Legal regulatory agencies plan to introduce smart contract certification rules to create a safe zone for the DeFi industry
According to the French Prudential Supervisory and Resolution Authority (ACPR), the highest banking regulatory agency in France, is considering whether to require smart contracts to comply with new compliance and security measures, otherwise the industry will face marginalization risks. If the relevant regulations are implemented, DeFi developers may need to rewrite almost all smart contracts. According to the proposal, the regulatory agency will certify smart contracts for compliance. Olivier Fliche, Director of Financial Technology and Innovation at ACPR, said in an interview: "Our idea is to require European intermediaries to interact only with other certified smart contracts. We are trying to create a safe zone for the industry composed of smart contracts." However, Mariana de la Roche Wills, a member of the International Trusted Blockchain Applications Association, said that restricting the operation of uncertified smart contracts and cutting them off from the financial network "may have a similar effect to a ban" in practice. Currently, French regulatory agencies are organizing proposals and then passing them on to the executive legislators of the European Union. According to the proposal, developers may need to update or rewrite their smart contracts to comply with new standards before they can be certified. Potential certification rules may apply to newly developed and existing smart contracts, which means that mature ecosystems such as Ethereum may need to be adjusted within the European Union. (DL News)
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