KYC/AML for decentralized exchanges (DEX) offering derivatives – a growing challenge?

It seems the regulatory spotlight is increasingly falling on the gray area of DEXs, especially those facilitating complex financial instruments like perpetual swaps or options. Traditional CEXs are well-established targets for AML and KYC enforcement, but how are regulators in various jurisdictions — say, the EU with MiCA or the US with a more fragmented approach — likely to tackle the pseudonymous nature of DEX participants who are trading highly leveraged products? The 'self-custody' argument for user responsibility only goes so far when these platforms are essentially operating as unregulated financial institutions, even if the tech is distributed. Are we looking at a future where smart contracts themselves might need to incorporate some form of identity verification, or will the focus remain on the developers and front-end providers?