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
File Access Level
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.
Permalink -

https://repository.uel.ac.uk/item/88793

Download files


Publisher's version
Financial Crime update (2020).pdf
License: All rights reserved
File access level: Anyone

  • 548
    total views
  • 1025
    total downloads
  • 0
    views this month
  • 1
    downloads this month

Export as

Related outputs

A Frequency Bin Analysis of Distinctive Ranges Between Human and Deepfake Generated Voices
Maltby, H., Wall, J., Glackin, C., Moniri, M., Cannings, N. and Salami, I. 2024. A Frequency Bin Analysis of Distinctive Ranges Between Human and Deepfake Generated Voices. 2024 International Joint Conference on Neural Networks (IJCNN) - Neural Networks Models. Yokohama, Japan 30 Jun - 05 Jul 2024 IEEE.
Challenges and Approaches to Regulating Decentralized Finance
Salami, I. 2021. Challenges and Approaches to Regulating Decentralized Finance. AJIL Unbound. 115, pp. 425-429. https://doi.org/10.1017/aju.2021.66
Financial Technology and African Capital Markets Post Covid-19
Salami, I. 2021. Financial Technology and African Capital Markets Post Covid-19. Journal of International Banking Law and Regulation. 36 (1), pp. 31-41.
Cryptoassets regulation in Africa: RegTech and SupTech considerations
Salami, I. 2020. Cryptoassets regulation in Africa: RegTech and SupTech considerations. The African Reinsurer. 34, pp. 26-33.
COVID -19 Crisis in Africa: Leveraging FinTech and RegTech for Economic Recovery
Salami, I. 2020. COVID -19 Crisis in Africa: Leveraging FinTech and RegTech for Economic Recovery. Journal of International Banking Law and Regulation. 35 (10), pp. 410-420.
Book Review: Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives (London: Palgrave Studies in Financial Services Technology, 2018) by Rosario Girasa
Salami, I. 2020. Book Review: Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives (London: Palgrave Studies in Financial Services Technology, 2018) by Rosario Girasa. Journal of International Banking Law and Regulation. 35 (8), pp. 334-335.
Alternative Financing Approaches and Regulation in Africa
Salami, I. 2019. Alternative Financing Approaches and Regulation in Africa. in: Makina, D. (ed.) Extending Financial Inclusion in Africa Academic Press.
From Bitcoin to Libra: A Global Public – Private Partnership Approach to Regulation
Salami, I. 2019. From Bitcoin to Libra: A Global Public – Private Partnership Approach to Regulation. The European Financial Review. pp. 39-42.
Book Review: The Law of International Finance 2nd edn (Oxford University Press 2017) (eds) McKnight, Paterson, & Zakrzewski
Salami, I. 2018. Book Review: The Law of International Finance 2nd edn (Oxford University Press 2017) (eds) McKnight, Paterson, & Zakrzewski . Journal of International Banking Law and Regulation . 33 (1), pp. 32-33.
Cryptocurrencies – Cross-border Financial Regulatory Dimensions
Salami, I. 2018. Cryptocurrencies – Cross-border Financial Regulatory Dimensions . The European Financial Review. pp. 46-49.
Terrorism Financing with Virtual Currencies: Can Regulatory Technology Solutions Combat This?
Salami, I. 2017. Terrorism Financing with Virtual Currencies: Can Regulatory Technology Solutions Combat This? Studies in Conflict and Terrorism. 41 (12), pp. 968-989. https://doi.org/10.1080/1057610X.2017.1365464
Cross-Border Issues and Regional Integration in Financial Regulation
Salami, I. 2016. Cross-Border Issues and Regional Integration in Financial Regulation. in: Oladapo, Olanipekun (ed.) Banking: Theory, Regulation, Law and Practice Nigeria Au Courant.
Banking Union Framework in the Economic Community of West African States (ECOWAS): a European Comparison
Salami, I. 2015. Banking Union Framework in the Economic Community of West African States (ECOWAS): a European Comparison. West African Journal of Monetary and Economic Integration. 17 (2).