ESMA 發出危險訊號：區塊鏈交易中的 MEV 引發市場濫用擔憂

歐洲證券和市場管理局 (ESMA) 將區塊鏈交易重組 (MEV) 視為 MiCA 法規下潛在的市場濫用行為。在 ESMA 的立場中，加密貨幣專家主張採取細緻入微的方法，認為 MEV 主要獎勵驗證者，只有少數情況構成市場濫用。

European Securities and Markets Authority Raises Concerns over MEV in Blockchain Transactions as Potential Market Abuse

歐洲證券和市場管理局對區塊鏈交易中的 MEV 表示潛在市場濫用的擔憂

Brussels, Belgium - The European Securities and Markets Authority (ESMA) has recently released its stance on the practice of maximum extractable value (MEV) within the context of its proposed regulation on Markets in Crypto Assets (MiCA). ESMA expresses concerns that the reorganization of transactions on blockchains to maximize profits could potentially constitute a form of market abuse.

比利時布魯塞爾 - 歐洲證券和市場管理局 (ESMA) 最近在其擬議的加密資產市場 (MiCA) 監管框架內發布了對最大可提取價值 (MEV) 實踐的立場。 ESMA 擔心，為實現利潤最大化而重組區塊鏈交易可能構成一種市場濫用形式。

ESMA's Definition of MEV as Market Abuse

ESMA 將 MEV 定義為市場濫用

The European Securities and Markets Authority has equated MEV, a practice where blockchain operators rearrange user transactions to optimize their own profits, to market abuse under MiCA. According to ESMA, such tactics can diminish the earnings of end-users, acting as an "invisible tax."

歐洲證券和市場管理局將 MEV（區塊鏈營運商重新安排用戶交易以優化自身利潤的做法）等同於 MiCA 下的市場濫用。根據 ESMA 的說法，這種策略可能會減少最終用戶的收入，充當「隱形稅收」。

ESMA has emphasized that MiCA extends existing EU market abuse rules to include suspicious activities related not only to transactions but also to operational aspects of the blockchain itself. Peter Kerstens, an advisor to the European Commission, acknowledges that MEV can raise market integrity issues and trigger abuses such as frontrunning.

ESMA 強調，MiCA 擴展了現有的歐盟市場濫用規則，以涵蓋不僅與交易相關而且與區塊鏈本身營運方面相關的可疑活動。歐盟委員會顧問 Peter Kerstens 承認 MEV 可能引發市場誠信問題並引發搶先交易等濫用。

Crypto Industry Experts Advocate for a Nuanced Approach to MEV

加密產業專家倡導採用細緻入微的 MEV 方法

In response to ESMA's stance, several players in the crypto industry have advocated for a more nuanced approach. Anja Blaj, policy expert at the European Crypto Initiative (EUCI), argues that MEV should not be equated with a negative practice as only a minority of scenarios constitute true market abuses.

為了回應 ESMA 的立場，加密貨幣產業的一些參與者主張採取更細緻的方法。歐洲加密貨幣倡議 (EUCI) 政策專家 Anja Blaj 認為，MEV 不應等同於負面做法，因為只有少數情況構成真正的市場濫用。

She emphasizes that MEV primarily aims to reward validators for their essential work in the functioning of the blockchain. The EUCI warns against potential overregulation if MiCA were to be applied too broadly to MEV, urging ESMA to precisely clarify which MEV scenarios would constitute market abuse.

她強調，MEV 的主要目的是獎勵驗證者在區塊鏈運作中所做的重要工作。 EUCI 警告，如果 MiCA 過於廣泛地應用於 MEV，可能會出現過度監管，並敦促 ESMA 準確澄清哪些 MEV 場景將構成市場濫用。

ESMA's Public Consultation on MEV

ESMA 關於 MEV 的公眾諮詢

ESMA is currently conducting a public consultation on its proposals for MiCA, including its stance on MEV. The consultation seeks to gather feedback from stakeholders to help inform ESMA's final regulatory position on this complex and divisive issue. Sector participants have until June 25th to make their voices heard.

ESMA 目前正在就其 MiCA 提案（包括其對 MEV 的立場）進行公眾諮詢。此次磋商旨在收集利害關係人的回饋，以幫助告知 ESMA 對此複雜且有分歧的問題的最終監管立場。產業參與者必須在 6 月 25 日之前表達自己的聲音。

Impact on the Crypto Industry

對加密產業的影響

The outcome of ESMA's public consultation will have significant implications for the crypto industry. Should ESMA maintain its stance that MEV constitutes market abuse under MiCA, it could potentially lead to additional regulatory requirements for crypto platforms and validators.

ESMA 公眾諮詢的結果將對加密貨幣產業產生重大影響。如果 ESMA 維持 MEV 構成 MiCA 下的市場濫用的立場，則可能會導致對加密平台和驗證器提出額外的監管要求。

However, if ESMA adopts a more nuanced approach, it could provide clarity and certainty for the industry, encouraging further innovation and development within the blockchain ecosystem.

然而，如果 ESMA 採用更細緻的方法，它可以為產業提供清晰度和確定性，鼓勵區塊鏈生態系統內的進一步創新和發展。

Conclusion

結論

The European Securities and Markets Authority's concerns over maximum extractable value (MEV) as potential market abuse have sparked a debate within the crypto industry. While ESMA emphasizes the need to protect investors from abusive practices, industry experts advocate for a balanced approach that recognizes the legitimate role of MEV in rewarding validators for their essential work. The outcome of ESMA's public consultation will shape the regulatory landscape for crypto assets in the European Union and beyond.

歐洲證券和市場管理局對最大可提取價值（MEV）作為潛在市場濫用的擔憂引發了加密產業內的爭論。雖然 ESMA 強調需要保護投資者免受濫用行為的影響，但行業專家主張採取平衡的方法，承認 MEV 在獎勵驗證者的基本工作方面的合法作用。 ESMA 公眾諮詢的結果將塑造歐盟及其他地區加密資產的監管格局。