Could the European Union be left behind in the DeFi revolution? peterlih from Unstoppable Finance speaks to Cointelegraph about the EU's latest efforts at regulation and the threat it poses to decentralized finance.
) and metaverse spaces. This could then lead to companies in those sectors moving elsewhere to avoid regulation.an open letter to EU decision-makers,
, such as allowing different systems to work together “and, thus, the new global financial system functions in a uniform and decentralized manner.” The traditional financial world will never be able to do that, Grosskopf believes.But, not everyone is so excited about DeFi as Grosskopf. “The European DeFi market has problems at the political level and a lack of understanding,” he stated.
One example of the benefits of blockchain, Grosskopf noted, is that of a digital identity, which represents a person or organization in the digital space. He said that a form of digital identity could be stored in an unhosted wallet, and whenever the user then has to prove his identity in a digital process, he could authenticate himself securely with the derived data.
“But, to be honest, the DeFi space is very new and hardly represented in blockchain associations. That’s why we will try to make ourselves heard.” From a data protection perspective, Grosskopf thinks that the TFR is nonsensical. “It also does nothing to prevent money laundering. They want to protect us with it, but they are doing exactly the opposite.”Web3 companies could move outside the EU
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