Patrick Hansen, EU coverage and technique head at Circle, in a tweet on October 10 introduced that the European Fee is looking for tenders to review “Embedded Supervision of Decentralised Finance” on Ethereum.
He believes the examine may assist regulatory our bodies to develop an answer and robotically monitor compliance in DeFi. Thus, it would scale back the necessity for market members similar to DAOs to gather, confirm, and ship knowledge to authorities.
The fee seeks to develop, deploy, and take a look at a technological answer to oversee DeFi exercise. Furthermore, the challenge goals to make use of the overtly obtainable transaction knowledge on the Ethereum blockchain, the largest settlement platform of DeFi protocols, for the examine.
The European Fee seems to construct a technological answer to automate supervisory knowledge gathering for real-time DeFi exercise from a public blockchain. Thus, the main focus is automated supervisory knowledge gathering immediately from the Ethereum blockchain to check the technological capabilities for monitoring DeFi exercise.
The challenge will run for a minimum of six months and the contract worth is €250,000 or $242,600. The deadline for tenders or requests to take part within the challenge is December 1.
European Council Passes MiCA Invoice
The European Council final week accepted the Markets in Crypto-Belongings (MiCA) invoice. It incorporates a complete regulatory framework for the cryptocurrency market. Nonetheless, the invoice must be accepted by the European Parliament on October 10.
Curiously, the MiCA invoice doesn’t regulate DeFi and NFTs. Nonetheless, the EU appears to supervise the DeFi market with a technological answer strategy to automate real-time DeFi knowledge gathering.