After engaging with numerous players and observers of the "decentralised" or "disintermediated" finance (DeFi) ecosystem, the ACPR has published a discussion paper on possible regulatory approaches to DeFi. The paper provides an analysis of the structure and risks of disintermediated finance and its various components before formulating different regulatory framework scenarios, some of which are alternative, others complementary.

The purpose of this document is to submit the identified options to a broad public consultation, open until 19 May 2023, in order to inform the ACPR's positions and to contribute to ongoing discussions, particularly at the European level, on the value of and procedures for regulating disintermediated finance.