One rule at a time, decentralized finance is gradually being outlawed. It is not that governments specifically aim to make it illegal. Rather, every proposal that comes out lately seems to enact rules that are impossible for decentralized finance to meet.
The most recent example is the notice for proposed rulemaking by the United States Financial Crimes Enforcement Network, or FinCEN, which requires banks and other money service businesses to verify the identity of customers who transact from “unhosted” wallets (wallets that are not held on registered exchanges or other custody services).
Konstantinos Stylianou is an associate professor of law and the deputy director of the Centre for Business Law and Practice at the University of Leeds School of Law. He researches competition and regulation in digital markets and blockchain, and he has been involved in projects with the EU, the Greek, Swedish and Thai governments, the International Association for Trusted Blockchain Applications and several universities, including Brown, Oxford, Stockholm and Fundação Getulio Vargas. His forthcoming book on Blockchain Antitrust will be published by Oxford University Press.
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