2 years ago
Circle Policy Advisor Patrick Hansen tweeted details of a tender by the E.U. Commission to make “embedded supervision” of decentralized concern (DeFi) connected the Ethereum network.
“The purpose is to survey technol. capabilities for automated supervisory monitoring of real-time DeFi activity.“
The worth of the tender is estimated to beryllium €250,000 ($242,600), and the survey is expected to instrumentality 15 months to complete.
The E.U. wants to stitchery information connected Ethereum DeFi
A contract notice connected the E.U. website informed details of the study. It called for suitably qualified entities to initiate a aviator task into processing and investigating technological solutions for “embedded supervision” of DeFi activity.
The announcement acknowledges Ethereum is the astir important colony level for DeFi protocols and mentioned targeting “the unfastened nature” of blockchain data.
E.U. bureaucrats question to beforehand the real-time automated information gathering of DeFi enactment for “supervisory monitoring.”
“Its main absorption volition beryllium connected automated supervisory information gathering straight from the blockchain to trial the technological capabilities for supervisory monitoring of real-time DeFi activity.”
Hansen commented that the exertion that comes retired of this survey could beryllium “quite impactful,” arsenic it would marque monitoring compliance much effectual and trim the request for different participants to collect, verify, and present information to authorities.
DeFi exists successful a grey country extracurricular the remainder of the cryptocurrency manufacture successful that bundle protocols, with nary azygous constituent of contact, cannot comply with existing Know Your Customer (KYC) and Anti-Money Laundering (AML) rules the aforesaid mode arsenic CeFi platforms.
This presents a occupation for planetary regulators tasked with preventing fiscal systems from being exploited for wealth laundering and different forms of fiscal crime.
However, arsenic demonstrated by the caller “doxing” of Celsius users, closing the nett connected fiscal criminals is astatine the disbursal of the idiosyncratic privateness of morganatic users.
E.U. approves crypto regularisation bill
On October 5, the E.U. approved the Markets successful Crypto Assets (MiCA) bill, which, if passed into law, would make a broad regulatory model for integer assets successful the region. Members of the European Parliament volition ballot connected passing the measure connected October 10.
Interestingly, Section 12a of the measure clarified the attraction of DeFi by stating that “fully decentralized” services autumn extracurricular the regulation’s scope.
“Where crypto–asset services arsenic defined successful this Regulation are provided successful a afloat decentralised mode without any intermediary they bash not autumn wrong the scope of this Regulation.”
However, technologies for the “embedded supervision” of DeFi suggest the E.U. inactive intends to show and oversee this area.
The station EU signals regulatory intent with survey connected ’embedded supervision’ of Ethereum DeFi appeared archetypal connected CryptoSlate.
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