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Decentralised Finance (DeFi) in Thailand
DeFi (Decentralized Finance) is a new concept that means that financial products are available on a wholly public and decentralized network. Decentralized finance takes advantage of technology to move away from centralized models and enable easy access to financial services anywhere to anyone. DeFi also provides its users with far more control over their money as the system has been designed for its users as opposed to an institution or exchange.
One significant advantage of DeFi is that it does not require any verification processes i.e. proof of identity etc, in order to make transactions. DeFi operates on a peer to peer basis which completely removes the need for a middleman, unlike when a company or institution facilitates a transaction.
DeFi is a relatively new industry whose infrastructure is still being built out. As a result, the trading tokens and money used by DeFi are locked into smart contracts in its ecosystem. Currently, there is little in the way of regulation for DeFi.
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When dealing with DeFi transactions we must consider what regulations are applicable. Much like when ICOs first started, there is often confusion between DeFi users as to whether there is an absence of specific regulations or a complete absence of any regulations at all. New technologies such as DeFi are often so new that the legal world hasn’t had time to adapt and establish any regulations. However, this does not mean that technologies, such as DeFi, aren’t regulated by existing laws and legislation.
Belaws’s team of experts can assist you with setting up your DeFi project and ensuring compliance with the existing regulations and/or the anticipated upcoming regulations/amendments too.
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