Decentralised Finance: The case for a holistic approach to regulating the crypto industry
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.
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.
|Keywords||Decentralised finance; cryptocurrencies; regulation|
|Journal||Butterworths Journal of International Banking and Financial Law|
|Journal citation||35 (7), pp. 496-499|
File Access Level
|03 Jul 2020|
|Publication process dates|
|Accepted||13 Apr 2020|
|Deposited||23 Sep 2020|
|Copyright holder||© 2020 The Author|
|Copyright information||This article was first published in Butterworths Journal of International Banking and Financial Law 35 (7) 496 -499.|
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