{"id":237783,"date":"2022-05-17T22:30:26","date_gmt":"2022-05-17T21:30:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=237783"},"modified":"2022-05-17T21:25:29","modified_gmt":"2022-05-17T20:25:29","slug":"top-german-regulator-executives-wants-defi-regulated","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/top-german-regulator-executives-wants-defi-regulated\/","title":{"rendered":"Top German regulator executive wants DeFi regulated"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Birgit Rodolphe, a senior executive at German financial services regulator BaFIN, has <\/span><a href=\"https:\/\/www.bafin.de\/SharedDocs\/Veroeffentlichungen\/DE\/Fachartikel\/2022\/Kurzkommentare_BaFinTech2022\/fa_bj_2203_Kurzkommentar_Rodolphe.html\"><span style=\"font-weight: 400;\">called<\/span><\/a><span style=\"font-weight: 400;\"> for the regulation of decentralized finance. She cited the risks of <\/span><a href=\"https:\/\/cryptoslate.com\/record-amounts-of-crypto-were-stolen-in-defi-hacks-last-quarter\/\"><span style=\"font-weight: 400;\">fraud and hacks<\/span><\/a><span style=\"font-weight: 400;\"> as enough reason to regulate the sector.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to Rodolphe, DeFi might seem like a magic word, but it\u2019s not that simple.\u00a0<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>\u201cThe scene is rich in technical problems, hacks, and fraudulent activities. Damage in the three-digit million range is not uncommon,\u201d she said.<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rodolphe also pointed out that DeFi isn\u2019t as \u201cgrassroots democratic and altruistic\u201d as its supporters claim. This directly counters the claim by DeFi fans about how it allows for a permissionless economy and provides financial services for the bankless who can\u2019t access traditional financial services.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, she admitted that DeFi is still a niche sector. But there would be a need for regulations should it become a rival to the traditional financial sector.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The comment is coming a few days after German regulators released new tax rules for cryptocurrency in the country.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Germany has been one of the most pro-crypto countries in recent times. It was number one on the <\/span><a href=\"https:\/\/cryptoslate.com\/germany-worlds-most-crypto-friendly-country-but-averse-to-defi\/\"><span style=\"font-weight: 400;\">CoinCub survey<\/span><\/a><span style=\"font-weight: 400;\"> of most crypto-friendly countries globally.<\/span><\/p>\n<h2><b>EU considers MiCA extension to DeFi<\/b><\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The European Union is also considering extending its <\/span><a href=\"https:\/\/cryptoslate.com\/europe-could-lead-the-crypto-regulatory-race-with-mica\/\"><span style=\"font-weight: 400;\">Markets in Crypto Assets (MiCA) law<\/span><\/a><span style=\"font-weight: 400;\"> to other digital assets and crypto innovations, including the Web3 and financial sectors.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The law was initially intended to regulate stablecoins. But regulators and the government are now considering extending it to cover non-fungible tokens and DeFi. However, it\u2019s likely that regulators won\u2019t be imposing any yet and will first study the issue before making any laws.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">But Rodolphe believes the time is going. According to her, <\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;The longer the DeFi market remains unattended, the more the risk for consumers increases. And this makes the greater the risk that critical offers that have systemic relevance will establish themselves.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Therefore, she recommended regulations that allow those providing innovative DeFi solutions to operate safely and legally.\u00a0<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>\u201cIdeally, such requirements would, of course, be uniform throughout the EU in order to prevent a fragmented market and to leverage Europe\u2019s entire innovation potential,\u201d she added.<\/strong><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Birgit Rodolphe, a senior executive at German financial services regulator BaFIN, has called for the regulation of decentralized finance. She cited the risks of fraud and hacks as enough reason to regulate the sector. According to Rodolphe, DeFi might seem like a magic word, but it\u2019s not that simple.\u00a0 \u201cThe scene is rich in technical [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":237902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top German regulator executive wants DeFi regulated<\/title>\n<meta name=\"description\" content=\"A top German official has hinted that the authorities could be eyeing DeFi regulations because of the hacks in the space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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