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France's Markets Regulator Backs Global Rules for DeFi

France's top markets regulator, the Autorité des Marchés Financiers (AMF), said it supports globally coordinated rules for decentralized finance (DeFi). In a discussion paper published Monday, the AMF, which issues licenses to crypto exchanges looking to operate in the country, shared its "preliminary thinking on the regulatory issues" raised by the decentralized and "disintermediated" protocols that make up the DeFi ecosystem. The AMF takes a stab at defining DeFi, the decentralized governance systems known as DAOs and the automated "smart contracts" that run transactions.

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