歐盟加密貨幣監管促使加密貨幣交易所、穩定幣發行人回應

作為對 MiCA 的回應，總部位於加州的 Coinbase COIN 將下架不符合 MiCA 的未經授權的穩定幣。

The European Union (EU) has taken a significant step in regulating the cryptocurrency industry with the Markets in Crypto Assets (MiCA) regulation, which came into effect on June 30. This regulation aims to create a unified framework for digital asset markets throughout the EU.

歐盟 (EU) 在監管加密貨幣行業方面邁出了重要一步，加密資產市場 (MiCA) 法規於 6 月 30 日生效。

One of the key aspects of MiCA is its focus on stablecoins, which are cryptocurrencies pegged to a fiat currency like the US dollar or euro. Stablecoin issuers are now required to obtain an Electronic Money Institution (EMI) license to operate within the EU.

MiCA 的關鍵方面之一是其對穩定幣的關注，穩定幣是與美元或歐元等法定貨幣掛鉤的加密貨幣。穩定幣發行人現在需要獲得電子貨幣機構（EMI）許可證才能在歐盟境內運作。

This license entails stringent compliance requirements, including maintaining a minimum of 30% of their funds in bank deposits for stablecoins with a fixed reference to a fiat currency, known as E-money Tokens. For "significant" stablecoins, at least 60% of fiat reserves must be distributed across multiple institutions.

該許可證需要嚴格的合規要求，包括將至少 30% 的資金保留在穩定幣的銀行存款中，並以法定貨幣（稱為電子貨幣代幣）為固定參考。對於「重要」的穩定幣，至少 60% 的法定儲備必須分佈在多個機構。

In response to MiCA, major cryptocurrency exchanges like Coinbase (NASDAQ:COIN) and Binance have adjusted their offerings to comply with the new regulations. Coinbase will reportedly delist unauthorized stablecoins that do not meet MiCA's requirements.

為了回應 MiCA，Coinbase（納斯達克股票代碼：COIN）和 Binance 等主要加密貨幣交易所已經調整了其產品以符合新法規。根據報告，Coinbase 將下架不符合 MiCA 要求的未經授權的穩定幣。

Binance, on the other hand, has stated that it will not immediately delist any unauthorized stablecoins on the spot but will limit their availability for European users.

另一方面，幣安表示不會立即下架任何未經授權的穩定幣，但會限制對歐洲用戶的可用性。

Among the stablecoin issuers, PayPal (NASDAQ:PYPL) has obtained a Luxembourg EU banking license, enabling it to issue its own regulated stablecoin, PayPal USD (PYUSD).

在穩定幣發行機構中，PayPal（納斯達克股票代碼：PYPL）已獲得盧森堡歐盟銀行牌照，使其能夠發行自己受監管的穩定幣PayPal USD（PYUSD）。

Meanwhile, Circle, the issuer of USDC and EURC stablecoins, has secured an EMI license from France's banking regulator. USDC has outperformed USDT year-to-date by over 10%.

同時，USDC和EURC穩定幣的發行人Circle已獲得法國銀行監理機構的EMI牌照。今年迄今，USDC 的表現優於 USDT 10% 以上。

MiCA places a strong emphasis on consumer protection, requiring digital asset operators to obtain a license in an EEA member state to operate across the EU.

MiCA 非常重視消費者保護，要求數位資產業者在歐洲經濟區成員國取得許可證才能在歐盟範圍內運作。

Stablecoin issuers must disclose detailed information about their reserve assets and adhere to liquidity, capital standards, and consumer protection measures.

穩定幣發行人必須披露有關其儲備資產的詳細信息，並遵守流動性、資本標準和消費者保護措施。

For instance, stablecoins must be backed by a liquid reserve with a 1/1 ratio and partly by deposits.

例如，穩定幣必須由 1/1 比率的流動儲備和部分存款支持。

Additionally, MiCA mandates the publication of white papers detailing potential risks and impacts for crypto-assets, along with detailed disclosures of reserve assets.

此外，MiCA 要求發佈白皮書，詳細說明加密資產的潛在風險和影響，以及儲備資產的詳細揭露。

The regulation also imposes usage caps on foreign currency EMTs, such as USDC and USDT, limiting them to 1 million daily transactions or €200 million in daily transaction value within the EU.

該法規還對 USDC 和 USDT 等外幣 EMT 設定了使用上限，將其在歐盟境內的每日交易量限制為 100 萬筆或每日交易價值 2 億歐元。

While MiCA's measures could facilitate broader adoption and integration of crypto into traditional financial systems, the EU crypto regulation introduces complexities that may hinder smaller market players due to increased operational costs and compliance burdens.

雖然 MiCA 的措施可以促進加密貨幣更廣泛地採用和融入傳統金融系統，但歐盟加密貨幣監管帶來了複雜性，可能會因營運成本和合規負擔增加而阻礙較小的市場參與者。

Tether, the issuer of USDT stablecoin, has criticized MiCA, claiming that it "could not only render the job of a stablecoin issuer extremely complex but also make EU-licensed stablecoins extremely vulnerable and riskier to operate."

USDT 穩定幣的發行人 Tether 批評 MiCA，聲稱它“不僅會使穩定幣發行人的工作變得極其複雜，而且還會使歐盟許可的穩定幣極其脆弱且運營風險更大。”

Tether has not yet secured the EMI license but "is developing a technology-based solution" "to serve the necessities of the European market."

Tether 尚未獲得 EMI 許可證，但“正在開發一種基於技術的解決方案”，“以滿足歐洲市場的需求”。

In contrast to the EU's unified approach, the US regulatory landscape for cryptocurrencies remains fragmented, with different states and federal agencies imposing varying rules.

與歐盟的統一方法相反，美國的加密貨幣監管格局仍然分散，不同的州和聯邦機構實施不同的規則。

The US has yet to implement a comprehensive framework, with discussions around stablecoin regulation and central bank digital currencies (CBDCs) still ongoing. This disparate regulatory environment creates uncertainties for crypto businesses operating across jurisdictions.

美國尚未實施全面的框架，圍繞穩定幣監管和央行數位貨幣（CBDC）的討論仍在進行中。這種不同的監管環境為跨司法管轄區營運的加密貨幣業務帶來了不確定性。

However, the regulatory approach in 2023 has resulted in an increase in euro-dominated trading volumes at a faster pace than the dollar. Notably, the euro leads the dollar in cryptocurrency trading as only 1% of transactions were completed using stablecoins versus 90% in the US.

然而，2023 年的監管措施導致以歐元為主的交易量成長速度快於美元。值得注意的是，歐元在加密貨幣交易中領先美元，因為只有 1% 的交易是使用穩定幣完成的，而美國這一比例為 90%。

The market size of European cryptocurrency exchanges is set to grow to $14.3 billion this year and reach 218.6 million users by next year, presenting a significant opportunity for major crypto players.

歐洲加密貨幣交易所的市場規模今年將成長至 143 億美元，明年用戶數量將達到 2.186 億，為主要加密貨幣參與者提供了重大機會。

Coinbase's international business, which includes Europe, contributed approximately 17% of its total revenue in Q1 2024. By aligning with MiCA, Coinbase can leverage its regulatory approach within Europe and potentially increase its regional revenue share through derivatives in Europe.

Coinbase 的國際業務（包括歐洲）在2024 年第一季貢獻了其總收入的約17%。收入份額。

Coinbase’s strong foundation with USDC, Circle's MiCA-compliant stablecoin, positions the company to benefit from the regulatory environment in Europe.

Coinbase 與 Circle 符合 MiCA 的穩定幣 USDC 建立了堅實的基礎，使該公司能夠從歐洲的監管環境中受益。

The world's biggest tech companies have been waiting for regulatory clarity to integrate crypto. With MiCA, "they’re all hoping that it happens in the U.S. as well," Armstrong said. "We're bullish on this."

全球最大的科技公司一直在等待監管的明確性以整合加密貨幣。對於 MiCA，「他們都希望這也能在美國發生，」阿姆斯壯說。 “我們看好這一點。”