Ethereum Enterprise Alliance Releases the First Standard for DeFi Protocols
Ethereum Enterprise Alliance (EEA) has launched the first standard for decentralized finance (DeFi) protocols.
It is a fundamental document developed by industry leaders, meant to serve as the go-to instruction for developers and founders.
It can also serve as a basis for regulators assessing and licensing projects.
For example, UAE’s Abu Dhabi Global Market (ADGM) and the EU’s Sandbox program already use the document for the updated requirements to projects.
“This document draws on the expertise in various areas of DeFi and accounting that its contributors bring, to provide a broad-based and industry-backed guide to the risks involved in working with DeFi, and how to assess, manage, account for and mitigate them,” the document stated.
The overall regulatory ambiguity and “general lack of accounting standards and guidance for DeFi” show the need for these Guidelines, it added.
Its creators noted that this is the first version of the guidelines. It will be further enhanced through feedback.
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