2026-05-10 –, Masaryk Stage
Legal structure is a valuation lever - yet most founders treat it as paperwork. This talk shows how legal design decisions directly affect project multiples: from authorisation as a market access multiplier to legal debt that compounds silently until your next round.
Founders obsess over tokenomics and product metrics. Few realise that legal architecture is one of the most direct levers on project valuation - and one of the least understood.
This talk maps the connection between legal design and financial outcomes in concrete terms: why regulated vs. unregulated is now two entirely different businesses, how authorisation unlocks market access while its absence kills valuation, and why legal debt compounds like technical debt - only slower and far more expensive to unwind.
Topics covered: regulated vs. unregulated as two different business models / authorisation as a market access multiplier / mapping product flows, cash flows and control flows / legal debt and how it compounds / the due diligence baseline that sets your Round A+ multiple
Speaker: Sergey Ostrovskiy - Partner at Aurum & Co-Founder of DAObox. Web3 lawyer since 2017, $1B+ in structured transactions, board member at major Web3 foundations, strategic advisor to governments on digital asset regulation. Aurum - ranked by Legal500, FT most innovative law firm in Europe 2024.
Web3 lawyer, Partner at Aurum & Co-Founder of DAObox. Advising crypto projects since 2017, $1B+ in structured transactions. Board member at major Web3 foundations. Angel investor. Strategic advisor to governments on digital asset regulation. Aurum - ranked by Legal500, FT most innovative law firm in Europe 2024.