France Proposes Requiring Crypto Trading Platforms to Bear Responsibility for Certain DeFi Incidents

Odaily reports: The French Ministry of Finance, the Autorité des Marchés Financiers (AMF), the Banque de France, and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have jointly proposed amendments to the EU's Markets in Crypto-Assets Regulation (MiCA), requiring crypto platforms to bear responsibility for certain customer losses when they proactively offer access to DeFi protocols without reviewing those protocols or ignoring known security risks.

France proposes that platforms review relevant protocols before providing DeFi access, continuously monitor for vulnerabilities and suspicious activity, and support the certification of protocols and smart contracts. The relevant requirements would apply fully to significant crypto-asset service providers (CASPs), with proportionally adjusted obligations for smaller platforms.

France also proposes transferring supervisory authority over significant CASPs from national regulators to the European Securities and Markets Authority (ESMA), and lowering the current EU threshold of 15 million daily active users. Additionally, France suggests re-examining the asset-referenced token (ART) category and adjusting the electronic money token (EMT) framework to cover multi-currency stablecoins. (Cointelegraph)