Silk DeFi
Blog
Silk DeFi articles and research notes.
Hyperliquid and Phantom Put the DeFi Intermediary Test Before the CFTC
The Hyperliquid Policy Center and Phantom filing asks a practical question for DeFi regulation: who is an intermediary, and which actions create the obligations that follow.
Belarus Is Building a Two-Key Crypto-Bank Regime
Belarus is formalizing crypto-banks through a two-key regime: HTP approves the crypto activity and business project, while the National Bank controls the register and permitted operations.
Altura Winds Down Stablecoin Vault After $8.5M in Withdrawals
Main Street's msUSD collapsed 70%+ after its proof-of-solvency provider quit. Altura held no msUSD — and still processed $8.5M in withdrawals in 24 hours before winding down its vault. A breakdown of zero-exposure stablecoin contagion.
The US AML Rule Is Testing the DeFi Stablecoin Perimeter
HPC and Paradigm are not arguing against issuer AML. They are arguing over where issuer control ends and secondary DeFi activity begins.
'An AIFC Company' Is Not a Regulator's Stamp: The AFSA Warning on Unilive
The AFSA warned about a daily-return scheme promoted in the name of Unilive Central Asia, a company registered in the AIFC but not licensed. What separates registration from authorisation, and how to check it.
Uzbekistan Creates a Special Regime for Stable Tokens
NAPP and the Central Bank of Uzbekistan approved a stable-token regime with fiat backing, a Central Bank reserve account, and bans on algorithmic and crypto-backed designs.
Georgia and Tether Launch GEL₮: Private Issuer, State Framework
Tether issues GEL₮, pegged to the lari, under a National Bank of Georgia framework. The state holds the framework; Tether holds issuance.
USDKG: What I See in Central Asia's First Sovereign Stablecoin
Kyrgyzstan has launched USDKG, a gold-backed sovereign stablecoin. I read the construction: where it works, where this kind of model historically breaks, and what to watch next.
AFSA's Warning Shows How Kazakhstan Is Policing Crypto Platform Access
AFSA's warning on OKX, HTX, Bitget and MEXC shows how Kazakhstan is separating licensed digital-asset activity from unlicensed platform access.
Kazakhstan's Digital Asset Framework
How Kazakhstan is turning digital assets into a regulated market with licensed venues, mining rules, and tokenized instruments.