EUCI co-founder: 'Regulated entities engaging with DeFi must ensure DORA compliance'

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EUCI co-founder: 'Regulated entities engaging with DeFi must ensure DORA compliance'

Web3/Crypto

Marina Markezic, co-founder of the European Crypto Initiative (EUCI) | LinkedIn

By Crypto Republique

Jan 22, 2025

Marina Markezic, director and co-founder of the European Crypto Initiative (EUCI), emphasized the importance of regulated entities involved with decentralized finance (DeFi) ensuring compliance with the Digital Operational Resilience Act (DORA). Markezic made her statement in a January 17 post on X.

"DeFi projects are fully decentralised and do not need to comply with DORA," said Markezic. "The interesting part is - the report on DeFi and staking issued by EBA and ESMA yesterday stated regulated entities engaging with DeFi must ensure DORA compliance even if the DeFi protocol itself is decentralized."

According to Markezic, a report from the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on DeFi and staking indicates that while DeFi projects are not required to comply with DORA, regulated entities interacting with them must ensure compliance. This includes adhering to information and communication technology (ICT) risk management, third-party risk management, incident reporting, resilience testing, and information sharing on cyber threats.

Marina Markezic's post | X

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A 2024 survey by the EBA and ESMA found that while DORA provides a solid framework for enhancing resilience in financial entities, engaging with DeFi protocols may require additional focus due to their decentralized nature. Regulated entities like banks must comply with DORA's ICT risk management and resilience requirements when interacting with DeFi. Although EU financial institutions' DeFi engagement remains limited, compliance with DORA is still essential, especially for decentralized ICT services.

DORA is a European Union regulation aimed at enhancing the IT security of financial entities such as banks, insurance companies, and investment firms. It came into force on January 16, 2023, and will apply starting January 17, 2025. According to the United Nations (UN), DORA focuses on strengthening the financial sector’s ability to withstand operational disruptions by establishing harmonized rules for operational resilience across 20 types of financial entities and their ICT third-party service providers.

Markezic is known for her expertise in crypto regulation through her role at EUCI. She has worked with crypto projects since 2017, specializing in governance, DeFi, and non-fungible tokens (NFTs). Known for her expertise, she frequently speaks at blockchain events. Previously leading the advisory team at Cofound.it where she evaluated over 700 whitepapers.