Thailand’s Siam Bank President says DeFi cannot be fully regulated

The president of one of the old Bank of Thailand, Siam Commercial Bank, stated that Defi cannot be fully regulated. They emphasized over many points where Control on Defi market is possible through financial systems. 

Arak Sutivong is CEO of SCB 10X and SCB 10X is a subsidiary of Siam Commercial Bank of Thailand. These days Siam Bank is getting lots of attention from the crypto Community because of their huge support for Defi & digital assets against strict regulators which are under discussion in Thailand. 

Related: Thailand’s Old Bank Plans To Dive In Defi Space

In the SCB 10X’s second annual global DeFi virtual meeting, Arak Sutivong said that Defi had broken through the mainstream. It has gained lots of millstones in recent months. Defi market got investment of around 10× in the past 6 months with over $100 billion market. And also Defi base projects showed their huge influence through their Development on DApp and also they gained lots of traders & investors which is inevitable. 

And then he pointed his speech on the issues that are raised by the regulators. He said 

“There are some concerning areas such as fraud that we keep hearing in the news. There has been a lot of concern from industry stakeholders and regulators”

On this he said that these are challenges which will run in the long term and we have to overcome these types of issues. And stated 

“DeFi, by definition, cannot be fully regulated. Instead, there needs to be a framework for how DeFi can be integrated with the rest of the financial ecosystem”

So openly, Arak believes that full regulation on Defi is not possible. While these can be integrated with the financial system so that activities of flow of money can be seen and then through the regulation of the traditional financial system we can control the risks that are associated or have chances to happen in future, that financial task force thinks.

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