[ad_1]
TL;DR
International regulators try to suit Web3 know-how and ideologies into previous regulatory frameworks – and it’s not matching up too nicely.
The tasks they’re making an attempt to control haven’t any one particular person or entity controlling them (they’re decentralized).
The answer? IOSCO and different regulators have to create new regulatory frameworks & tips to suit this new know-how.
Full Story
International Regulators are reminding us of our favourite 3-year-old, Maeve.
(One our the author’s nieces).
Maeve likes to play with this (☝️) block matching sport – take the sq. peg, match it to the sq. minimize out…
Effectively, The Worldwide Group of Securities Commissions (IOSCO) is enjoying an analogous sport, however they preserve making an attempt to (metaphorically) put a spherical peg right into a sq. gap.
Particularly, they’re making an attempt to suit Web3 know-how and ideologies into previous regulatory frameworks – and it’s not matching up too nicely.
Their foremost request of regulators is to seek out the person(s) behind particular DeFi tasks or protocols, mainly simply asking:
“Hey, if we might have only a level particular person to speak to, then we will fit your needs into previous frameworks and be completed with it.”
Bada-bing, bada-boom. Achieved and dusted.
Besides!!!
These tasks haven’t any one particular person or entity controlling them (they’re decentralized).
Which means the duty of sustaining operations is shared between automated code and the undertaking’s broader consumer base.
The answer?
IOSCO and different regulators have to create new regulatory frameworks & tips to suit this new know-how.
In any other case we’re simply going to be making an attempt to suit sq. pegs into spherical holes – and that does not work.
(Simply ask Maeve).
[ad_2]
Source link
