EU Evaluates Inclusion of DeFi Vaults in MiCA Regulation

The European Commission is assessing whether to include crypto lending, including DeFi vaults, under the Markets in Crypto-Assets Regulation (MiCA). A targeted consultation was launched on May 20, 2026, with a feedback deadline of September 30. MiCA originally excluded crypto lending and fully decentralized activities, but Brussels is currently reviewing these gaps. EU digital asset lawyer Yuriy Brisov stated that there is no category of "vault" in EU law, and lawyers need to define by function rather than label. Vaults distribute economic functions such as lending across smart contracts and multiple participants, making it difficult to correspond to a single regulated entity. Cahill partner Jonathan Galea cautioned against categorizing "DeFi lending" as a single label, as products with different structures may be treated uniformly. Curve founder Michael Egorov noted that if regulation is applied, it should be differentiated, as DeFi does not require all the protections of traditional lending and may need different rules.

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