[Backed Finance CEO: xStocks Issuer Chooses Switzerland to Avoid Whitelisting Restrictions on Tokenized Tesla Stocks] According to a report by Jinse Finance, Backed Finance co-founder Adam Levi stated that the company ultimately chose Switzerland as its base to strike a balance between compliance requirements and the openness of decentralized finance. He explained that the company registered in Europe because Switzerland allows them to issue digital representations of stocks like Tesla and Nvidia (referred to as xStocks) that can be freely transferred, rather than being subject to so-called whitelisting restrictions. Levi recalled, 'We examined five jurisdictions, and lawyers told me, "Yes, you can do it, but it will be a whitelisted model." I said, "No, I'm not interested. I won't build it that way because I wouldn't use it myself."' In the crypto industry, whitelists are typically used to approve individuals to participate in specific events, such as minting NFTs or investing in the initial issuance of a cryptocurrency. In the context of tokenized stocks, whitelists can determine who is eligible to hold the digital representations of these stocks.