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The FATF just published its first dedicated report on Decentralised Finance - and it's a significant milestone. Rather than restricting DeFi, the report acknowledges its operational benefits and sets out a proportionate, risk-based framework for how jurisdictions, VASPs, financial institutions, and DeFi protocols themselves should approach it. At the heart of the framework is the "control or sufficient influence" (COSI) test - a functional assessment of who, if anyone, can meaningfully direct an arrangement's (financial) operations. Where controllers exist, existing AML/CFT obligations apply. Where DeFi is truly decentralised, regulated entities can still engage but should apply appropriate due diligence. Blockchain analytics is explicitly positioned as essential infrastructure - for supervisors applying the COSI test, for regulated entities assessing their DeFi exposure, and for DeFi arrangements embedding compliance controls. Our full analysis covers what the report means for every stakeholder: https://bit.ly/4zaiGSo