DeFi & Crypto Technical
Decentralised Finance (DeFi)
Financial services on blockchain protocols without traditional intermediaries — MiCA scope per Article 2(2)(e).
Definition
DeFi covers crypto-asset financial services operating on smart-contract protocols rather than through traditional intermediaries. MiCA excludes genuinely autonomous DeFi via Article 2(2)(e); but protocols with identifiable frontend or governance entities fall within scope as CASPs.
Regulatory citation