The International Organization of Securities Commissions calls on governments to regulate DeFi and emphasizes the necessity of accountability

ChainCatcher news, according to CoinDesk, the International Organization of Securities Commissions (IOSCO) stated in a report released on Thursday that governments should clarify who is responsible for so-called decentralized financial applications and regulate them like traditional financial market participants. IOSCO members include agencies such as the U.S. Securities and Exchange Commission and the UK's Financial Conduct Authority.

Tuang Lee Lim, chair of the IOSCO board-level fintech task force, said in a statement, "There is a common misconception that DeFi is truly decentralized and governed by autonomous code or smart contracts." "In reality, regardless of how DeFi arrangements operate, 'accountability' can be determined."