Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The International Organization of Securities Commissions (IOSCO) released a set of policy recommendations for the DeFi space this week. Following its release, some community members worried about how it could “kill” DeFi, while others said it would not have a fatal effect. Apart from IOSCO’s move, China’s central bank also urged jurisdictions across the globe to regulate the DeFi space jointly. 

Meanwhile, the DeFi ecosystem flourished in the past week thanks to ongoing bullish market momentum, with most tokens trading in green on the weekly charts.

IOSCO international securities body releases DeFi recommendations

IOSCO published nine recommendations for DeFi. The organization encourages consistency when it comes to regulatory oversight across jurisdictions worldwide.

The new recommendations were a companion to the digital asset and crypto recommendations released in November. Furthermore, IOSCO released a note on how the two sets of recommendations can work hand in hand depending on the level of decentralization of regulated entities. 

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Global securities body report isn’t a death knell for DeFi — Analyst

Public opinion was divided when it came to the IOSCO report. Some are worried the report could potentially “kill” DeFi, while others say it poses no “existential risk” to the space. 

Trading Protocol co-founder Mikko Ohtamaa described the document as a “final report on how to kill DeFi.” However, Apollo Crypto’s Matthew Harcourt disagreed with the sentiment. Harcourt told Cointelegraph that the recommendations weren’t fatal. The executive pointed toward IOSCO’s statement that DeFi is an important technological innovation in the document’s executive summary. 

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Chinese central bank urges the world to jointly regulate crypto

Apart from IOSCO, the People’s Bank of China (PBoC) also pushed

Go to Source to See Full Article
Author: Ezra Reguerra

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