ESMA 落後的加密貨幣監管：歐盟採用的障礙

由於資源限制，歐盟證券監管機構 ESMA 在跟上加密貨幣監管方面面臨挑戰。儘管加密貨幣的重要性與日俱增，並且需要強大的監管框架，但 ESMA 有限的預算和員工能力阻礙了其有效監督不斷變化的加密貨幣格局的能力。這種延遲可能會導致歐盟在接受加密貨幣和區塊鏈技術方面落後於其他市場。

ESMA's Regulatory Lag: A Roadblock to Crypto Adoption in the EU

ESMA 的監管落後：歐盟採用加密貨幣的障礙

Is the European Union falling behind in the race to regulate cryptocurrencies? The European Securities and Markets Authority (ESMA), the bloc's financial watchdog, is facing significant challenges in keeping pace with the rapidly evolving crypto landscape.

歐盟在監管加密貨幣的競賽中是否落後了？歐盟的金融監管機構歐洲證券和市場管理局（ESMA）在跟上快速發展的加密貨幣格局方面面臨重大挑戰。

Resource Constraints: A Stifling Hand

資源限制：令人窒息的手

"Is ESMA Understaffed and Underfunded?"

“ESMA 是否人手不足且資金不足？”

ESMA's chairperson, Verena Ross, has acknowledged the agency's resource constraints as a major obstacle. With a limited staff of just 300 and a budget of €75.2 million, ESMA is struggling to keep up with its expanding mandate.

ESMA 主席 Verena Ross 承認該機構的資源限制是一個主要障礙。 ESMA 的員工有限，僅有 300 人，預算為 7,520 萬歐元，正在努力跟上其不斷擴大的任務。

The consequences are tangible. ESMA has been forced to delay its assessment of the potential inclusion of crypto assets in Ucits funds, a popular investment vehicle for European retail investors. The deadline, originally set for October 2023, has now been pushed back to late 2024 or early 2025.

後果是顯而易見的。 ESMA 被迫推遲對 Ucits 基金納入加密資產的可能性進行評估，Ucits 基金是歐洲散戶投資者受歡迎的投資工具。原定的截止日期為 2023 年 10 月，現已推遲至 2024 年底或 2025 年初。

Missed Opportunities and Capital Flight

錯失機會與資本外逃

"Is Europe Missing Out on Crypto's Potential?"

“歐洲是否錯過了加密貨幣的潛力？”

While the EU lags, other jurisdictions are embracing cryptocurrencies with open arms. The United States, for example, has seen a surge in Bitcoin exchange-traded funds (ETFs), with $11 billion in net inflows since January 2024.

雖然歐盟落後了，但其他司法管轄區正在張開雙臂擁抱加密貨幣。例如，美國的比特幣交易所交易基金（ETF）激增，自 2024 年 1 月以來淨流入達 110 億美元。

This regulatory agility has given U.S. investors easy access to the crypto market, in stark contrast to Europe's slow and restrictive approach. As a result, European capital is fleeing to more favorable jurisdictions overseas.

這種監管靈活性使美國投資者可以輕鬆進入加密貨幣市場，這與歐洲緩慢且限制性的做法形成鮮明對比。結果，歐洲資本正在逃往海外更有利的司法管轄區。

Lack of Harmonization: A Regulatory Quagmire

缺乏協調：監管泥潭

"Is Fragmentation Hampering Crypto Regulation in the EU?"

「碎片化是否阻礙了歐盟的加密貨幣監管？”

The EU's lack of harmonized crypto regulations is another major challenge. This patchwork approach has created inconsistencies across member states.

歐盟缺乏統一的加密貨幣法規是另一個重大挑戰。這種拼湊的方法造成了成員國之間的不一致。

For instance, while Irish regulations prohibit Ucits funds from investing in crypto, Spain allows such exposure through exchange-traded products. This regulatory fragmentation makes it difficult for businesses to operate across borders and for investors to navigate the complex landscape.

例如，雖然愛爾蘭法規禁止 Ucits 基金投資加密貨幣，但西班牙允許透過交易所交易產品進行此類投資。這種監管分散使得企業難以跨國運營，投資者也難以應對複雜的環境。

The Urgent Need for Action

迫切需要採取行動

"Is the EU Playing Catch-Up on Crypto?"

“歐盟正在追趕加密貨幣嗎？”

The convergence of traditional finance and cryptocurrencies underscores the urgent need for a clear and cohesive regulatory framework in the EU. The rise of U.S.-based ETFs and the UK's receptiveness to similar offerings highlight the growing importance of this issue.

傳統金融和加密貨幣的整合凸顯了歐盟迫切需要一個明確且有凝聚力的監管框架。美國 ETF 的興起以及英國對類似產品的接受度凸顯了這個問題日益重要。

ESMA recognizes this interconnectedness and emphasizes the importance of getting the Ucits review right. However, without adequate resources, the agency is hamstrung in its efforts to keep pace with the rapidly evolving crypto market.

ESMA 認識到這種相互關聯性，並強調正確進行 Ucits 審查的重要性。然而，由於沒有足夠的資源，該機構在跟上快速發展的加密貨幣市場的步伐方面受到了阻礙。

Rethinking ESMA's Role

重新思考 ESMA 的角色

"How Can ESMA Adapt to the Crypto Era?"

“ESMA 如何適應加密時代？”

To address ESMA's resource constraints, the EU needs to consider strategic staff allocation and potential retraining programs to specialize in crypto regulation. A phased rollout of the Markets in Crypto-Assets (MiCA) regulation could also ease the implementation burden for both ESMA and member states.

為了解決 ESMA 的資源限制，歐盟需要考慮策略性的人員分配和潛在的再培訓計劃，以專門從事加密貨幣監管。分階段推出加密資產市場 (MiCA) 監管也可以減輕 ESMA 和成員國的實施負擔。

A well-funded and empowered ESMA is crucial for fostering innovation, protecting investors, and ensuring that the EU remains competitive in the global digital asset landscape. Without addressing ESMA's resource challenges, the EU risks falling further behind in the race to regulate cryptocurrencies effectively.

資金充足且授權的 ESMA 對於促進創新、保護投資者以及確保歐盟在全球數位資產格局中保持競爭力至關重要。如果不解決 ESMA 的資源挑戰，歐盟就有可能在有效監管加密貨幣的競賽中進一步落後。