FATF Says DeFi Platforms Should Be Regulated; 93% of Jurisdictions Yet to Apply Rules

DRIFT-1.51%
According to the Financial Action Task Force (FATF), published Tuesday, many DeFi platforms claiming to be decentralized are controlled by identifiable individuals and should be regulated like traditional financial service providers. Nearly 93% of surveyed jurisdictions have not applied FATF's standards to any qualifying DeFi arrangement, and only two have ever licensed or registered one. The report also cited North Korea's state-linked hackers for conducting two attacks in April that together drained over $570 million from Drift Protocol and KelpDAO, accounting for approximately 76% of the year's crypto-hacking losses.
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