ECB paper DeFiDAO governance token decentralization may be difficult to meet MiCA exemption standards

According to Cointelegraph, a European Central Bank staff paper pointed out that the governance tokens of the DeFi protocol are highly centralized, and about half or more of the governance tokens held in Aave, MakerDAO, Ampleforth, and Uniswap are related to the protocol itself or the exchange. The main voting participants are mostly entrusted representatives, and in many cases these representatives cannot be identified or associated with the token holder. The study questions whether DeFiDAO is sufficiently decentralized to exclude it from the MiCA regulatory framework and provides a reference for policymakers to include relevant entities in regulation.