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ARTICLE · 13 SEPTEMBER 2023

IOSCO Unveils Consultation Report On Global DeFi Regulation

Osler, Hoskin & Harcourt LLP
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On September 7, 2023, the International Organization of Securities Commissions (IOSCO) published its second report [PDF] in accordance with its Crypto-Asset Roadmap...

CanadaTechnology
Matthew T. Burgoyne
Matthew T. Burgoyne
Laure Fouin
Laure Fouin
Ankita Gupta
Ankita Gupta
Daniel Mester
Daniel Mester
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On September 7, 2023, the International Organization of Securities Commissions (IOSCO) published its second report [PDF] in accordance with its Crypto-Asset Roadmap, Policy Recommendations for Decentralized Finance, this time zeroing in on decentralized finance. The report builds on a prior report in offering nine additional recommendations to assist IOSCO members develop their own decentralized finance (DeFi) regulatory framework. The Report further interprets how IOSCO's Objectives and Principles for Securities Regulation (IOSCO Standards) apply to DeFi participants.

The release of IOSCO's report coincides with heightened regulatory scrutiny of the DeFi sector. Since the beginning of 2023, several entities associated with DeFi protocols have faced legal challenges, including actions initiated by the Commodity Futures Trading Commission against Opyn Inc., ZeroEx Inc., and Deridex Inc., and New York State's supervisory action against Paxos Trust Company in relation

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