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The Cardano Foundation urged the European Union to address flaws in its existing Markets in Crypto-Assets regulation, or MiCA, before introducing new rules for DeFi and staking, Cryptopolitan reported.
In a statement released on Oct. 21, the foundation said providers should not be treated as financial service firms solely because they offer services on public blockchains, and argued that instead of creating a new regulatory framework, existing laws should apply to businesses that actually provide financial services or manage customer assets. The foundation had previously told the European Commission in September, during a consultation on related regulations, that it opposed separate rules for DeFi and staking.