Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Zdecentralizowane finanse w UE: Rozwój i zagrożenia

11 October 2023

ESMA50-2085271018-3349

ESMA TRV Risk Analysis

Decentralised Finance in the EU: Developments and risks

Decentralised Finance in the EU: Developments and risks

Contact: anne.chone@esma.europa.eu

Summary

Decentralised finance (DeFi) has attracted attention from investors and regulators, as the latest and arguably most innovative development in the crypto area. This article assesses the development of DeFi, its distinctive features, and the risks it raises to ESMA’s objectives, with a view to informing the future review of the markets in crypto-assets regulation (MiCA). It highlights that although investors’ exposure to DeFi remains small overall, there are serious risks to investor protection, due to the highly speculative nature of many DeFi arrangements, important operational and security vulnerabilities, and the lack of a clearly identified responsible party. DeFi does not represent a meaningful risk to financial stability at this juncture, considering its small size, but...