Ripple advocates for regulatory clarity in DeFi and targets 2024 breakthroughs at a roundtable in Singapore. Meanwhile, Binance increased operational robustness amid regulatory changes by increasing annual compliance spending by 35 percent. Analyst pseudonymous Egrag Crypto analyzes XRP price dynamics. The analyst recommends watching a very important level for the bull scenario.
Ripple sheds light on the future of DeFi
Ripple’s latest update highlights the need for regulatory guidelines for the anticipated breakthrough in decentralized finance (DeFi). The latest public-private roundtable held as part of the Singapore Fintech Festival brought together regulators and industry representatives to discuss the future of DeFi. According to the update, key points highlighted include the need for a singular definition for DeFi, increased data sharing across regulatory regimes, and built-in compliance protocols through smart contracts. Ripple President Monica Long predicts that pioneering compliance for DeFi will be the highlight of 2024.
Roundtable participants, meanwhile, acknowledged that the borderless nature of DeFi opens up the potential for regulatory arbitrage. The lack of standardization across jurisdictions highlights the importance of global collaboration and greater data sharing among regulators. Additionally, there is consensus on the need to implement “compliance by design” by integrating compliance requirements directly into DeFi protocols via smart contracts. This approach aims to reduce regulatory burdens, reduce costs and improve financial products for end users.
Binance demonstrates firm commitment to compliance
In particular, major players in the crypto space, including Binance, are shifting their focus towards regulatory compliance. This is undoubtedly influenced by recent events that have affected wider sentiment. For example, leading crypto exchange Binance increased its annual expenses from $158 million to $213 million. Thus, he demonstrated his determination in his commitment to harmony.
The exchange will spend this 35% increase from the previous year on advanced software for improved transaction monitoring. It will also leverage an expanded compliance team, which includes the reappointment of Steve Christie as deputy chief compliance officer. This move represents a strategic investment by Binance. Because the investment is aimed at complying with regulatory norms for a more robust operational framework.
Analyst cited key XRP price point for potential rally
cryptokoin.comAs you follow from , XRP has separated from the market and progressed in the green zone. In this environment, crypto analyst Egrag Crypto evaluated the technical picture of XRP. The analyst made a detailed analysis of the price dynamics of XRP. In particular, the analyst discusses the completion of the measured movement of the descending triangle. Additionally, it keeps a close eye on key levels.
Egrag Crypto is eyeing $0.452 at Fib 0.236 to continue the bullish scenario of XRP. It suggests that the XRP price should not fall below this level. Meanwhile, analysis explores potential consequences for the bottom of Wave 2. It also indicates significant upside potential from an optimistic perspective. The analyst expresses confidence in XRP’s potential for new highs. Thus, encouraging XRP enthusiasts to hold steady.
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