The Ministry of Finance of Russia considers Defi projects dangerous and cannot be regulated – Bits Media

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Минфин России считает проекты DeFi опасными и не поддающимися регулированию - Bits Media

Deputy Minister of Finance Alexei Moiseev said, that with fear looks at the development of the sphere of decentralized finance (DeFi), since the department does not yet know, How to regulate it.

Financial regulators have not yet have a pressure lever for gaining Popularity Defi projects, The deputy minister admitted in an interview with Interfax agency. Therefore, in this area of ​​activity, the appearance of financial bubbles and fraudulent pyramids is likely:

“The danger is related to the complete lack of control over the activities of Defi by regulators. This is such a thing, In my opinion, alarming ".

Moiseev reminded, What the Ministry of Finance offers
their measures to regulate the cryptocurrency market, But the concept implies the need to "buy cryptocurrency within the existing decentralized system".

“But this does not move us towards the legalization of Defi. Defi is a separate story, which requires a separate study, I find, that there are a lot of risks ", - the deputy minister emphasized.

With the help of Defi projects, you can easily wash money, Preaked by criminal means, Moiseev set. At the same time, the regulator cannot control the implementation of such draft legislation on countering money laundering and financing terrorism.

So far there is no clear understanding in the ministry, how to regulate Defi projects and what requirements to present them, The official admitted.

"Now, eg, The regulator can say, that a bubble is inflated in some financial market, and introduce macroprudential requirements to the market participants. They will limit banks in issuing loans or introduce increased capitalization requirements. But in Defi it is impossible. And the protection of consumer rights there is a difficult story. Who will be responsible for losses?" - asks Moiseev.

Recall, what 20 January of the Central Bank of the Russian Federation launched a round of public consultations on the prohibition of operations with cryptocurrencies in Russia, including trade and mining. In response, the Ministry of Finance proposed
The concept of state regulation of crypto industry in Russia.