La regolamentazione della finanza decentralizzata tra sfide attuali e prospettive future: un “primer” (Regulating decentralized finance: key challenges and future outlook: a primer)

Decentralized finance (DeFi) is a novel financial system that employs innovative technological solutions to achieve fair, inclusive, and sustainable financial systems through alternative governance. DeFi offers various inventive financial products and services that are based on blockchain technology and are delivered through decentralised systems. The unique feature of DeFi is that it enables atomic composability, allowing decentralised applications and protocols to interact and integrate seamlessly to create customised solutions. However, due to the lack of data and the difficulty in finding them, the extent of the DeFi phenomenon and its associated risks cannot be comprehensively evaluated. This paper provides an initial overview of the innovative dynamics of DeFi, highlighting its potential benefits and, more importantly, the specific risks that European regulators must address. The paper also aims to anticipate and provide a roadmap for future updates to MiCAR.