EBA Recommends Including Crypto Lending and DeFi Access Services in MiCA Regulation

The European Banking Authority (EBA) has published its response to the consultation on the MiCA revision, recommending that the EU strengthen regulation on third-country multi-issuer stablecoins, classification of crypto assets, and crypto lending. It also suggests including the activities of crypto service providers that connect users to DeFi lending protocols within the regulatory scope. The EBA believes that the current regulatory framework for asset-referenced tokens and electronic money tokens is generally appropriate, but multi-issuer stablecoins may pose higher risks, and it should consider strengthening the rules and reviewing reserve asset requirements. As of September 1, there have been 39 electronic money tokens issued under the MiCA framework, with no asset-referenced tokens authorized yet.