L'ente regolatore di Malta apre una consultazione sulla DeFi mentre la governance di DAO entra sotto i riflettori politici

TL;DR Malta’s MFSA has opened a DeFi discussion paper under reference number 03-2026. The consultation explores DAOs, software-based organisational models, Guardian Agents, account abstraction, and DeFi’s interaction with MiCA. The paper is open for feedback until July 10, 2026, so it should be read as consultation material rather than final regulation. Malta’s financial regulator is taking another step into crypto policy with a new discussion paper focused on decentralized finance , governance structures, and how DeFi should fit alongside Europe’s wider MiCA framework. The Malta Financial Services Authority has published its Discussion Paper on Decentralised Finance , reference number 03-2026. The consultation was published on June 12 and remains open for stakeholder feedback until July 10, 2026. The paper is not a final rulebook. That distinction matters. Instead, it is a structured attempt by the regulator to test how emerging DeFi models could be defined, supervised, or accommodated under existing and developing European frameworks. MFSA Puts DAO Governance And DeFi Risk Controls Under Review The MFSA’s consultation looks at several areas that have become difficult for regulators to ignore. These include decentralized governance, software-based organisational models, account abstraction, segregated cell structures, and the possible role of “Guardian Agents” in managing protocol-level risk. The DAO angle is particularly important. Traditional financial regulation normally assumes that there is a clearly identifiable company, board, operator, issuer, or service provider. DeFi often breaks that model. Protocols may be governed by token holders, maintained by loosely connected developers, or operated through automated smart contracts that do not fit neatly into existing categories. That creates a practical problem for regulators. If something goes wrong, who is responsible? Is it the developers, the governance voters, the interface operator, the foundation, or no one at all? The MFSA paper does not settle those questions, but it does bring them into a formal consultation process. Why Malta’s DeFi Paper Matters Beyond Malta Malta has long tried to position itself as a serious European jurisdiction for digital asset regulation. That history means its approach is watched by crypto firms, lawyers, and policymakers beyond the island itself. The timing also matters because MiCA has created a clearer European framework for centralized crypto-asset service providers and certain token issuers, but DeFi remains more complicated. A decentralized protocol does not always have the same legal profile as a centralized exchange, stablecoin issuer, or custody provider. That gap is what the MFSA is now trying to explore. The paper asks how DeFi should be understood when it touches regulated financial activity, how governance should be assessed, and whether new concepts are needed for systems that are partly automated and partly human-managed. Guardian Agents may b