At the latest celebration of Devconnect, an event that brought together developers and enthusiasts of the Ethereum ecosystem and other networks in Buenos Aires, Argentina, CriptoNoticias had the opportunity to speak with: Camila Soria, Web3 lawyer and founder of Khoros and Cypher Law.
Soria, who specializes in international tax law and entered the world of Bitcoin (BTC) and cryptocurrencies in 2018, offers two perspectives: that of a legal professional looking to avoid regulatory loopholes, and that of an entrepreneur looking to revolutionize the real estate market through tokenization.
From tax law to cypherpunk philosophy
Soria’s career did not follow a traditional path. His entry into the world of digital assets was not through financial speculation; I am drawn to the ideals of decentralization and social change.
“I met a friend at a party and she said to me, ‘Why don’t you come and work in international tax in Buenos Aires?’ I said yes. At that company I started working. startup“The first crypto company came along and it blew my mind,” Soria said of his beginnings.
For this lawyer, making the leap to technology based on encryption and advanced mathematics was a significant challenge. Soria admits that he had to “redo the math” by delving deeper into algebra and dynamic systems theory, areas outside of traditional legal training.
“I fell in love with the philosophy and possibilities of technology. I had never studied programming or software, so I decided to help create from this place,” he said, referring to his role in creating a legal framework for innovation.
Khoros: Tokenization with real impact
One of the central points of the conversation is Khoros, a project focused on real estate tokenization. Unlike other projects that simply fragment ownership of real estate, Soria’s proposal introduces elements of active management and sustainability.
“At Holos, we are developing a platform that not only tokenizes real estate in the traditional way, but also tokenizes the acquired value.”
Camila Soria, founder of Holos and Cipher Law.
model For example, aiming to solve liquidity problems for owners who cannot afford to renovate.which allows third parties to invest in improvements to real estate in exchange for a participation in the future value of the property.
Soria explained this concept clearly. “If you have a house and you can’t invest in it, I’ll come and invest $20,000 in a house that’s worth $80,000. So I’m tokenizing both the value that I contributed and the value that you had. Little by little I become owner of the property. This initiative aims not only to pursue profitability, but also to “maintain profits.” ‘real estate’ We have a sustainable vision where no old buildings remain and the entire city can be renovated.
The legal security of this model is based on personal contracts and the reputations of the parties involved.moving away from mere speculation. “We are convinced that investors are not investing in something purely speculative,” he said, adding that profitability will come from the increase in property values after improvements and the application of environmental sustainability.
Legal engineering in a completely unregulated environment
Soria applies what he calls the law through his law firm, Cypher Law.legal design«a methodology for creating a customized legal framework for startups in an environment where regulation often lags behind innovation.
“I’ve been in this world since before tokenization regulations existed,” he commented, compliance It was a matter of foresight rather than a strict normative obligation.
This strategy consists of interpreting business models and looking for legal alternatives in the absence of specific regulations. “If you don’t have strict regulations that apply, you look for alternatives,” he said, giving an example of how traditional accounting concepts can be applied to new activities such as Bitcoin mining and cryptocurrencies. Its purpose is clear. “We try to promote legitimacy as a competitive advantage.”
Regulatory challenges in Argentina and CNV
Another topic discussed in the interview was the position of the Argentine National Securities Commission (CNV) regarding the tokenization of real assets. Soria showed Constructive criticism of recent regulationspointed out that current demands may be slowing small entrepreneurs’ innovation.
“This is complicated because of what CNV is proposing in its latest regulations. CNV is not directly tokenizing real estate assetsbut it is a financial product,” he warned.
The expert says initial projects require establishing a trust or business fund, creating an almost insurmountable barrier to entry for the average entrepreneur. “What we are aiming for is retailer; “The idea is not to set up a trust for three people just starting out.”
Comparing the local situation to the international panorama, Soria said Asian jurisdictions such as Singapore, Japan and even Dubai are moving to a “direct tokenization” model, where tokens represent real rights to assets without complex corporate intermediaries. “Tokens have to give rights, because that’s what they represent in the digital world,” he said.
Technology and storage: Choosing Cardano
On the technical side, Khoros chooses to build infrastructure on Cardano network. Soria said the decision was based on a combination of economic and technical factors. «We liked the proposal and Fee lower. (…) Building on these tools was much easier compared to Ethereum, which has a larger market but is much more expensive. ” he justified.
A key point for user security is asset storage. Soria emphasized that his platform does not hold investors’ tokens, saying, “Users hold them directly. We do not have custody. Tokens are issued through a Decentralized Autonomous Organization (DAO) to ensure ownership remains in the hands of users.”Vesting» Or a waiting period to avoid immediate speculation and ensure the sustainability of the project.
Argentina, a “major” country in tokenization
Looking to the future, Soria offered a prediction on how Argentina’s tokenization market will shape in the coming years. Although his vision is cautious with small actors, I’m optimistic about this country’s potential.
“I think they will develop in Argentina.”big player‘. Current requirements are forcing many entrepreneurs out ($150,000 is a lot to start a business) start) Therefore, large companies will quickly capture the market,” he predicted.
This barrier to entry, imposed by regulatory and operational costs, concentrates the market in fewer hands and can be displaced by innovation «bottom up» (From bottom to top) This typically characterizes the Bitcoin and cryptocurrency ecosystem.
Nevertheless, Soria recognizes renewed international interest in Argentina. “I am interested in coming to Argentina because I often work abroad. Yesterday, they told me that they realize that there is ‘hope for change’ in this country,” he commented, noting that unlike Europe with its overregulation or the United States with its legal uncertainties, Latin America presents itself as fertile ground for recruitment and innovation.
“We need to understand the human factor.”
In conclusion, the founder of Holos emphasized: The industry will not only depend on norms and laws, but on human recruitment and cultural change. Soria called for cooperation within the Web3 ecosystem and urged them to set aside fierce competition.
“Digital transformation is achieved through people. It doesn’t have to be just about technology. “You have to understand the human factor,” he reflected. That final message resonates with the original spirit of the Bitcoiner movement: technology as a tool of empowerment, but driven by individual will. “The world has changed. We must stop competing in everything and start collaborating…The path is there and we must dare to walk it.”