French Market Regulator Supports Global DeFi Rules

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The Autorité des Marchés Financiers (AMF), France’s primary market regulator, has released a discussion paper on the legal difficulties highlighted by decentralized finance (DeFi). The article attempts to define DeFi, the automated “smart contracts” that carry out transactions, and the decentralized governance frameworks known as DAOs. It also brings up potential hazards and degrees of control for discussion. A working group for the international securities regulator IOSCO is scheduled to release recommendations by the end of the year. Global standard-setters like the Financial Stability Board (FSB) are also attempting to establish rules for the DeFi industry. Industry participants are encouraged to add to the AMF’s suggested discussion topics by September 30.

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A cryptocurrency payments company called Wyre has declared that it is closing down because of “market conditions.” The choice was not taken in response to a directive from a regulatory authority; instead, it was made to safeguard the interests of its major stakeholders and consumers. The company will accept client withdrawals up until July 14; after that, a mechanism for recovering any assets that remain on the platform will be in place. Since its founding in 2013, Wyre has provided fiat-to-crypto infrastructure to businesses engaged in the cryptocurrency industry. The company was expected to be purchased by checkout and shopper network company Bolt in April 2022 in a $1.5 billion deal. Nevertheless, The contract was terminated and added to the list of fintech agreements that had failed in September. Several investors contributed to Wyre’s initial funding of close to $30 million.

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