DeFi cannot be fully regulated, Siam Commercial Bank president says

[RSRS]

Dr. Arak Sutivong, the CEO of SCB 10X and the president of Siam Commercial Bank (SCB), has offered an insight into how one of the largest venture capital funds in Southeast Asia views the future of DeFi when it comes to the contentious question of regulation.

SCB 10X is the venture arm of SCB, Thailand's oldest bank, and mostly focuses on investing in blockchain-based financial services, such as DeFi and digital assets.

In his opening speech at SCB 10X’s second annual global DeFi virtual summit, REDeFiNE, Dr. Sutivong stressed that by now, DeFi has broken through to the mainstream “by many measures.” In terms of growth, he noted that the sector had seen a ten-fold increase over the past six months, with over $100 billion in total value locked in the DeFi ecosystem this year. By many other metrics – including users, traded volume on exchanges and developed DApps – the sector, he said, has witnessed “tremendous growth.”

With all this development and excitement, however, Dr. Sutivong emphasized that several issues continue to loom over the nascent industry, observing that "there are some concerning areas such as fraud that we keep hearing in the news. There has been a lot of concern from industry stakeholders and regulators.”Tackling this over the medium- and long-term poses unique challenges, in his view, given that:

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