Vietnam and other countries may refer to the EU’s DeFi legal regulatory framework.
The EU is considering bringing crypto lending and borrowing activities under the scope of MiCA regulation.
This could have a major impact on DeFi vaults, where users deposit crypto into smart contracts to earn yields or lend to others.
But the issue is that it’s not easy to determine who bears responsibility.
In DeFi, a vault might be operated by various parties, from product creators and strategy managers to the smart contract itself. There’s no central company like a traditional bank.
So, if laws are applied as with conventional financial services, the EU will have to answer: who to regulate, and how?
Moreover, if a single set of regulations is applied across the DeFi market, projects with different operational models might end up being regulated the same way, which wouldn’t make sense.
This is a big challenge for the EU in bringing DeFi into a legal framework. The solution will set an important precedent for DeFi’s legal framework in countries like Vietnam. Vietnam crypto exchange