Decentralised Finance: The case for a holistic approach to regulating the crypto industry

Article


Salami, I. 2020. Decentralised Finance: The case for a holistic approach to regulating the crypto industry. Butterworths Journal of International Banking and Financial Law. 35 (7), pp. 496-499.
AuthorsSalami, I.
Abstract

Since the launch of bitcoin in 2009, there have been fierce calls for the regulation of cryptocurrencies particularly linked with, amongst other things, their use to facilitate financial crime. One of the mechanisms deemed best to achieve this has been at the point of their intersection with mainstream finance – which is mostly through cryptocurrency exchanges and wallet providers which convert fiat currency to cryptocurrency and vice versa. The Financial Action Task Force (FATF) Recommendation 16 is expected to achieve this, however, this rule is only as strong as its robust implementation globally. The growth of decentralised finance (DeFi) further exacerbates the challenges of regulating the crypto industry, particularly as it is not covered by FATF Recommendation 16.

KeywordsDecentralised finance; cryptocurrencies; regulation
JournalButterworths Journal of International Banking and Financial Law
Journal citation35 (7), pp. 496-499
ISSN0269-2694
Year2020
PublisherLexisNexis
Publisher's version
License
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Anyone
Publication dates
Print03 Jul 2020
Publication process dates
Accepted13 Apr 2020
Deposited23 Sep 2020
Copyright holder© 2020 The Author
Copyright informationThis article was first published in Butterworths Journal of International Banking and Financial Law 35 (7) 496 -499.
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