DeFi or Decentralized Finance is smart contract-based finance. The financial products, service, and instruments are implemented in code and made up of independent parts that are brought together without the use of traditional intermediaries like banks. DeFi structures are financial in nature and take on the functions and characteristics of regulated activities including operating as a broker dealer, lending funds, earning interest, and offering securities. Because DeFi protocols are permissionless by design, they often lack any clear regulatory compliance. Anyone in any country can access DeFi with little to no KYC information collected.