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ESMA urges MiCA overhaul to cover DeFi gateways, staking and crypto lending, and to bar non-compliant stablecoin services

AI Market Summary
ESMA's MiCA review recommendations signal a potential regulatory expansion to DeFi access providers, staking, and crypto lending, alongside tighter marketing rules and an explicit ban on MiCA-regulated firms servicing noncompliant stablecoins. Proposed powers to block fraudulent sites and freeze assets raise enforcement risk. While nonbinding and without a timeline, the direction increases compliance uncertainty and could pressure EU-facing crypto intermediaries and yield-focused products in the near term.
Impact level
● High
Affected assets
BTC/USDT+0.99%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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European Securities and Markets Authority (ESMA) has submitted recommendations for the upcoming review of the EU's Markets in Crypto-Assets Regulation (MiCA), calling for an expanded perimeter that would bring DeFi access points, staking and crypto lending within the regulatory framework. According to GoldNews, in a submission dated October 1, ESMA proposed creating a regulated category of crypto-asset services for providers that facilitate access to DeFi, alongside proportionate disclosure requirements for staking and lending activities. ESMA also called for stricter rules on crypto-asset marketing, with particular focus on influencer activity and third-party promotions. A key element of the package is an explicit ban on regulated crypto firms offering services linked to stablecoins that do not meet MiCA requirements. ESMA further recommended giving authorities stronger tools to identify, block and shut down fraudulent websites, and to freeze crypto-assets where market abuse or terrorist financing is suspected. ESMA stressed the document is advisory only: it does not amend MiCA and sets out no implementation timeline.
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