Malta Financial Regulatory Authority explores including some DeFi within the scope of MiCA regulation

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Deep Tide TechFlow message: On June 18, CoinDesk reported that the Malta Financial Services Authority (MFSA) issued a discussion paper exploring how decentralized finance (DeFi) can be incorporated into the EU MiCA framework. The MFSA noted that although MiCA exempts “fully decentralized” crypto services, many DeFi projects still retain centralized features such as administrator keys, centralized governance, and protocol upgrade permissions.

The regulator is seeking public input on whether decentralization should be viewed as a “spectrum” rather than a binary concept, and is also discussing whether to establish standardized frameworks to determine whether a protocol falls outside MiCA’s regulatory scope. In addition, the paper proposes potential legal structures such as DAOs and segregated unit companies, and studies automated compliance mechanisms such as guardianship agents. The public consultation for the discussion paper will remain open until July 10.

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