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Механизмы регуляторного влияния на децентрализованные финансы (DeFI): расчетный уровень
Decentralization is often defined as a spectrum [1] - a sliding scale between complete decentralization and complete centralization. For regulators, the key question is whether some areas of this spectrum require a different regulatory regime and, if so, how to distinguish between them. The author of the article introduces the term "CeFi within an information system based on a distributed ledger without an operator (hereinafter referred to as ISORR)" to refer to centralized financial services based on smart contracts and attempts to demonstrate how centralization can occur at the level of ISORR DeFi. The aim of this paper is to try to understand the new technology and find ways to apply the existing principles of regulation of decentralized finance in a conditional manner without suppressing innovations that can give financial markets greater transparency and openness with their help.