French authorities want crypto exchanges to conduct checks on DeFi protocols and face liability for certain customer losses under proposed changes to EU crypto rules.
France wants cryptocurrency platforms to face liability for certain decentralized finance (DeFi) incidents if they fail to vet protocols or ignore known security risks.
French authorities published proposals Wednesday to revise the European Union’s Markets in Crypto-Assets Regulation (MiCA). The joint response to a European Commission consultation came from France’s Treasury, the Financial Markets Authority (AMF), the central bank and the Prudential Supervision and Resolution Authority (ACPR).
“CASPs [crypto-asset service providers] should be liable for certain incidents affecting clients where they actively facilitated access,” French authorities said.
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