France Proposes Liability for Crypto Exchanges Offering DeFi Access

This is a notable shift in regulatory philosophy: rather than treating DeFi as a separate, permissionless sphere, France would pull it into the licensed exchange's compliance perimeter, making the intermediary the gatekeeper and insurer of last resort for protocol risk. That directly affects exchanges offering DeFi access in the EU, who would need new due-diligence and loss-bearing capacity, and it could reshape which protocols get listed. Whether other member states echo the proposal, and how it interacts with the existing framework's treatment of decentralized services, is the open question worth watching.