European lawmakers have yet to define the concept of "decentralization," although regulators have begun preparing for decentralized finance (DeFi) to become a key focus of crypto policy in 2026.
The world's first comprehensive regulatory framework for the crypto industry, the Markets in Crypto-Assets Regulation (MiCA), will take effect on December 30, 2024. Its goals include enhancing investor protection, preventing fraud, and addressing issues related to stablecoin reserve management.
However, as MiCA enters its final implementation phase, policymakers are turning their attention to regulating DeFi, with many questions still unresolved, according to Vyara Savova, senior policy officer at the European Crypto Initiative (EUCI).
In the June 4 episode of Cointelegraph's Chain Reaction X Spaces, Savova stated that DeFi protocols remain in a regulatory gray area.
She noted that the implementation of the framework leaves uncertainty for DeFi protocols, as "DeFi is theoretically outside the scope of MiCA," adding:
"In reality, no one knows what the EU policymakers' definition of DeFi is."
Savova indicated that starting in mid-2026, authorities in the region will begin to interpret how to legally define decentralization.
The initial MiCA framework was widely criticized for its blank space regarding decentralized protocols, as it requires DeFi platforms to comply with the same licensing and Know Your Customer (KYC) requirements as traditional financial service companies.
However, one provision of the bill, the preamble of Article 22, mentions that fully decentralized crypto asset service providers "should not fall within the scope of this regulation."
While the final implementation of MiCA will take effect by the end of 2024, lawmakers will still revise it every 12 to 18 months to discuss issues related to potential regulatory gaps.
However, despite repeated calls from European Central Bank President Christine Lagarde, the MiCA II framework will not advance, said Marina Markezic, executive director and co-founder of EUCI:
"You may have heard about the potential MiCA II, but it will not happen."
She added that ongoing discussions about stablecoins may lead to targeted legislative updates rather than a complete sequel to MiCA.
The EU has yet to introduce new anti-money laundering rules that would restrict the use of private coins and anonymous crypto accounts. These regulations are planned to take effect in 2027.
Related: ETF issuers urge SEC to return to "first come, first served" principle
Original article: “Due to MiCA's unclear industry status, Europe will regulate decentralized finance (DeFi) in 2026”
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