The surge in the number of Web3 foundations in Cayman is no joke! Going from over 1,300 by the end of 2024 to adding more than 400 in the first five months of 2025, this growth rate is simply flying. But don't celebrate too early, as the new international tax transparency standard OECD CARF is coming into effect. It will be implemented in 2026, and all crypto service providers will have to report information voluntarily. However, the good news is that protocols that solely hold assets and passive foundations may not be required to file reports mandatorily. I recommend everyone start studying this new policy now to prepare in advance. Remember, compliance always comes first, and we need to play within the rules.