Wednesday, March 22, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / German BaFin official calls for ‘innovative’ EU-wide DeFi regulation
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
May 18, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

German BaFin official calls for ‘innovative’ EU-wide DeFi regulation

defi regulation

Birgit Rodolphe, an executive director of Germany’s Federal Financial Supervisory Authority (BaFin), has urged for innovative and uniform decentralized finance (DeFi) regulation across the European Union (EU).

BaFin is the German financial regulator in charge of overseeing banks, insurance companies, and other financial institutions, including cryptocurrency exchanges. BaFin is in charge of issuing “crypto custody licenses,” which are essential for companies wishing to provide bitcoin services in Germany.

Rodolphe warned of the dangers of the uncontrolled DeFi space to consumers in an article on BaFin’s website, and urged for standardized regulatory considerations throughout EU member countries.

She listed “technical difficulties, hackers, and fraudulent behavior” as threats to consumers, claiming that DeFi isn’t as “democratic and selfless” as its supporters claim, and that DeFi devices are “difficult for many to grasp.” She came to the conclusion that DeFi protocols cannot operate outside of restrictions just because they employ new technologies.

“Utopia? Or rather dystopia? Who do I contact if I want to defer my crypto loan? What happens if my crypto assets suddenly disappear altogether? In any case, there is no deposit protection fund for such cases.”

She went on to say that lending, borrowing, insurance, and other non-traditional financial products are all subject to license and supervision where they’re offered, and she urged authorities to establish standards that will give DeFi providers legal certainty.

Rodolphe cited BaFin’s “crypto custody business” license, which was launched in January 2020, as a “attractive” regulatory framework for crypto enterprises.

The license allows businesses to provide cryptocurrency services in Germany. Only four suppliers have been licensed so far, but numerous financial institutions have applied. Rodolphe wrote that regulatory systems in different European countries should be the same:

“Ideally, such requirements would of course be uniform throughout the EU in order to prevent a fragmented market and to leverage Europe’s entire innovation potential.”

definews
Previous Post
Cloudflare to run Ethereum node experiment to help 'build a better internet'
Next Post
Ethereum’s popularity 'a double-edged sword’ — a16z's State of Crypto report

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • What is Cryptocurrency, and how does it work?
  • How To Build A Web3 Community
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2019 MetaWeb3 Tech. All Rights Reserved.