ING is starting to work with the Netherlands financial regulatory AFM to potentially trial its DeFi P2P lending project as part of the AFM sandbox. That’s according to the ING”s Chief Innovation Officer, Annerie Vreugdenhil, who was talking during the Singapore Fintech Festival. The application won’t use Bitcoin or ‘volatile’ assets as collateral.
Update: After the publication of this article, a spokesperson responded to our questions stating that no detailed proposition is being discussed with the regulator because the concept is at a very early stage and “there is no concrete proposition developed yet”.
During the panel discussion, Vreugdenhil complimented Singapore’s regulatory environment, stating that, “In other places, we work with sandboxes that regulators have. We actually have in Amsterdam now an initiative on DeFi on P2P lending where we are starting to work with the regulator.”
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