Decentralized Finance is "OUT OF CONTROL" , says the Japanese regulators who are losing control of the economy.
DeFi's entire purpose is allowing the blockchain and crypto users to have control. Which basically means that no one person has "control". The Financial Services Agency (FSA), the top Japanese financial and crypto regulator, has published reports stating that there may be a need to develop regulations for DeFi, blockchain, and the cryptocurrency sphere.
FSA's stance on DeFi has been explained as: “A decentralized financial system based on blockchain technology has the potential to enable peer-to-peer (P2P) financial transactions without the need for intermediaries. Although this kind of decentralized financial system can offer a variety of opportunities and benefits, it could also undermine [policy-makers’] ability to enforce existing regulations.”
Japan has run on a permit-based system for crypto since 2017.
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