DeFi has had a huge impact on the crypto space. However, the DeFi ecosystem is still on the path to maturity.
The current phase of the DeFi ecosystem can be compared to the early stages of cryptocurrency exchanges when there was no definitive regulatory framework in place for these exchanges. However, that is not the case at present, as most of these exchanges have a regulatory compliant framework in place to perform their operations smoothly.
It would be detrimental in terms of user-privacy for the DeFi platforms to follow the exact same path of the centralized exchanges to be regulatory compliant.
However, DeFi platforms might need to eventually evolve and come up with a framework that is compliant with the KYC/AML regulations, and at the same time, protect the privacy of their users.
This article details a similar opinion about DeFi, from the acting U.S currency comptroller. A few months ago this would have been unthinkable - a major US regulator describing DeFi as inevitably going mainstream!
In the weeks ahead, SelfKey will have an impressive announcement in this area - as we believe in self-sovereign identity, empowering defi, and maintaining compliance with regulations globally.
SelfKey Wallet users can always safeguard their privacy and have control over their own personal data.
Download the Wallet now to enjoy self-sovereignty.
SelfKey Wallet users can now access the SelfKey Marketplace to compare and choose from some of the best DeFi platforms available.
We would also like you to participate in this 3-minute survey that would help us get your feedback on the SelfKey Wallet.
BitMEX, which has been charged by the U.S. government and a regulator with facilitating unregistered trading, has accelerated its mandate for all customers to verify their identities by Nov. 5, three months earlier than its original deadline of early February.
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Governance tokens can help users to have better control over their assets. Such a utility has greatly increased the popularity of governance tokens and DeFi over the last year or so.
Quote of the Week - “Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.” ― Edward Snowden
We thank each one of you for your continued interest and support!
Best Regards,
Sree from SelfKey
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