Regulations
By James Thorp
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Stablecoin Interest Rules Under the Microscope. The stablecoin piece is where things get genuinely complicated.
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DeFi Still Doesn't Fit Neatly Anywhere. The DeFi classification problem is arguably harder. Decentralized finance — the ecosystem of…
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What Stakeholders Are Being Asked to Do. The consultation is open to industry participants, and the EU wants detailed feedback — not just…
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The European Union is taking a hard look at its own crypto rulebook. Brussels has launched a formal consultation targeting two of the messiest corners of the Markets in…
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The timing isn't accidental. A July authorization deadline for crypto regulations is closing in fast, and regulators seem to know MiCA, as written, probably can't handle…
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The stablecoin piece is where things get genuinely complicated. MiCA already has provisions covering stablecoins — called e-money tokens and asset-referenced tokens under the…
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The EU's concern isn't abstract. When stablecoin issuers offer yield to holders, it starts to look a lot like a deposit product.
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No specific proposals have been floated publicly yet. The EU is gathering input first, which means the final shape of any rule change is still unclear.
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The DeFi classification problem is arguably harder. Decentralized finance — the ecosystem of lending protocols, automated market makers, and yield platforms running on…
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MiCA, as it stands, wasn't really built with fully decentralized protocols in mind. It targets crypto-asset service providers, issuers, and similar identifiable entities.
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Related: Qivalis Brings 37 Banks Into Euro Stablecoin Push Across 15 Countries
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The consultation is pushing stakeholders to help map out how DeFi should be categorized. It's a big ask.
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Probably the hardest part is that DeFi classification isn't just a European problem — it's one that regulators globally are wrestling with, and there's no obvious consensus model…
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The consultation is open to industry participants, and the EU wants detailed feedback — not just general impressions, but practical insight into how stablecoins and DeFi products…
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That feedback will feed directly into whatever formal adjustments to MiCA come next. The EU hasn't released any official comments on where it thinks the consultation will land,…
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