The scope of regulation is proposed to be expanded, with the EBA recommending that crypto lending and certain DeFi access services be brought under MiCA

Odaily reports that the European Banking Authority (EBA) has published its response to the MiCA revision consultation, recommending that the EU strengthen regulation of third-country multi-issuer stablecoins, crypto asset classification, and crypto lending, and bring within the regulatory scope the activities of crypto service providers that facilitate user access to DeFi lending protocols.

The EBA considers that the current regulatory framework for asset-referenced tokens and e-money tokens is generally appropriate, but that multi-issuer stablecoins may pose higher risks, and that rules should be strengthened and reserve asset requirements reviewed. As of September 1, 39 e-money tokens have been issued under the MiCA framework, while no asset-referenced tokens have yet been authorized.