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ARTICLE · 09 MARCH 2023

ISOLAS Partner Jonathan Garcia's Interesting Article On Regulating DeFi

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Decentralized Finance (DeFi) is becoming a significant component of the financial services ecosystem.

GibraltarFinance and Banking
Jonathan Garcia
Jonathan Garcia
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Decentralized Finance (DeFi) is becoming a significant component of the financial services ecosystem. Despite the challenges, DeFi users have gone from 4.7 million at the start of 2022 to more than 6.5 million today. The number of unique DeFi users has increased by nearly 700% over a two-year period, with just 940,000 users at the start of 2021 (https://www.nansen.ai/guides/defi-statistics-in-2022). As a result, the software has had to evolve and progress with the increasing number of users. As the software becomes even more advanced, it raises some interesting questions for regulators.

There is a fine line between software just being software and it becoming a regulated activity. Events in 2022 have proven the urgent need for regulation and accountability, but how do you hold software accountable when there isn't an obvious controlling party?

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