Staking-as-a-service (StaaS) providers are steadily growing on the crypto-assets market along with the increasing popularity of decentralised networks based on the proof-of-stake consensus mechanism. The growing profile of StaaS providers also raises legal questions about the nature of these business models and the regulatory risk associated with them. In this article we examine one of these risks: the risk of treating the activity of StaaS providers as the activity of an alternative investment fund (AIF).

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