The emergence of decentralized finance (DeFi) has precipitated a fundamental reconsideration of regulatory boundaries in European cryptoasset markets. The Markets in Crypto-Assets Regulation (MiCA), which entered into force in 2023, explicitly excludes from its scope services provided in a “fully decentralized manner” without any intermediary. Yet this ostensibly straightforward exemption masks considerable complexity. The … Continue reading The Boundaries of Decentralization: Examining DeFi’s Regulatory Status Under MiCA and Its Implications for Cryptoasset Licensing Requirements