Can EU improve MiCA without new rules? Cardano Foundation makes its case

The Cardano Foundation is against bringing decentralized finance, staking and other blockchain activities under new European Union crypto regulations and argues that policymakers should rather focus on improving the existing Markets in Crypto-Assets Regulation. Summary Cardano Foundation has urged EU policymakers to avoid introducing new regulations for DeFi and staking. The Foundation wants regulators to distinguish between direct blockchain participation and financial services operated by intermediaries that control customer assets. In its September 30 consultation response, the Foundation called for clearer rules covering hybrid tokens, stablecoins and NFTs while addressing overlaps with existing EU financial legislation. The Foundation warned that inconsistent regulatory interpretations across EU member states and complex compliance requirements could create difficulties for smaller crypto businesses. In its September 30 response to a European Commission consultation, the Foundation called for clearer rules governing digital assets and greater consistency in how existing legislation is applied across member states. It warned that creating separate regulatory frameworks for acti...