Crypto Blog
As different jurisdictions gear up for regulations on the digital asset sector, DeFi remains a tricky subject.
Prominent blockchain software company – Consensys – has encouraged the global standard setter to clarify that some DeFi arrangements may have no “Responsible Person.”, Consensys argued that IOSCO’s recommendation seems to presume that, in any given DeFi arrangement or activity, it is always possible to identify a Responsible Person who could be subject to regulatory obligations. It implies that decentralized systems either don’t exist or shouldn’t.
Consensys admitted that the line between centralized and decentralized finance is more of a spectrum than a strict boundary but said that IOSCO’s recommendation oversimplifies this distinction. Various technical factors, such as governance, administrative control, oracle data, code availability, blockchain decentralization, and user interface diversity, must also be evaluated when assessing decentralization, according to Consensys, and regulators should refrain from imposing excessive obligations and, instead, consider a comprehensive range of decentralization factors to guide their decisions..
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