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Basis Desk
Regulation & Policy · 1 min read

ESMA Recommends Bringing DeFi Access, Staking, and Lending Under MiCA

The EU market regulator advised the European Commission to target non-compliant stablecoins, third-country solicitation, and influencer promotions under an updated crypto framework.

Editorial oversight: Julian Mercer, Chief Editor
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$USDT $0.9996 −0.0%

Key points

  • ESMA submitted proposals to update MiCA, urging rules for DeFi access, staking, lending, and influencer marketing.
  • The regulator called for powers to penalize unauthorized third-country solicitation and ban services linked to non-compliant stablecoins.
  • Proposed administrative reforms include simplified white-paper filings and binding ESMA opinions on token classification.

The European Securities and Markets Authority (ESMA) has submitted recommendations to amend the Markets in Crypto-Assets Regulation (MiCA), calling for expanded oversight of decentralized finance, staking, and lending 1. The submission came in response to a European Commission review consultation regarding the existing regulatory regime 1.

ESMA requested specific rules governing the marketing of crypto-assets by influencers, tighter cost disclosures, and standardized transparency requirements covering risks, collateral terms, and potential losses for staking, borrowing, and lending activities 1. The regulator also urged the European Union to establish criteria distinguishing genuinely decentralized protocols from centralized projects, proposing a new regulated service classification for firms offering client access to decentralized finance (DeFi) platforms 1.

Supervisory Powers and Market Simplification

To curb unlicensed activity, ESMA asked for reinforced authority targeting third-country entities that solicit EU investors without MiCA authorization, alongside explicit restrictions banning regulated crypto asset service providers from offering products tied to non-compliant stablecoins 1. At the time of writing, stablecoin markets operated with $USDT trading at $0.9996, while broader market sentiment registered at Greed (71).

Additionally, ESMA proposed streamlining operations across the bloc by simplifying white-paper notification processes, minimizing redundant licensing mandates, and gaining authority to issue binding opinions on token classifications such as hybrid instruments 1. Looking past the immediate review, the agency advocated developing a unified EU framework for tokenized securities and on-chain settlement 1.

Questions this story raises

What changes did ESMA propose for DeFi?
ESMA called for clear criteria to determine true decentralization and proposed establishing a regulated crypto-asset service category for firms that facilitate user access to DeFi protocols.
How would the proposals affect stablecoins?
ESMA recommended introducing explicit rules that prohibit regulated crypto firms from offering services tied to stablecoins that do not comply with MiCA requirements.

Sources

  1. [1] ESMA calls for changes to make MiCA clearer, safer and ready for emerging services — ESMA News, September 30, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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