ESMA submitted on September 30 its contribution to the MiCA revision, a sixteen-page text targeting intermediaries facilitating access to decentralized finance, as well as staking and crypto lending. The European regulator proposes five obligations for platforms providing technical interfaces to DeFi protocols, including risk disclosure, order routing transparency and upfront protocol verification. However, it refuses to classify staking as disguised lending, while calling for targeted conduct and asset protection rules. Regarding non-compliant stablecoins, ESMA wants to ban licensed providers from offering any services involving tokens such as USDT from Tether, which has never sought European authorization.
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