The global securities body has released its DeFi recommendations: Finance Redefined
Welcome to Finance Redefined, your weekly DeFi Insights – a newsletter designed to bring you the most important developments from the past week.
The International Organization of Securities Commissions (IOSCO) released policy recommendations for the DeFi space this week. After its release, some members of the community were concerned about how it could “kill” DeFi, while others said it wouldn't have fatal consequences. In addition to IOSCO's move, China's central bank has also urged powers around the world to jointly monitor the DeFi space.
Meanwhile, the DeFi ecosystem has seen a growing bullish market momentum in the past week, with most tokens trading in the green on the weekly charts.
IOSCO, the international securities body, has released its DeFi recommendations.
IOSCO publishes nine recommendations for DeFi. The organization promotes consistency in regulatory oversight across jurisdictions around the world.
The new recommendations were a companion to the digital asset and crypto recommendations released in November. IOSCO also issued a memorandum on how the two recommendations could work hand-in-hand based on the degree of decentralization of regulated entities.
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Global Securities Body Report Is Not a Death Sentence for DeFi – Analyst
When it comes to the IOSCO report, public opinion is divided. Some worry that the report could “kill” DeFi, while others say it poses no “existential threat” to the space.
Trading Protocol founder Mikko Ohtama described the document as “the final report on how to kill DeFi.” However, Apollo Crypto's Matthew Harcourt disagreed. Harcourt told Cointelegraph that the recommendations are not fatal. The executive pointed to the IOSCO statement that DeFi is an important technological innovation in the document's executive summary.
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China's central bank urged the world to jointly control crypto
In addition to IOSCO, the People's Bank of China (PBC) also pushed for common DeFi regulation in its recent Financial Stability Report. The central bank has allocated a section to crypto assets in the report, indicating the need for the industry to be regulated through joint efforts from different jurisdictions.
According to local journalist Colin Wu, this is the first time a central bank has dedicated a section to crypto assets.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a strong week by market capitalization, with most tokens trading in green on the weekly charts. The total value locked up in DeFi protocols remains over $53 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
