FCA told DeFi should not be regulated

Crypto advocates have warned the Financial Conduct Authority (FCA) that decentralized finance (DeFi) should not be regulated.

The FCA hosted its inaugural two-day CryptoSprint in May, with 184 participants from different countries discussing the future of the industry and how it should be regulated.

Company executives, industry representatives, lawyers and compliance officers made suggestions that were published yesterday on the FCA website.

FCA officials who attended the forum included CEO Nikhil Rathi, CIO and CDO Jessica Rusu, and co-director David Raw.

DeFi is a blockchain-powered technology made to secure peer-to-peer payments by cutting out centralized institutions and financial middlemen (such as brokers or bankers). It has growing significance in the world of finance.

The views on the financial system were varied among the participants of CryptoSprint and several of the representatives argued that DeFi should not be regulated.

Ideas were raised based on setting up international definitions for crypto assets alongside talk of using public ledgers that stem from cryptocurrency networks to regulate crypto markets.

CryptoSprint aimed to engage the industry and its ideas. However, no official promises to modify or create regulations for DeFi have been made.

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Updated: 06/30/2022 — 11:00