The European commissioner has called on the crypto industry to help provide ways to regulate DeFi

According to The Block, European Commissioner Peter Kerstens has called on the crypto industry to help come up with solutions to regulate DeFi in the coming years. Kerstens said Defi represented a shift away from a centralised financial paradigm in bookkeeping and a paradigm shift was also needed in regulation. The commission is understood to have released a number of reports this month investigating regulatory DeFi. BlockBeats previously reported that on October 11, the European Parliament voted to approve the Regulation of Crypto Asset Markets (MiCA) bill after a long two-year debate and drafting process, and will vote on final approval of the legislation later in October. In addition to MiCA, members of the European Parliament are voting on an anti-money laundering bill, the Transfer of Funds Regulation.