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FSB steps up investigation into DeFi risks
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In a report to the G20, the FSB notes that while the processes to provide services are in many cases novel, DeFi does not differ substantially from traditional finance in the functions it performs or the vulnerabilities to which it is exposed.However, states the FSB, the fact that crypto-assets underpinning much of DeFi lack inherent value and are highly volatile magnifies the impact of these vulnerabilities when they materialise, as recent chaos in the crypto markets bears out."The extent to which these vulnerabilities can lead to financial stability concerns largely depends on the interlinkages and transmission channels between DeFi, traditional finance and the real economy," states the FSB. "To date, these interlinkages are limited.
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