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FollowingThe European Securities and Markets Authority proposes to expand the MiCA framework to cover decentralized financial access, pledge and lending services
As the European Securities and Markets Authority (ESMA) proposes new regulations for some services that have not yet been fully integrated into the EU's existing crypto asset regulatory system, the EU is expected to bring decentralized financial (DeFi) access providers, pledge and cryptocurrency lending businesses under the broader Cryptocurrency Markets Regulation (MiCA) framework.
Under the proposal, companies that provide users with access to decentralized financial protocols will become a new regulated crypto asset service. At the same time, the new rules will establish clearer criteria to determine when an agreement is sufficiently decentralized to exempt compliance requirements that focus on intermediaries.
These proposals come as the European Commission's consultation period on the MiCA review ends on September 30. Any expansion of the scope of regulation will still require further EU policy-making processes and may involve legislative amendments rather than automatically taking effect on ESMA's recommendations.
Pledges and lending face new disclosure rules
Pledges, lending and lending services will face pro-rata compliance requirements covering disclosures on costs, risks, expected returns, collateral arrangements and potential losses.
At present, MiCA has not yet established a licensing system specifically for "pledge" itself. The behavior of directly participating in the Proof-of-Interest (PoS) consensus mechanism is essentially different from pledge as a service: in the latter, intermediaries pledge their assets on behalf of customers. Existing rules already prohibit crypto asset service providers from using customer assets for transactions on their own accounts.
The proposed changes will allow intermediary pledge and lending products to be more clearly included within a unified EU framework, thereby reducing differences in how national regulators deal with services that were not adequately covered when MiCA was drafted. The push follows the end of Europe's MiCA transition period, which ended in July, during which unauthorized crypto companies were required to start shutting down services rather than continue operating through the old national registration method.
Non-compliant stablecoin services may face lockdown
Regulated crypto companies will face clear restrictions on providing services related to stablecoins that do not meet MiCA requirements. The change is intended to remove uncertainty about whether authorized platforms can continue to support tokens that do not comply with the EU asset reference token or e-currency token rules.
虽然MiCA已经规范了此类资产的发行和公开要约行为，但ESMA希望直接在服务提供者层面施加限制。监管机构将获得更强的工具，以应对未经授权的非欧盟国家企业、欺诈性网站以及与涉嫌市场滥用或恐怖主义融资相关的加密资产。此外，ESMA还希望获得具有约束力的权力，用于对加密资产进行分类，包括结合多个监管类别特征的混合代币。
截至6月底，欧洲已颁发约230张MiCA许可证。随着获牌企业开始在欧盟范围内跨境通行其服务，各国在解释上的差异已成为一个日益突出的问题。
去中心化金融的定义成为MiCA审查的核心
MiCA现有的审查任务已要求欧盟政策制定者审视对去中心化金融、加密货币借贷及借款的适当处理方式。最新的提案将该辩论推向了一个新的区分点：即自主协议与在其周围提供可识别接入层的商业实体之间的区别。
欧盟委员会的咨询期已于5月20日开启，并于2026年9月30日结束。其调查结果可为正式的MiCA审查提供参考；如果政策制定者决定现行框架不足，未来可能会提出扩展监管范围的新立法提案。
