EU Proposes Broader MiCA Rules for DeFi, Staking, and Lending

The European Securities and Markets Authority (ESMA) has proposed new rules for decentralized finance (DeFi) gateways, staking, and lending services. These proposals aim to bring these services under a broader framework of the Markets in Crypto-Assets (MiCA) regulation.

According to ESMA, firms that provide access to DeFi protocols would be considered a new type of regulated crypto-asset service. This move is intended to clarify the regulatory requirements for these services and ensure consistency across the European Union.

The proposals also introduce clearer criteria for determining when a protocol is sufficiently decentralized to remain outside intermediary-focused requirements. This change is expected to reduce differences in how national regulators treat these services.

Staking, lending, and borrowing services would face proportionate requirements covering costs, risks, expected rewards, collateral arrangements, and potential losses. The proposed changes aim to place intermediary staking and lending products within a common EU framework, reducing uncertainty around their regulation.