European trade body warns against the exclusion of DeFi from MiCA By Cointelegraph
The Association for Financial Markets in Europe (ASME), an industry advocacy group that represents wholesale market participants in Europe, called for the inclusion of the decentralized finance (DeFi) sector within the recently passed markets in crypto assets (MiCA) regulations.
MiCA is considered the first potential comprehensive crypto legislation that is set to come into effect in December 2024. However, the crypto legislature excludes certain aspects of the crypto ecosystem including DeFi and nonfungible tokens (NFTs). The ASME in its paper addressed to the Europen Council noted that the exclusion of DeFi could create unintended risks to financial stability and potential knock-on impacts.