Decentralized Finance regulation to foster competition and economic growth
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| Format: | Artículo científico |
| Language: | en |
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Universidad Autónoma Metropolitana
2023
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| _version_ | 1876431666559320064 |
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| author | Rubén Leal Buenfil |
| author_facet | Rubén Leal Buenfil |
| contents | Decentralized Finance regulation to foster competition and economic growth Rubén Leal Buenfil Alexander Hernandez Romanowski Economía y Finanzas DeFi Finance Antitrust Blockchain In order to make public policy recommendations to efficiently regulate Decentralized Finance (DeFi), we conducted an exploratory study examining the state of the art, organizing the public debate and analyzing real-world applications of this cutting-edge technology. We found that DeFi has the potential to increase efficiency in financial markets, promote competition, improve access to capital and contribute to economic growth. For all its potential benefits, however, the technology also presents substantial challenges in the form of user accessibility, market stability, fair competition and law enforcement. Growth of the emerging DeFi market depends on successfully addressing the concerns of investors, consumers and authorities without simultaneously regulating the technology into inefficiency and disuse. Taking into account the implications of DeFi for antitrust policies and economic growth, we explore the applicability of a balanced embedded-regulation, which holds promise as a bridge between innovation and regulation. The main limitation of this study is related to the constantly-evolving nature of DeFi technology. Recommendations for its regulation may vary as new evidence becomes available, but this document may pave the way for further research. 2023 artículo científico 0185-3937 https://www.redalyc.org/articulo.oa?id=41375362008 https://www.redalyc.org/journal/413/41375362008/ https://www.redalyc.org/journal/413/41375362008/html/ https://www.redalyc.org/journal/413/41375362008/41375362008.epub https://www.redalyc.org/journal/413/41375362008/movil https://doi.org/10.24275/uam/azc/dcsh/ae/2023v38n98/Leal en http://www.redalyc.org/revista.oa?id=413 Análisis Económico application/pdf Universidad Autónoma Metropolitana Análisis Económico (México) Num.98 Vol.XXXVIII |
| format | Artículo científico |
| id | redalyc_41375362008 |
| institution | Redalyc |
| language | en |
| publishDate | 2023 |
| publisher | Universidad Autónoma Metropolitana |
| spellingShingle | Decentralized Finance regulation to foster competition and economic growth Rubén Leal Buenfil Economía y Finanzas DeFi Finance Antitrust Blockchain Decentralized Finance regulation to foster competition and economic growth Rubén Leal Buenfil Alexander Hernandez Romanowski Economía y Finanzas DeFi Finance Antitrust Blockchain In order to make public policy recommendations to efficiently regulate Decentralized Finance (DeFi), we conducted an exploratory study examining the state of the art, organizing the public debate and analyzing real-world applications of this cutting-edge technology. We found that DeFi has the potential to increase efficiency in financial markets, promote competition, improve access to capital and contribute to economic growth. For all its potential benefits, however, the technology also presents substantial challenges in the form of user accessibility, market stability, fair competition and law enforcement. Growth of the emerging DeFi market depends on successfully addressing the concerns of investors, consumers and authorities without simultaneously regulating the technology into inefficiency and disuse. Taking into account the implications of DeFi for antitrust policies and economic growth, we explore the applicability of a balanced embedded-regulation, which holds promise as a bridge between innovation and regulation. The main limitation of this study is related to the constantly-evolving nature of DeFi technology. Recommendations for its regulation may vary as new evidence becomes available, but this document may pave the way for further research. 2023 artículo científico 0185-3937 https://www.redalyc.org/articulo.oa?id=41375362008 https://www.redalyc.org/journal/413/41375362008/ https://www.redalyc.org/journal/413/41375362008/html/ https://www.redalyc.org/journal/413/41375362008/41375362008.epub https://www.redalyc.org/journal/413/41375362008/movil https://doi.org/10.24275/uam/azc/dcsh/ae/2023v38n98/Leal en http://www.redalyc.org/revista.oa?id=413 Análisis Económico application/pdf Universidad Autónoma Metropolitana Análisis Económico (México) Num.98 Vol.XXXVIII |
| title | Decentralized Finance regulation to foster competition and economic growth |
| topic | Economía y Finanzas DeFi Finance Antitrust Blockchain |
| url | https://www.redalyc.org/articulo.oa?id=41375362008 https://www.redalyc.org/journal/413/41375362008/ https://www.redalyc.org/journal/413/41375362008/html/ https://www.redalyc.org/journal/413/41375362008/41375362008.epub https://www.redalyc.org/journal/413/41375362008/movil https://doi.org/10.24275/uam/azc/dcsh/ae/2023v38n98/Leal |