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Tuesday

22 September 2020

Regulatory risks grow for DeFi as a 'money laundering haven'

Regulatory risks grow for DeFi as a 'money laundering haven'


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A joint research paper by global management consulting firm BCG Platinion and Crypto.com has indicated that the rapid growth in DeFi in 2020 has created the potential for money laundering which will bring it under the radar of regulatory authorities.

DeFi by design is permissionless and decentralized which means, unlike centralized exchanges, there are no KYC (know your customer) requirements for users.

DeFi protocols believe they can escape the threat of regulation by moving to full decentralization including governance, meaning regulators would be unable to shut the platforms down even if they wanted to.

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