MiCA architect says EU should prioritize tokenization over DeFi rules

European Commission adviser Peter Kerstens, a key architect of the Markets in Crypto-Assets (MiCA) regulation, has suggested that the European Union should prioritize a comprehensive framework for real-world assets (RWA) and tokenization over attempting to regulate decentralized finance (DeFi). Speaking at the WAIB Summit Monaco 2026, Kerstens noted that while the European Commission is currently gathering public feedback on MiCA through August 31, he personally sees no immediate need to regulate DeFi. He argued that applying traditional legal doctrines to decentralized computer networks is inherently difficult because they lack identifiable representatives or legal entities. This stance contrasts with recent scrutiny from the European Central Bank, which published a working paper questioning the true decentralization of major protocols like Aave, MakerDAO, Ampleforth, and Uniswap. The ECB analysis found that top governance token holders controlled over 80% of supply in these protocols, suggesting they might not qualify as fully decentralized services. As MiCA approaches the end of its transitional period on July 1, the focus on RWA tokenization signals a potential shift in EU policy priorities. By emphasizing tokenized assets, the EU aims to provide regulatory clarity for institutional adoption rather than imposing restrictive measures on decentralized infrastructure.