Highlights
With the EU’s Markets in Crypto Assets Regulations (MiCAR) receiving a final vote tomorrow, some have wondered about the impact on stablecoins. Specifically, if a ban on stablecoin interest could inhibit decentralized finance (DeFi) and how additional anti-money laundering (AML) crypto-asset regulations could impact transactions. Stablecoins should do just fine despite the interest ban and vastly expanded AML, but the conclusion comes with caveats.
There was no intention for the first iteration of MiCAR to address DeFi explicitly. However, as we’ll show, it would be a mistake to assume that all DeFi protocols get a free pass.
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