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EU Commission aims to monitor DeFi activity on Ethereum

The European Commission has launched a project to monitor DeFi activity on the Ethereum blockchain in real time.

By Finst News
• 2 min read
EU Commission aims to monitor DeFi activity on Ethereum

The European Commission has launched a project to monitor DeFi activity on the Ethereum blockchain in real time. With this pilot, the Commission aims to oversee decentralized financial activities (DeFi).

"The project will seek to capitalize on the openness of transaction data on the Ethereum blockchain, which is the largest platform for DeFi protocols," says the EU Commission.

According to the statement, the emphasis will be on "automatically collecting data directly from the blockchain." Thanks to blockchain technology, DeFi activities can be tracked in real time. The estimated value of the project is 250,000 euros.

According to Circle Policy Director Patrick Hansen, the project could "have a positive impact for regulators. In this way, they can automatically check without constantly actively collecting, verifying, and reporting data". These processes currently take a lot of time.

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