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Banks are facing significant operational and compliance risks in integrating or adapting to this new financial paradigm. According to Forbes, today’s global cryptocurrency market capitalisation stands at US$3.3tn. Though the crypto markets and DeFi as a whole account for only a fraction of global financial activity compared with traditional banking, the concept of a decentralised financial system that operates outside the realm of banking should still be considered an important – and growing – risk factor for banks.