The license for a Multilateral Trading Facility (MTF) is generally not a suitable structure for an exchange platform for cryptographic assets, although the definition of what constitutes an MTF seems fitting. An MTF is defined as a multilateral system that brings together the interests of a large number of users in buying and selling financial instruments within the system and according to specified rules in a way that results in a contract for the purchase of the financial instrument. However, there are regulatory restrictions on access to an MTF. Operators of multilateral trading systems must exclude private investors from trading in their system. Since exchanges for cryptographic assets are usually open to and especially designed for retail users and not only for professional exchange traders, the MTF license is generally not suitable here. DeFi is P2P, operates on self-custody and does not operate a centralized order book, all of which has been core part of the Swarm Markets platform design.