The Banque de France says some DAOs may need to incorporate.
The Banque de France has contributed to the discussion of European crypto asset regulation with a close examination of decentralized finance and potential approaches to its regulation.
“The main idea developed in this paper is that the regulation of disintermediated finance cannot simply replicate the systems that currently govern traditional finance.” The paper suggested that regulation through certification could strengthen blockchain infrastructure security, decentralized autonomous organizations might be supervised by making them incorporate and control over the intermediaries that allow access to DeFi services could enhance customer protection.
Blockchain code could be subject to minimum standards, the paper argued. However, controlling the concentration of validation capacities in a DAO would be fraught with complexities and knock-on effects in a public blockchain, so the authors preferred a “resolution mechanism” that can be triggered after a cap has been reached. A private blockchain has the advantage of selecting trusted players, but would require a more specific regulatory framework.
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