The Shanghai government is open to experimenting with permissionless DeFi (decentralized finance) applications, Cointelegraph reports.
Conflux Network, a permissionless blockchain project endorsed by Beijing, said it has officially launched its Tree Graph Research Institute with the Shanghai government.
According to Fan Long, founder of Conflux and director of the TreeGraph Research Institute, the Tree-Graph Blockchain Research Institute will experiment with local authorities to build a regulatory compliance platform that can bridge global DeFi applications and government regulations.
He said: “DeFi is a new world and while it appears as though it may pose a challenge for regulators, they appear willing to listen. At this stage, the most important thing is to maintain a reliable communication channel between two sides – the DeFi innovators and the regulators.”
When it comes to new techniques and innovations, the Chinese government has shown signs of tolerance for experimentation in the past. Fan indicated that the complexity surrounding DeFi and other relevant distributed innovations will make open communication crucial for continued legislative acceptance.
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