Malta’s financial regulator is exploring whether parts of DeFi should fall under MiCA, proposing decentralization be assessed as a spectrum rather than binary

Admin keys, upgrade rights, governance concentration and front-end control are the pressure points MFSA flags. If this hardens into guidance, CASPs plugging into Aave, Uniswap or AA wallets inherit a protocol-risk diligence burden: audits, governance review, emergency-control mapping. Paymasters, bundlers and “guardian agents” are the cleanest regulatory hooks because they commercialize gas, transaction flow and intervention rights without custody in the old CeFi sense.

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