30s Summary

Crypto expert Agne Linge believes Decentralized Finance (DeFi) needs clearer rules for widespread adoption. The former Binance Lithuania worker highlighted that while Europe has established regulations for crypto exchanges, DeFi is largely unregulated. Linge applauded regulator efforts to control the crypto sector but suggested more focus on DeFi is needed. She warned of legal issues for people within decentralized autonomous organisations (DAOs) and stressed that DeFi isn’t fully decentralized, hence could benefit from regulatory clarity. Linge sees DeFi as a viable alternative to centralized systems and expects its influence to grow over time.

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Decentralized Finance, or DeFi, is slowly making its mark in the Web3 world, but one crypto expert thinks it still has a fair way to go. At a recent blockchain event, Agne Linge, who used to work for Binance Lithuania and is now with Web3 projects WeFi and Yellow Network, shared her views.

She noted that while Europe and other places have established rules for things like crypto exchanges and wallets, DeFi is largely left alone. According to her, for more people to start using DeFi, it needs to have clearer rules. As she sees it, people need to feel safe and to trust the system.

She appreciates the efforts of regulators in stamping out shady characters in the crypto world and trying to get to grips with the technology. But, she feels that more focus needs to be put on DeFi as well.

Many people in the crypto community think DeFi should operate without any rules, but Linge thinks otherwise. She warns that people who are part of decentralized autonomous organizations (DAOs), could face legal issues.

She points out that DeFi, despite its name, isn’t fully decentralized. There are still contracts to be signed, certain providers to be dealt with and many other factors that would actually benefit from clarity of rules.

In terms of DeFi’s potential to become more widely adopted, Linge argues that since it operates on a decentralized blockchain, it offers an alternative to centralized systems. According to her, given our globally connected world, why would we stick with centralized solutions?

She admits that DeFi is currently in its own little world, but reckons this will change over time. As she sees it, there may still be people in charge, but the overall structure would benefit our interconnected world.