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Cryptocurrency Ecosystem => DeFi tokens => Topic started by: Casual on June 25, 2021, 06:54:31 AM

Title: Echoing Cuban, Novogratz says DeFi should ‘play by the rules’, or ‘pay the piper
Post by: Casual on June 25, 2021, 06:54:31 AM

Mike Novogratz suggests DeFi projects add KYC and AML features now instead of waiting on regulators to crack down on the entire sector. Decentralized finance (DeFi) has emerged in 2021 as one of the fastest-growing trends in the crypto sector and as the unique features of DeFi begin to work their way into traditional finance, executives from crypto and conventional business circles warn that regulation could be on the way if the protocols don't take steps to self-regulate. On June 23, Mike Novogratz, CEO of Galaxy Digital, warned that DeFi protocols will soon need to decide if they want to incorporate know-your-customer and anti-money-laundering procedures to gain acceptance from regulators or “pay the piper later.”source (https://cointelegraph.com/news/echoing-cuban-novogratz-says-defi-should-play-by-the-rules-or-pay-the-piper-later)