Decentralized Finance (DeFi)

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-03-01 DOI:10.2139/ssrn.3539194

D. Zetzsche, D. Arner, Ross P. Buckley

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引用次数: 71

Abstract

DeFi (‘decentralized finance’) has joined FinTech (‘financial technology’), RegTech (‘regulatory technology’), cryptocurrencies, and digital assets as one of the most discussed emerging technological evolutions in global finance. Yet little is really understood about its meaning, legal implications, and policy consequences. In this article we introduce DeFi, put DeFi in the context of the traditional financial economy, connect DeFi to open banking, and end with some policy considerations. We suggest that decentralization has the potential to undermine traditional forms of accountability and erode the effectiveness of traditional financial regulation and enforcement. At the same time, we find that where parts of the financial services value chain are decentralized, there will be a reconcentration in a different (but possibly less regulated, less visible, and less transparent) part of the value chain. DeFi regulation could, and should, focus on this reconcentrated portion of the value chain to ensure effective oversight and risk control. Rather than eliminating the need for regulation, in fact DeFi requires regulation in order to achieve its core objective of decentralization. Furthermore, DeFi potentially offers an opportunity for the development of an entirely new way to design regulation: the idea of ‘embedded regulation’. Regulatory approaches could be built into the design of DeFi, thus potentially decentralizing both finance and its regulation, in the ultimate expression of RegTech.

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分散式金融(DeFi)

DeFi(“去中心化金融”)加入了FinTech(“金融技术”)、RegTech(“监管技术”)、加密货币和数字资产的行列，成为全球金融领域讨论最多的新兴技术演变之一。然而，人们对它的意义、法律含义和政策后果却知之甚少。在本文中，我们介绍了DeFi，将DeFi放在传统金融经济的背景下，将DeFi与开放银行联系起来，并以一些政策考虑作为结束。我们认为，权力下放有可能破坏传统的问责制形式，削弱传统金融监管和执法的有效性。与此同时，我们发现，在金融服务价值链的某些部分去中心化的地方，价值链的另一部分(但可能监管较少、不太明显、不太透明)将出现重新集中。DeFi监管可以也应该把重点放在价值链的这一重新集中的部分，以确保有效的监督和风险控制。事实上，DeFi并没有消除对监管的需求，而是需要监管来实现其去中心化的核心目标。此外，DeFi可能为开发一种全新的监管设计方式提供了机会:“嵌入式监管”的理念。监管方法可以内置到DeFi的设计中，从而潜在地分散金融及其监管，最终表达RegTech。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.