歐洲 Coinbase 用戶對新的加密貨幣法規表示失望

在歐洲 Coinbase 交易所宣布將停止穩定幣美元代幣 (USDC) 的收益計畫後，歐洲用戶對該地區不斷演變的加密貨幣法規表示失望。

Coinbase users in Europe are facing the brunt of the region’s evolving crypto regulations, with the latest setback being the exchange’s announcement that it will discontinue its yield program for the stablecoin USD Coin (USDC).

歐洲的 Coinbase 用戶正面臨該地區不斷發展的加密貨幣法規的衝擊，最新的挫折是該交易所宣布將停止穩定幣美元硬幣 (USDC) 的收益計劃。

The decision, which was communicated to affected users via email on November 28, is a direct consequence of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

該決定於 11 月 28 日透過電子郵件傳達給受影響的用戶，這是歐盟加密資產市場 (MiCA) 監管框架的直接後果。

As a result, the USDC rewards program will conclude on December 1 for customers residing within the European Economic Area (EEA), which encompasses all EU member states, Iceland, Norway, and Liechtenstein.

因此，USDC 針對居住在歐洲經濟區 (EEA)（包括所有歐盟成員國、冰島、挪威和列支敦士登）的客戶的獎勵計劃將於 12 月 1 日結束。

According to the email, users who are still eligible for the program will continue to accrue rewards until November 30.

根據該電子郵件，仍有資格參與該計劃的用戶將繼續獲得獎勵，直至 11 月 30 日。

The announcement was swiftly met with criticism within the crypto community. Paul Berg, CEO of crypto infrastructure provider Sablier, took to X (formerly Twitter) to express his wry observation:

該公告很快就遭到加密貨幣社群的批評。加密基礎設施提供者 Sablier 的執行長 Paul Berg 在 X（前身為 Twitter）上表達了他的諷刺觀察：

“Very grateful to the EU for protecting me against earning a yield on my USDC holdings on Coinbase. It's funny how often regulations prevent companies from doing things that are unarguably pro-consumer.”

「非常感謝歐盟保護我免於從我在 Coinbase 上持有的 USDC 中賺取收益。有趣的是，法規經常阻止公司做毫無爭議的有利於消費者的事情。

As a backdrop, MiCA aims to bolster consumer protection and promote financial stability in the rapidly evolving digital asset landscape.

在此背景下，MiCA 旨在在快速發展的數位資產格局中加強消費者保護並促進金融穩定。

The framework delineates specific requirements for stablecoin issuers, distinguishing between asset-referenced tokens (backed by a basket of assets) and e-money tokens (pegged to a single fiat currency, such as USDC).

該框架規定了穩定幣發行人的具體要求，區分資產參考代幣（由一籃子資產支持）和電子貨幣代幣（與單一法定貨幣掛鉤，例如 USDC）。

Crucially, issuers of stablecoins must maintain sufficient reserves to facilitate redemption at any time. They are also subject to operational and prudential standards, which include robust governance structures and transparent reporting.

至關重要的是，穩定幣發行者必須保持足夠的準備金以方便隨時贖回。它們也受到營運和審慎標準的約束，其中包括健全的治理結構和透明的報告。

While these regulations are designed to safeguard the financial system, some provisions have created operational hurdles for crypto firms.

雖然這些法規旨在保護金融體系，但一些規定為加密貨幣公司造成了營運障礙。

One such clause, which is outlined in Article 58 of MiCA, explicitly prohibits interest payments or yields on asset-referenced tokens based on the duration of ownership, effectively rendering yield programs like Coinbase’s USDC rewards incompatible with the regulatory framework.

MiCA 第 58 條概述了這樣的一項條款，明確禁止根據所有權期限對資產參考代幣支付利息或收益，這實際上使 Coinbase 的 USDC 獎勵等收益計劃與監管框架不相容。

The provision in question states:

該條文規定：

“To reduce the risk that asset-referenced tokens are used as a store of value, issuers of asset-referenced tokens and crypto-asset service providers, when providing crypto-asset services related to asset-referenced tokens, should not grant interest to holders of asset-referenced tokens related to the length of time during which such holders are holding those asset-referenced tokens.”

「為降低資產參考代幣被用作價值儲存的風險，資產參考代幣發行者和加密資產服務提供者在提供與資產參考代幣相關的加密資產服務時，不應向持有者授予利息資產參考代幣的數量與這些持有者持有這些資產參考代幣的時間長度有關。

The implementation of MiCA is being undertaken in phases, with the initial stage focusing on stablecoins, crypto-asset service providers, and trading platforms.

MiCA的實施分階段進行，初始階段重點在於穩定幣、加密資產服務提供者和交易平台。

Coinbase’s decision to halt its USDC yield program in the EEA is a direct consequence of the operational challenges posed by MiCA’s provisions, particularly the prohibition on interest payments for asset-referenced tokens.

Coinbase 決定停止在 EEA 的 USDC 收益計劃，是 MiCA 條款帶來的營運挑戰的直接後果，特別是禁止資產參考代幣支付利息。

The broader implications of this move will become evident as crypto firms navigate the evolving regulatory landscape in Europe, striking a balance between consumer protection and operational sustainability.

隨著加密貨幣公司應對歐洲不斷變化的監管環境，在消費者保護和營運永續性之間取得平衡，這項措施的更廣泛影響將變得顯而易見。