Intelligent Fin.tech Issue 07 | Page 11

NEWS

Aston University finds lack of regulatory oversight in decentralised finance

Aston University researchers have recently showcased research findings around the blind spots within decentralised finance ( DeFi ), shedding light on the vulnerabilities and risks associated with the emerging technology .

The study was conducted by a team of experts from the University ’ s Cyber Security Innovation ( CSI ) Centre , including Professor Vladlena Benson and Dr Bogdan Adamyk – both of whom have extensive experience in cryptocurrencies .
Members presented their research and highlighted so-called ‘ blind spots ’ to the European Central Bank in Frankfurt , Germany . A further study is now under way , offering mitigating measures to reduce the risk of money laundering through the emergent technology , led by Professor Vladlena Benson , Dr Bogdan Adamyk and Dr Anitha Chinnaswamy .
One of the key blind spots identified in the study is the lack of regulatory oversight in DeFi . Unlike traditional financial systems , DeFi operates in a manner which means that there is no central
authority to regulate and monitor transactions . This creates a potential loophole that could be exploited by criminals looking to launder money or carry out fraudulent activities .
Professor Vladlena Benson , Director of the CSI Centre at Aston Business School , said : “ The CSI has been benchmarking the regulatory environment for the decentralised technologies for some time as our research on cryptocurrency forensics informs new tools for international law enforcement .”

80 % of UK businesses want card payment fees slashed

business at record levels , the report – published by Axe The Card Tax campaign – urges the government to clamp down on these hidden fees in the upcoming Budget .
The campaign coalition represents 240,000 businesses and includes major trade bodies .
The most egregious rises are scheme and processing fees , which the campaign estimates have increased by a staggering 600 % since 2015 . These fees – which are set unilaterally by card schemes – are estimated to cost British businesses nearly £ 2 billion every year . Nearly all card payments are made with Visa and Mastercard . Businesses have little option but to accept these hikes or risk not being able to use the card scheme network that makes up over 90 % of payments in the UK .

New data published shows that a majority of the UK public opposes the rising and unregulated costs British businesses face for simply accepting payments . With the cost of doing

Data from the campaign coalition showed that 80 % of consumers want businesses to keep more of the money they take , and for payment providers to reduce their fees . The data comes as a record number of shops went out of business in 2022 , with nearly 50 a day shutting their doors for good . www . intelligentfin . tech
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