and they want to go into other territories and i've got nothing but you know open arms from the people i've talked to in puerto rico as will help the island we bring jobs here very open attitude about how can we go in first and foremost how do we keep our kids from like graduating and having to go to the mainline because they can't find a job here that's going to pay good wage generations coming out actually says that they could be part of building this new crypto generation and it could be. as you say a petri dish and a really growth story now you mentioned ice yos and regulators for a second you know what's interesting is that this if d.c. thinks calls crypto commodity the f.c.c. thinks it's a security. fence and i think it's saying it's money right so every regulator thinks they see themselves and right and that they need to be a part of the regulatory mix how do you see that unfolding because it's having a real impact that's undeniable yes so a house and in fact the i.c.a.o.

market and how will it impact more broadly its impact in the i.c.a.o. market particularly the last couple weeks in sort of a feeding frenzy of fear. because basically a lot of the lawyers have been saying do this do this another great can't do this and that and at the moment i'm hearing people advise just do a public offering which means you become a penny stock and that doesn't seem like the innovation or they just say block all americans i don't think that's going to be something that lasts forever i think i'm very encouraged by what wyoming is doing and if the judge just backs them like you know the f.c.c. had been saying all this stuff looks like securities to us a judge actually said the cryptocurrency is a commodity it's not the same well mean it's a security am a commodity and you know another judge in florida and some of the bitcoin is not money so the courts are going to have to decide in the meantime people are afraid and so they're either blocking us or they're. coming up with you know hacks

a little talking vicente about you know how a lot of times you have to go and find a positive activity hacking is a good thing in many cases and i think one of the hacks is you simply go and you invest in a funder of a syndicate that's offshore and that's how as an american citizen you still get to you know take your rights as a credit investor to be able to go invest in what you've researched arlo's talk game theory for a second marriage for your a seasoned entrepreneur this game of cat and mouse with regulators is part and parcel with the entrepreneurial world steve jobs got to start with the phone phreak they're breaking the law you know most entrepreneurs are skating the edge of the law that's how they kind of introduce a category and they hope that the their product will redefine the category and that the law will be changed you know they see this on wall street all the time so in the area of tripped out i can understand the regulators are you know they have they have a vested interest don't think they represent a long standing financial services business and they really are in their service

you could argue but will a territory or a country break ranks and say you know what we are going to be that crypto location and we're going to attract those jobs and are you playing a little game like that michael you know you're kind of the almost the dean in this in this space too far off where you think i've been called the i.c. oh godfather one network but now you're not far off and i sort of learned a lesson way early in my career in the ninety's when one of the things that i did as a side project before the free market where was i co-founded something called direct i.p.o. and it was myself a stock broker and we decided to like start going and disrupting wall street by letting people do direct public offerings of internet companies and we started the same day as with capital and with capital and the client was a securities lawyer we employed securities lawyers our entire funding went to a big law firm who told us no no no. it's too risky he did the exact same things

yes c.c. called them in and they gave the exemptions he sold the company for several hundred million dollars we basically went out to do something else after we spent all the money side aside i was not going to make that mistake in this field so i talked to a lot of lawyers and i look at a lot of different jurisdictions but when i started been angels in two thousand and thirteen one of our charters was fine friendly jurisdictions malta is a great jurisdiction aristos these amount of second places that ever was going to move to but in asia when korea and china clamp down were just guess where really is singapore and here people are going to bahamas they're going to be v.i.i. they're going to cayman but they would much rather come to puerto rico and pay four percent just like they go to switzerland instead of you know as zero tax jurisdiction that maybe is not the place they want to live or operator or such clarity like they pay six percent in switzerland and i think that they will pay four percent and you could get a billion dollars of i.c.'s coming into puerto rico if there's

a little bit more clarity and they kind of follow the wyoming lead all right let's dig into some technicalities here and i want to spend a long time on this but i think it is interesting to act twenty x. twenty two these are some of the minutia you encounter when you make decide to make a move like this can you kind of encapsulate in a minute the difference between the two just i just find this interesting michael just kind of brush on the tour so i'm not a lawyer or an account and i used to vote him in desmond's of video there's a lot of great folks down here who know their stuff so act twenty two is the one that is for individuals for investors every year they made it a little bit tougher. and that's been sort of as the numbers have grown that's sort of the way of making the bar and for a little bit higher in the beginning i believe it was fifty dollars to apply and five hundred dollars to get it once and they saw that investors were also bringing their secretaries their mistresses and that's not who they wanted to get the grants . so the year that i got in it was seven hundred fifty to apply and the five

thousand dollar one time now it's also a five thousand dollars contribution to charity which we give way more than that to charity in puerto rico over your anyway and perhaps the talk is maybe it's going to be an annual contribution but you want to have people involved in the island you want to have people you can't live here without wanting to help the people made up in person because i was that event here a lot twenty three and it's a crypto incubator made up and people were talking about them actually act twenty this that i talk to a lawyer i talk to account i get totally different answers from different people and their information is it's tough to come by like a real definitive answer what is what can people do you say in an accountant not a lawyer but is there there must be a resource to guide folks on solid footing as they as they contemplate that kind of a move down here right you know you have to talk to people and get referrals and quite engender we do have

a panel on at twenty and twenty two we've got actually. who was the secretary who wrote the law who passed the law and i've got. that i've got to have a video and so folks like that are going to be able to answer the questions there was just something this morning here but really come on down see if you like the island right over you quickly and i seriously thirty seconds what is it some point in john this our fifth year it's the it's the bowmen sachs conference for crypto because goldman sachs won't do it's it's bringing investors from around the world to look at opportunities in the space and to talk about the legal and regulatory and the trends and this is our second year doing in puerto rico right michael turner thanks mankinds report thank you all right well that's going to do it for this edition of the kaiser report with me max keiser and thinking about like they are going to michael turpin if you don't catch us on twitter at kaiser report that i'm bio.

desperate for a single purpose. they have a super. star training very young. eight months of intensive school. rats. and they save lives. in the far right and britain isn't just on the march it's taking violent mother's action i know quite a bit of it you know you see these organizations which will usually split into which we form which takes different names how do you view that.

complex web of british fascism. times about e-mail back of the attack you might even want to get. them but again. pedal going to be about in my mind coming here on the god. moving and moving to india that in full in those you just have images to see so if you want. to. know what about the natural again that the way i felt to look at it like the city because the. patient is fulfilling and hopeful and i think kids will use oh wow.

oh and thank you thank you. thank you thank you thank. you thank you thank you. i. was my was. a out. russians do you k. ambassador rice to the police exposed to a nerve agent and that's what powell poisoning incidents commanding officers

bravery and calling for cooperation with the person in finding who's really responsible. which investigates his raid the offices of the political consulting giant cambridge and i listen to a major data breach which has landed face book and. a police officer dies of his injuries following friday's tyra time in a south of france bringing the number of faith toiletries to for his being held as a national hero for swapping places with one of the supermarket hostages. a very warm welcome you're watching on t.v. international.