Crypto advocates told the Financial Conduct Authority (FCA), the UK’s financial watchdog, that: Decentralized finance (DeFi) should not be regulated because it is too difficult to do so.
In May, FCA hosted the first two days of CryptoSprint, where 184 industry participants from the UK and beyond came together to hear FCA’s thoughts on how to regulate the industry. with advice from industry representatives This includes the company’s executives. Regulators and lawyers are published onFCA website on wednesday
According to the report, some participants thought that DeFi, a blockchain-powered financial application designed to cut off intermediaries and centralized institutions such as banks, should not be regulated as it almost does. cannot
However, regulators have been keeping a close eye on DeFi lending platform Celsius Network.seems toIt is under pressure from the recent crypto market slump.
Other ideas that have been raised at CryptoSprint include the use of public ledgers that support the cryptocurrency network. (cryptocurrency) to regulate the crypto market and define universal definitions for crypto assets.
FCA officials who attended the forum included Nikhil Rathi, CEO of the regulator, David Raw, co-director of consumer and retail policy, and Jessica Rusu, head of data, data and intelligence.
The FCA made no promises. To create or modify the rules according to the instructions. But for many in the UK crypto industry. The initiative signals that the FCA is finally starting to listen.
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