Aave founder criticizes EU MiCA revision direction: stablecoin income and DeFi access restrictions may weaken open finance

Wu said he had learned that Aave founder Stani Kulechov said he was disappointed with the response to the MiCA consultation from the European Central Bank (ECB) and the European Banking Authority (EBA). He said that the two institutions not only advocated a ban on stablecoin payment income, but also proposed to restrict crypto asset service providers (CASP) from providing DeFi access to users, including agreements involving non-MiCA authorized stablecoin income; at the same time, they may require "suitability testing" to restrict access to some users and establish a certification system for DeFi lending protocols. Kulechov believes that these restrictions may shift European DeFi towards a more closed system and weaken the liquidity and network effects of open financial networks.