From BigGo Finance · BigGo Finance · · 1m 10s
Cardano Foundation Opposes EU MiCA Expansion
Cardano Foundation urges EU to exclude DeFi and staking from MiCA rules.
In brief
Cardano Foundation urges EU to exclude DeFi and staking from MiCA rules. Cardano Foundation says EU should not extend MiCA crypto rules to cover DeFi and staking services. Originally reported by BigGo Finance.
Cardano Foundation submits position paper
The Cardano Foundation has submitted a 19-page position paper to the European Commission opposing any expansion of the EU's MiCA crypto rules to cover DeFi and staking.
Regulation should focus on activity, not technology
The foundation argues regulation should be designed around the substance and function of an activity and the risks it creates, not around the underlying technology.
Direct participation vs. intermediaries
The foundation stresses that direct participation in a decentralized network must be distinguished from financial services offered by intermediaries.
MiCA boundary clarification needed
The paper asks regulators to draw a clearer line between MiCA and existing financial law to avoid overlapping rules.
ESMA proposes new staking safeguards
The European Securities and Markets Authority has proposed additional safeguards for staking and lending services and a new regulated category for DeFi intermediaries.
Cardano joins US SEC letter
The Cardano Foundation joined a letter urging the U.S. Securities and Exchange Commission to recognize digital products as non-securities.
In short
Cardano Foundation says EU should not extend MiCA crypto rules to cover DeFi and staking services.
