Decentralized Finances
The upcoming regulations in the field of crypto assets are significantly altering the landscape of the crypto asset market, giving it the character of a regulated market, equal to other financial services. The MiCAR Regulation governs the rules of issuance, public offerings, and admission to trading of crypto assets, as well as the rules for the provision of services in the field of crypto assets. At the time of the report's publication (November 2023), there is one year remaining until the MiCAR Regulation comes into effect (December 30, 2024). We see this as a potential opportunity for the Polish financial sector to establish itself in the broader European market, which is not yet fully exploited. We believe that this is the right time to initiate a broad discussion on the future of DeFi solutions in the Polish financial sector, and the report will be a positive starting point for it.
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The First Report on Decentralized Finance in Poland
GFT, in collaboration with the Polish Bank Association and Google, has developed a report on decentralized finance titled 'DECENTRALIZED FINANCE: ANALYSIS OF THE READINESS OF THE POLISH FINANCIAL SECTOR FOR THE NEW REGULATORY LANDSCAPE OF THE EUROPEAN UNION AROUND CRYPTO ASSETS.' One of the main components was conducting a market survey among Digital Assets experts regarding the impact of the MiCA Regulation on the financial market in Poland and the associated challenges. This is the first report on the topic of decentralized finance (DeFi) and blockchain technology.
DeFi services and blockchain technology are the future of finance.
The world of technology dislikes stagnation. DLT/Blockchain has introduced a new paradigm of bilateral settlements in the financial market. Additionally, smart contract technology has enabled the creation of WEB3 applications that deliver decentralized finance (DeFi) services, expanding the portfolio of banking services to include a new type of asset - crypto assets.
„One of the key conclusions of this report is that there are market conditions conducive to the introduction of financial services based on DeFi solutions. However, on the other hand, there is a need for education regarding this innovative technology to ensure its successful adoption. I believe that sharing knowledge, supported by experience in projects for clients from the financial and capital markets worldwide, will result in increasing interest in crypto assets. Therefore, I am very pleased to have participated in the initiative that led to the creation of a report on decentralized finance.“
Interesting Conclusions
- There are market premises for introducing financial services based on DeFi solutions.
- The perception of the impact of the MiCAR Regulation on the examined aspects of the crypto asset market in Poland is predominantly positive.
- Key factors limiting the development of DeFi services include: lack of knowledge about decentralized finance, negative PR surrounding crypto assets, and lack of understanding of the technology on the business side.
- Key areas of activity, in terms of the potential for the development of DeFi services, include: the digital asset market, the gaming industry, and the capital market.
„DeFi is the future of finance. As Google Cloud, we support this trend by offering secure and scalable infrastructure, as well as Generative AI solutions to enhance security against cyberattacks, fraud, and abuses.“
The First Report on Decentralized Finance in Poland
An analysis of the readiness of the Polish financial sector for the new regulatory landscape of the European Union regarding crypto assets.
