Kunlun Yang, "Senior Quant" at Credmark, joins us today for a meandering conversation about around crypto, crypto lending, tradfi, DeFi, regulation, trust, risk management, Kunlun's experience in getting into crypto, and a whole lot more!

This was a great opportunity to pick the brain of a highly experienced, knowledgeable expert.  Kunlun shares his views on why "the code is law", why crypto has (or doesn't have) value, usability and adoption by the broad mass of financial services consumers, open vs closed systems...too many areas to list here.  Check it out if you're looking for a week's worth of insights from a consummate crypto finance professional.

A few relevant links from our discussion:

Market Risk Regulation - the Bank of England Prudential Risk Authority: SS13/13 Market Risk Supervisory Statement
https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/supervisory-statement/2020/ss1313update.pdf

Curve Pool Reentrancy Exploit Postmortem July 30th, 2023
https://hackmd.io/@LlamaRisk/BJzSKHNjn

The Saga of Curve Finance: DeFi's Intricate Landscape
https://dewhales.substack.com/p/the-saga-of-curve-finance-defis-intricate

"An alternative take on why Silicon Valley Bank failed"
https://www.schroders.com/en-us/us/intermediary/insights/an-alternative-take-on-why-silicon-valley-bank-failed/

"Why do banks invest in MBS?"
https://pages.stern.nyu.edu/~pschnabl/research/DSS_SVB.pdf

Some DeFi risk links:
1.  LlamaRisk: https://cryptorisks.substack.com/
2.  Credmark's DeFi models: https://credmark.com/product?defiApi=true#learnmore 

You can find Kunlun on X/Twitter at @leafyoung and on LinkedIn at https://www.linkedin.com/in/leafyoung/

The Crypto Credit Association (CCA) is an industry nonprofit representing the global crypto lending sector.  Visit us at https://cca.finance / hjttps://cryptocreditassociation.org, on LinkedIn at https://www.linkedin.com/company/cryp... - join the CCA to include your voice in the growing crypto credit community!

Intro/outro music:  Angelical Pad, courtersy of Luca di Alessandro
https://pixabay.com/sound-effects/angelical-pad-143276/

Today's episode of the Crypto Credit Association conversation series focuses on the Markets in Crypto Assets (MiCA / MiCAR) regulation, the European Union's flagship crypto law.

Our guest, Ben Schmid of PWC, shares his analysis of some of the salient points of MiCA - what are some misconceptions about MiCA, how does it complement the EU's Markets in Financial Instruments Directive (MiFID II), what are the gaps, and what are potential future developments in European crypto finance regulations?

Markets in Crypto Assets Regulation: https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica

PWC have created a great overview of the regulation:  https://legal.pwc.de/en/news/articles/the-eus-markets-in-crypto-asset-regulation-micar

MiFID II:  https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii

Howey test:  https://cointelegraph.com/news/what-are-the-howey-test-and-its-implications-for-cryptocurrency

Benjamin Schmid is a Manager at PWC in Frankfurt - you can find him on LinkedIn at https://www.linkedin.com/in/benjamin-schmid-37b192b0/

Check out this recording in video format at https://youtu.be/NuwbbWG8YIE

The Crypto Credit Association (CCA) is an industry nonprofit representing the global crypto lending sector.  Visit us at https://cca.finance / https://cryptocreditassociation.org, on LinkedIn at https://www.linkedin.com/company/crypto-credit-association/ - join the CCA to include your voice in the growing crypto credit community!

Intro/outro music:  Angelical Pad, courtersy of Luca di Alessandro
https://pixabay.com/sound-effects/angelical-pad-143276/

Today we talk about techniques that help build a more methodical, evidence-based approach to decentralized finance.

DeFi brings many opportunities for innovation, but as with traditional finance, all financial speculation entails risk.  Both institutional and retail market participants can benefit from financial modelling in order to make more informed decisions.  

Asan gives his perspectives on various aspects of risk modeling based on his background in financial risk management.  How is the increasing speed of innovation and technology defining our ability to participate in crypto markets?  What are some of the fundamental principles that will shape the future of DeFi?

Asan Tulemis is founder of Continuum, a quantitative analytics company based in Sydney, Australia.  Visit Continuum at http://continuum.money/

You can find Asan on Linkedin at https://www.linkedin.com/in/atulemis

Visit the CCA at https://cryptocreditassoriation.org or https://cca.finance, and join us on LinkedIn at https://www.linkedin.com/company/crypto-credit-association

Check out this recording in video format as well, at https://youtu.be/wx4yhWixodg