{"id":566788,"date":"2021-07-13T14:05:32","date_gmt":"2021-07-13T14:05:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/regulators-scratching-their-heads-defi-part-ii\/"},"modified":"2021-07-13T14:05:32","modified_gmt":"2021-07-13T14:05:32","slug":"regulators-scratching-their-heads-defi-part-ii","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/regulators-scratching-their-heads-defi-part-ii\/","title":{"rendered":"Regulators scratching their heads: DeFi - Part II"},"content":{"rendered":"

<\/a> We <\/strong>took a look at<\/a><\/strong> the emerging decentralized finance space angling to disrupt the <\/strong>finance system in yesterday\u2019s issue of EnterprisePM<\/strong>. But with its rendering of brokerages and middlemen unnecessary, and in the absence of specific legislation targeting transactions, how are regulators proposing to set a framework for this relatively new space?<\/p>\n

A quick refresher:<\/strong> DeFi<\/a> is an umbrella term for a raft of financial applications in cryptocurrency (mainly stablecoins), geared towards disrupting financial intermediaries and facilitating peer-to-peer transactions. DeFi transactions use blockchain, mainly Ethereum<\/a> \u2014 to create \u201csmart contracts<\/a>\u201d through which users can manage financial transactions outside the purview of traditional financial institutions. DeFi differs from regular crypto trading in that it does not require an exchange, and in that it can facilitate the tokenization of real world assets such as commodities and shares into tradeable tokens.<\/p>\n

If this sounds like a nightmare for regulators, that\u2019s because it is. <\/strong>Regulations that govern cryptocurrency projects currently also govern DeFi, though present regulation is inadequate as it assumes the presence of intermediaries in trades, which does not apply to decentralized DeFi digital asset classes. So what are regulators planning on doing about it?<\/p>\n

The World Economic Forum published this month <\/strong>a policy toolkit (pdf)<\/a><\/strong> for DeFi<\/strong>, in a bid to help shape the regulation of digital asset marketplaces between countries and drive policy-making decisions. The report raised a number of issues that could prevent regulators from getting a clear handle on the sector.<\/p>\n

#1- Governance tokens: <\/strong>Many DeFi projects include governance tokens that allow voting rights on certain governance decisions. As deregulated autonomous organizations (DAOs) DeFi projects do not have a centralized management that runs operations on a day to day basis. While conferring limited management rights, the tokens are also tradeable on exchanges. Regulators will need to decide whether to treat such tokens as investment vehicles, or governance tools, and how to tax and manage them accordingly.<\/p>\n

#2- Decentralized creators: <\/strong>DeFi services are created through a collaborative process, typically involving a group of protocol developers, or an open source development community, who build on one another\u2019s code base. The operation of the service is then largely automated through the protocol and smart contracts. This poses the question, at what point do regulators impose restrictions? And on whom? Developers have also argued against the regulation of source code, which some say amounts to censorship, as they consider open source projects a form of \u201cprotected speech.\u201d<\/p>\n

#3- The scope of trading: <\/strong>DeFi makes possible far more varied services than traditional crypto, including derivatives trading, insurance, credit, and savings accounts. Regulators could be more inclined to move against DeFi if it begins drawing users away from the traditional financial system and competing with conventional exchanges.<\/p>\n

DeFi apps are also keen to resist classification as virtual asset service providers: <\/strong>Recent draft guidance<\/a> by the Financial Action Task Force, an intergovernmental organisation that develops anti-money laundering standards, suggested expanding the definition of virtual asset service providers to include decentralized software programs. This would encompass DeFi apps, and could oblige them to begin complying with know your customer (KYC) procedures required of banks. The FATF has said it will postpone issuing its guidance until October.<\/p>\n

Some countries have already turned their regulatory sights towards DeFi:<\/strong> Thailand\u2019s SEC announced<\/a> earlier this month that any activities related to DeFi may require a license from the financial regulator \u201cin the near future.\u201d The latest regulatory push came on the heels of the launch of the country\u2019s first DeFi yield farming platform, Tuktuk Finance<\/a>, operated by Thai crypto exchange Bitkub<\/a>. At that time, the platform\u2019s native token, TUK, immediately saw<\/a> \u201c a several hundred dollar spike,\u201d then plummeted just shy of USD 1 within minutes, illustrating the volatility of DeFi tokens that has both tempted investors and alarmed regulators.<\/p>\n

And this is taking place as regulators worldwide gather speed to clamp down on crypto<\/strong>: Countries including Turkey<\/a> and Ghana<\/a> have joined Egypt<\/a>, Bolivia<\/a>, Nepal<\/a>, Algeria<\/a> and Vietnam<\/a> in banning cryptocurrencies or severely restricting their use. India could soon follow suit<\/a>, and is drafting legislation that aims to crack down on its crypto market later this year. In China, the government is getting serious about its anti-crypto crackdown, recently banning<\/a> financial institutions and payment companies from providing services in the crypto business, and shuttering at least half of the world\u2019s mines<\/a> \u2014 located within China\u2019s borders.<\/p>\n

So what does all this mean for DeFi?<\/strong> Governments can deploy a range of regulatory actions to manage DeFi, including designing new license types, issuing guidance or expectations, or imposing prohibitive measures in the sector. Regulators can also consider an \u201copt in\u201d model, where DeFi projects can voluntarily decide to comply with regulations in return for certain protections. What DeFi creators don\u2019t want <\/strong>is for governments to decide to apply the same rules used to regulate crypto onto DeFi apps, thereby forcing them to comply with untailored measures that would strip DeFi of what makes it different from crypto brokerages to begin with.<\/p>\n

Ultimately, the relative newness of the space means policy recommendations must remain adaptable<\/strong>: \u201cThere were no decentralized digital currency assets before 2009, and no general purpose smart contract platforms before 2015, so any recommendations about the proper treatment of an offshoot such as DeFi must consider potential and unpredictable developments in a space that is evolving rapidly,\u201d the WEF forum report concludes.<\/p>\n","protected":false},"excerpt":{"rendered":"

We took a look at the emerging decentralized finance space angling to disrupt the finance system in yesterday\u2019s issue of EnterprisePM. But with its rendering of brokerages and middlemen unnecessary, and in the absence of specific legislation targeting transactions, how are regulators proposing to set a framework for this relatively new space? A quick refresher: […]<\/p>\n","protected":false},"author":1,"featured_media":566789,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9595],"tags":[509,204,344,4263,9253,633,9585,9242],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-next-2","tag-bank-of-america","tag-banking","tag-cryptocurrency","tag-decentralized-finance","tag-defi","tag-enterprisepm","tag-sec","tag-whats-next","wpautop","entry"],"acf":{"mongo_id":"a6216c48-71b2-4de6-89c1-bd4e1802902e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/413.jpg","photo_position":"above","related_issue":[566775],"teaser":"","voice_url":""},"yoast_head":"\nRegulators scratching their heads: DeFi - Part II - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/regulators-scratching-their-heads-defi-part-ii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulators scratching their heads: DeFi - Part II\" \/>\n<meta property=\"og:description\" content=\"We took a look at the emerging decentralized finance space angling to disrupt the finance system in yesterday\u2019s issue of EnterprisePM. 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The world\u2019s number two cryptocurrency has been the go-to\u2026","rel":"","context":"In "CRYPTO"","block_context":{"text":"CRYPTO","link":"https:\/\/enterpriseam.com\/egypt\/category\/crypto\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/480.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557130,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/us-regulators-are-rushing-to-get-a-handle-on-crypto\/","url_meta":{"origin":566788,"position":3},"title":"US regulators are rushing to get a handle on crypto","author":"enterpriseam admin","date":"7 September 2021","format":false,"excerpt":"US regulators are rushing to get a handle on crypto: From \u201cbank-like\u201d institutions that hold and lend digital currency deposits, to the murkier world of decentralized finance \u2014 known as DeFi \u2014 where anonymous traders buy and sell on automated markets, the New York Times reports that US lawmakers have\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558484,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/did-hackers-just-pull-off-the-largest-crypto-heist-in-history\/","url_meta":{"origin":566788,"position":4},"title":"Did hackers just pull off the largest crypto heist in history?","author":"enterpriseam admin","date":"11 August 2021","format":false,"excerpt":"Crypto criminals pull off USD 600 mn heist: The decentralized finance (DeFi) platform PolyNetwork may have been hit with the largest heist in crypto's tumultuous history in a cyberattack that drained more than USD 600 mn worth of cryptocurrency, Bloomberg reports. Details of the incident are still under investigation, but\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553578,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/bond-funds-defi-and-options-traders-are-all-coming-under-greater-scrutiny\/","url_meta":{"origin":566788,"position":5},"title":"Bond funds, DeFi, and options traders are all coming under greater scrutiny","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"The Bank for International Settlements is calling for tougher regulations for bond funds in order to mitigate risks to financial market stability, the Financial Times reports, citing the financial watchdog\u2019s latest quarterly report. Abrupt exits and sell-offs during times of crisis \u2014 like the mass sell-off of assets by bond\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566788"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566788\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566789"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566788"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566788"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}