ECB questions if DeFi projects like AAVE, UNI qualify for MiCA exemption

The European Central Bank (ECB) has suggested that some decentralized finance projects may not qualify for exemptions under the European Union's Markets in Crypto-Assets (MiCA) regulation due to excessive centralization of decision-making power, according to a recent report. Cointelegraph shared a portion of the report on its official X account, which cited Aave (AAVE), Sky (SKY, formerly MKR), Uniswap (UNI), and Ampleforth as examples. The document noted that for these projects, more than half of the tokens are often linked to the protocol's team or exchanges, and key participants in governance votes are frequently delegated representatives. The report added that in many such cases, the identities of these representatives cannot be verified or linked to the actual token holders, raising questions as to whether DeFi DAOs can truly fall outside the scope of MiCA's regulatory framework.