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Aave submits response to the UK FCA's crypto asset regulatory boundary guidelines, stating that DeFi protocols should not be considered financial intermediaries

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Wu Shuo learned that Aave's Chief Legal Officer Linda Jeng issued a statement indicating that Aave has submitted a response to the UK Financial Conduct Authority (FCA)'s guidelines on crypto asset regulation boundaries, with participants including two FCA-regulated UK entities, Push Labs Ltd and Push Virtual Assets Ltd. Aave believes that DeFi protocols are open, permissionless, rule-based, and non-discretionary infrastructure, and should not be considered as financial intermediaries by protocol developers; the "added value" concept proposed by FCA lacks legal basis. Aave recommends excluding non-discretionary infrastructure from intermediary regulation through amendments without changing the underlying legislation, to prevent the UK from becoming a "pariah island" disconnected from global financial development.
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OneMoreReorg
· 1h ago
The developer is just writing code, and they don’t custody user assets—so why are they considered an intermediary?
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SolitaryLampInTheSilentSea
· 7h ago
Amendment to exclude non-discretionary infrastructure—this suggestion is practical, both allowing regulators to save face and not harm the industry.
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GlassDome
· 7h ago
If the UK keeps this up, DeFi projects will all move to Singapore and Dubai.
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NotYourExitLP
· 7h ago
Added value. This term is too vague; regulatory agencies should not invent concepts to expand their authority.
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0XsundayCook
· 7h ago
Open protocols are like public infrastructure; just as with TCP/IP, managing protocols is less important than managing the application layer.
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DaoBackbencher
· 7h ago
Aave’s hard clash with the FCA this time is pretty interesting—DeFi protocols really shouldn’t be treated like traditional financial intermediaries.
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