Ripple Forecasts Compliance Breakthrough in 2024
Ripple's latest report signals a notable paradigm shift in the decentralized finance (DeFi) landscape for 2024, with a renewed emphasis on regulatory compliance.
The collaborative event hosted with TRM Labs brought together a diverse array of regulators and industry leaders, fostering discussions on potential breakthroughs in DeFi.
Key focal points included the imperative for a shared understanding, increased data exchange among regulatory bodies, and the integration of compliance measures via smart contracts.
Participants, cognizant of the unique challenges posed by DeFi’s borderless nature, underscored the importance of adopting a proactive “compliance by design” strategy. The anticipation for a transformative year in decentralized finance stems from ongoing trends like the continuous tokenization of assets and the broader acceptance of blockchain and cryptocurrency.
Ripple emphasized ongoing discussions within influential bodies such as IOSCO and MAS, and even jurisdictions like the U.S. are making strides, as evident in the release of the Commodity Futures Trading Commission’s (CFTC) Decentralized Finance report.
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Ripple President Monica Long envisions compliance as the standout breakthrough of 2024, expanding the horizons of blockchain applications in the financial sector.
In a separate development during the same period, the AMM amendment, introducing automated market maker capabilities to the XRP Ledger, achieved majority approval—a significant milestone for the Layer 1 platform.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
