France proposes liability for crypto exchanges offering DeFi access
French authorities proposed changes to the EU’s MiCA crypto rules that could make regulated platforms liable for some DeFi-related client losses if they facilitate access without checking protocols or addressing known security risks. Platforms would vet and monitor protocols, with obligations scaled by size; access to uncertified protocols could remain possible after due diligence and stronger risk disclosures. France also supports voluntary certification for advanced self-custody wallets, transferring oversight of significant crypto-asset service providers to ESMA, and lowering the threshold for that designation. It further urged a review of MiCA’s stablecoin categories. The proposals were submitted to a European Commission consultation; the Commission’s report to lawmakers is due by June 30, 2027.
