The boom in cryptocurrencies has established itself as a phenomenon of these times and is inexorably advancing along a clear path that will lead them to become major players in the financial market.
Although most investors prefer them for “ hodling ”  (long-term holding), “ trading ” operations (buying and selling for speculative purposes) are thanks to the use of “bots” or programs that They allow you to search for arbitrations between different markets, define the entry and exit amounts, leverage yourself and even carry out hedging futures. Uniswap clone
Both the immobilization and the trading of these assets have given rise to a wide range of financial offers whose characteristics are similar to those of traditional market products. In this way, it is possible to obtain financing with loans, obtain interest on deposits, cover the risk of volatility with call and put options, carry out swaps, liquidity pools, etc.
Ultimately, investors can profit from holding their virtual currencies, just as they would from holdings of fiat money in traditional markets.
greatest challenge that governments and tax administrations will have in the future, in order to prevent and act against evasion maneuvers and other financial crimes, in a similar way to what it has happened with tax havens and offshore accounts.
In a New York Times interview, US Senator Elizabeth Warren said the cryptocurrency industry offers “ many of the same services” as shadow banks, but still lacks “the consumer protections or stability that support the traditional system « . [two]
In this paper, we will describe the basic operation of these decentralized protocols, the tax and money laundering risks that they entail, and the challenges for a specific regulation of the activity.
The most common way to exchange fiat money for cryptocurrencies is through an exchange.
The virtual negotiation platform with virtual currencies is called an exchange , which allows customers to carry out purchase/sale operations of cryptocurrencies and/or exchange one type of cryptocurrency for another, or for fiat money and even for merchandise in some cases. 
There are two types of exchanges : Centralized (CEX) and Decentralized (DEX).
In the CEX, the centralization is given by the participation that the exchange has in the intervention between buyers and sellers.Uniswap clone script They set the exchange rates and the commission rate that must be paid for the transactions carried out through the platform.
They generally comply with the “Know Your Client” and “Anti Money Laundering” standards known as KYC ( know your client) and AML ( Anti Money Laundering ) standards, respectively, since customers must fully identify themselves prior to using the services they offer. offers the Exchange. Therefore, except for OTC operations, they are not platforms that give privacy and anonymity to internal negotiations.
DECENTRALIZED AGENTS (DEX) AND DeFi
A decentralized exchange bases its operation on the blockchain , through smart contracts or Smart contracts . These are autonomous programs that allow the execution of a series of instructions or clauses according to the fulfillment of pre-established conditions. The most important feature is that these contracts, once programmed, are executed automatically and decentralized. 
Unlike CEXs, DEXs do not retain funds and there is no company or entity that acts as an intermediary between the parties, who carry out their transactions in P2P mode (person to person). However, the use of Smart Contracts is infinite, in terms of the use of variables to guarantee operations.
This circumstance provides a high degree of anonymity, one of the advantages most valued by users in cryptocurrencies. This is because a DEX only uses addresses to carry out transactions and exchanges, and it is not necessary for users to provide data and personal information.
From the DEX, new forms of business have been developed known as DeFi or Decentralized Finance (Decentralized Finance)Uniswap clone software considered as the evolution of FinTech. Its goal is to offer a series of services built on a decentralized infrastructure.
In this way, users are able to save, borrow or earn interest as if it were a traditional bank, but with the anonymity characteristic of cryptocurrencies.
However, DEXs do not allow users to cash out money in fiat currencies. Transactions are only made in stablecoins , and mostly executed on the Ethereum blockchain .
To enter, it is necessary to have the stablecoins that each DeFi requires, which implies that the user interacts with a traditional CEX exchange or obtains the virtual currencies from some P2P operation.
Regarding the magnitude of the market  , private estimates place it in the order of 95.3 billion dollars in retained funds as of October 2021, with a marked boost from mid-2020.
WHAT FINANCIAL SERVICES ARE OBTAINED IN THE DEFI?
In the University of Pennsylvania study “DeFi beyond de Hype”  , the various financial activities carried out by DeFi are detailed. six DeFi categories were identified, in addition to ancillary services such as price oracles and wallets.
Exchanges. It allows users to exchange digital assets. DeFi exchanges avoid taking custody of user assets, either through a decentralized order or by matching orders and setting prices through algorithms.
Credit. Creation of loan instruments at a specific interest rate and for a limited time, and the union between takers and lenders to issue them.
Asset Management. Search for the maximization of the value of the portfolio, based on risk preferences, time horizons, diversification or other conditions.
However, due to the rapid development that has been noted in DeFi, these categories may vary, due to the almost infinite character that the programming of smart contracts gives them.