Monitor Prawniczy
no. 9/2024
Decentralised finance (DeFi) in light of the MiCA Regulation
DOI: 10.32027/MOP.24.9.18
Autor jest adwokatem, wspólnikiem w Kancelarii Wardyński i Wspólnicy
Abstract
The object of the publication is to discuss the scope of application of the MiCA Regulation to services provided under the decentralised finance (DeFi) model. The author carries out a detailed interpretation of Recital 22 of the MiCA Regulation and discusses the conditions for the exclusion of specific DeFi services from the scope of crypto-asset regulation. Further on in the article, the author outlines the methodology for assessing the degree of decentralisation of cryptoasset services.
Keywords
blockchain, DLT technology, MiCA, digital assets, decentralisation, DeFi
Literature
R. Auer, B. Haslhofer, S. Kitzler, P. Saggese, F. Victor, The Technology of Decentralized Finance (DeFi), Bank for International Settlements Working Paper No. 1066 (January 2023) (The Technology of Decentralized Finance (DeFi) (bis.org)), s. 3; K. Qin, L. Zhou, Y. Afonin, L. Lazzaretti, A. Gervais, CeFi vs. DeFi - Comparing Centralized to Decentralized Finance (https://arxiv.org/abs/2106.08157), s. 2-4.; K. Schuler, A.S. Cloots, F. Schär, On DeFi and On-Chain CeFi: How (Not) to Regulate Decentralized Finance (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4422473); Decentralized finance. Report of the Subcommittee on Digital Assets and Blockchain Technology, Technology Advisory Committee (TAC) of the U.S. Commodity Futures Trading Commission (https://www.cftc.gov/media/10106/TAC_DeFiReport010824/download).
