Decentralised finance, crypto assets and consumer protection within the European Union.

Crypto assets and decentralised finance represent one of the most significant innovations of this century. They constitute the new frontier of blockchain technology and the global market, promising investors a system without intermediaries and with reduced costs. Decentralised finance and, more broadly, the crypto-asset market, replicate traditional banking and financial services through technological innovations and implementations that offer greater accessibility and inclusion for investors. However, these instruments also pose risks to consumers, as they require an understanding of both technological and financial concepts. Recently, with the adoption of the MiCA Regulation, the European Union has sought to regulate this phenomenon in order to make the market safer and to protect consumers from potential abuses. This thesis aims to investigate the risks faced by consumers and to assess whether the European approach provides an effective and adequate response to mitigate them. To this end, the analysis begins with an overview of the blockchain and crypto-asset ecosystem, as well as of decentralised finance. In particular, it describes their structure, functioning, and various use cases. The study then examines the recently introduced European regulatory framework, analysing its most relevant innovations and the approach adopted by the EU legislator. Finally, Italian case law in this field is discussed to identify the main interpretative issues that have emerged and to explain why these should be taken into consideration when shaping future European legislation.