Christina Rolle: Crypto firms coming to the realization that they need to be regulated 

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The cryptocurrency industry is coming to terms with the fact that it will have to be regulated, even if they are coming to that realization “kicking and screaming”, Executive Director of the Securities Commission of The Bahamas Christina Rolle said yesterday at the D3 Bahamas Conference. Rolle made the remarks in the context of decentralized finance (Defi) and how that emerging sector of Fintech and digital assets will be regulated in the future. However, she said the crypto community likely understands that unlike with Defi, in order to interact with financial markets and ensure trust, there has to be some level of regulation. “I think what I would want to convey is really the issue for regulators with Defi is really a problem of how we regulate in the first place,” said Rolle. “So, the issue for regulators is that we’re not used to regulating activities directly. What we’re used to doing is we’re used to regulating intermediaries. And the principle of Defi says that the intermediaries will be gone.” She added: “So, for a regulator the issue now is how do we deal with this? “Who is providing a service to whom? And how do we now make sure that the market is operating in under good principles, and that consumers are being protected?” She said despite there being on the surface no intermediaries within Defi chains, the truth is that some digital asset businesses are forming themselves in such a way that they act as intermediaries within their Defi framework “and they want to continue to call themselves Defi”. “And I think that the big problem that we have in the crypto space… and a year ago, we probably couldn’t say it as boldly as I can say it now, but I think that that’s crypto in particular, is coming to terms with the fact that they will have to be regulated,” said Rolle. “I think they are coming to terms with that kicking and screaming, but they’re coming to terms with that fact that they have to be regulated in order to interact in financial markets.”

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