Stani Kulechov: Criticizes European regulatory agencies' proposal against MiCA

Stani Kulechov expressed disappointment with the response of the European Central Bank and the European Banking Authority to the MiCA consultation. The relevant proposal advocates banning stablecoin payment income, suggesting restricting encrypted asset service providers from providing DeFi access channels to users, limiting the user group that can access DeFi through suitability testing, and considering implementing authentication systems for DeFi lending protocols. Stani Kulechov believes that letting regulatory agencies decide which protocols are suitable for European users will create a closed ecosystem, weaken the liquidity and network effects of open financial networks, and excessively restrict will increase innovation resistance. Stani Kulechov stated that stablecoins, DeFi, and tokenized securities have the potential to reduce financial service friction, increase transparency, and expand user access to financial services. He also called on European regulators to place users and their interests at the core of their regulatory framework.