France proposes to revise MiCA bill, requiring crypto platforms to take responsibility for DeFi risks

The French Ministry of Finance, the Financial Market Authority, the Bank of France, and the Prudential Regulation and Resolution Authority jointly propose to revise the EU MiCA Act, requiring cryptocurrency platforms to be held responsible for customer losses when providing DeFi protocol access without reviewing or ignoring risks. France proposes platform review of protocols and monitoring of vulnerabilities, supporting authentication of smart contracts. The relevant requirements apply to important cryptocurrency service providers. France also proposes to transfer the regulatory authority of important cryptocurrency service providers to the European Securities and Markets Authority, lower the threshold for identifying 15 million daily active users, and adjust the asset reference token and electronic currency token framework.