Réponse AFG à la Consultation de l’ACPR sur la DeFi

The AFG responded to the ACPR Consultation on DeFI.
The AFG particularly supports the idea of a flexible and adaptive regulation based on the principle of open source. It emphasizes the need to differentiate between the services provided (such as PSANs) and the resulting technological products (such as wallet providers), as the latter should not be subjected to the same obligations. The regulatory framework should aim to achieve essential objectives, including investor protection, market integrity and stability, as well as combating money laundering and terrorism financing.
In more detail, the AFG response discusses the regulatory challenges and opportunities presented by DeFi and explores its various, including its definition, characteristics, and potential benefits and risks. The document highlights the need for regulatory clarity and guidance to ensure that DeFi can operate within a safe and stable framework. It suggests that regulators should focus on developing a flexible and adaptable regulatory framework that can keep pace with the rapidly evolving DeFi landscape. The document also emphasizes the importance of balancing innovation and risk management in the DeFi space.
The document proposes several regulatory measures that could be implemented to address the risks associated with DeFi. These measures include setting concentration limits, establishing guidelines for access to financial services, and ensuring that DeFi platforms comply with reporting requirements. The document also discusses the potential role of layer 2 solutions, such as rollups, in addressing scalability and security challenges in the DeFi space.
The document acknowledges that the DeFi landscape is still evolving, and that there is a need for ongoing research and analysis to better understand the risks and opportunities associated with this emerging field. It suggests that regulators should work closely with industry stakeholders to develop a collaborative and transparent approach to DeFi regulation.