DeFi had better implement good governance before it’s too late By Cointelegraph

The lack of regulation and good governance in the crypto sector is more than a hindrance to businesses and lack of protection for users, it is an existential threat, Bank of England Financial Policy Committee external member Carolyn Wilkins said in a talk on Oct. 19. Decentralized finance (DeFi) would be a good place to start getting affairs in order, she said.

Speaking at the University College London Centre for Blockchain Technologies, Wilkins said that the most common complaints about scamming that reach the Financial Conduct Authority, the U.K. financial regulator, are about crypto. In addition to that financial risk, investors are also concerned about reputational risk, which, according to Wilkins, is present in DeFi in abundance.