DeFi Yield Vaults Under MiCAR: When On-Chain Yield Becomes a Regulated Fund or Security
A curated DeFi yield vault that pools deposits, follows a curator-set strategy and issues a redeemable share token will, on most fact patterns, sit inside MiCAR, AIFMD or MiFID II. Here is how EU law characterises these arrangements, and where the regulatory exposure sits for teams touching EU users.















