Digital Platforms, Capital Raising and EU Capital Markets Law: Different Shades of Decentralisation

Decentralised finance (DeFi) represents an extremely interesting and continuously growing area of the financial sector. The present paper analyses varied types of digital platforms, expression of different degrees of decentralisation/disintermediation, focusing on capital raising ones since meeting SMEs and consumers’ funding needs has become even more urgent in the post-crisis and post-pandemic scenario. In doing so, the paper will underline the most important legal issues and regulatory response for each type of platforms, identify similarities and differences as well as regulatory trends. It will conclude by deriving insights about digital finance regulation in Europe.