MiCA's Slow-and-Steady Approach May Not Be Enough to Crack DeFi

The European Union's Markets in Crypto-Assets Regulation (MiCA) has had a strong start, becoming fully applicable in July 2026. This marked a significant step towards regulating centralised crypto platforms across the EU.

MiCA delivers a workable regime for licensing pathways and conduct standards, providing a clearer way of operating. However, its scope is fairly limited, leaving decentralised platforms largely out of the conversation.

The US CLARITY Act aims to address market structure, token classification, self-custody protections, and DeFi-specific issues. It attempts to define what counts as genuinely decentralised, protecting software developers, and tying obligations to custody and control instead of labels.