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By
Tomiwabold Olajide
Sat, 3/02/2024 – 10:21
Ripple recently co-hosted public-private roundtable at Singapore Fintech Festival
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In a recent <a href="https://ripple.com/insights/new-frameworks-for-regulating-decentralized-finance/?utm_campaign=&utm_medium=organic_social&utm_source=twitter” rel=”nofollow noopener” target=”_blank”>insights report, Ripple highlights what might be the biggest breakthrough for decentralized finance (DeFi) in 2024: compliance.
Ripple and TRM Labs recently co-hosted a public-private roundtable with an exceptional mix of regulators and industry representatives at the Elevandi Insights Forum as part of the Singapore Fintech Festival.
Regulators and global finance leaders see a link between innovation and regulatory clarity.
Explore the benefits of a compliance-first crypto industry and learn how global collaboration and clear regulations drive innovation.https://t.co/9ralffwOMN
— Ripple (@Ripple) February 2, 2024
Participants suggested that decentralized finance may benefit from a common definition, increased data exchange across regulatory regimes and embedded compliance protocols through smart contracts.
Participants in the roundtable also agreed that the borderless nature of decentralized finance introduces the potential for regulatory arbitrage. Also, they agreed on the importance of practicing “compliance by design.”
Many experts foresee a breakout year for decentralized finance, fueled in part by the continuous tokenization of real-world assets and the mainstream adoption of blockchain and cryptocurrency.
Ripple highlighted that major governing bodies, such as the International Organization of Securities Commissions (IOSCO) and the Monetary Authority of Singapore (MAS), have already initiated preliminary discussions about decentralized finance.
Jurisdictions lacking cryptocurrency regulatory frameworks, such as the United States, are making headway, as seen in the Commodity Futures Trading Commission’s (CFTC) Decentralized Finance report.
This auspicious start is one of the reasons why pioneering compliance for decentralized finance might be the largest breakthrough of 2024, extending blockchain applications in finance
During the week, the AMM amendment, which adds automated market maker (AMM) capabilities to XRP Ledger, achieved a majority, a big DeFi milestone for the Layer 1 platform.
Source: u.today