歐洲 DeFi 監管：對加密貨幣和傳統金融的影響

即將推出的歐洲去中心化金融（DeFi）協議法規可能會為加密原生計畫帶來挑戰，同時鼓勵傳統金融機構進入加密領域。歐洲加密倡議執行董事 Marina Markezic 表示，監管可能會放寬傳統參與者的進入門檻，並要求加密原生計畫更嚴格的許可和合規性。歐盟旨在定義 DeFi 的監管範圍，承認從完全去中心化到具有不同程度控制的系統的範圍。

European Crypto Regulations: Implications for DeFi and Traditional Finance

歐洲加密貨幣法規：對 DeFi 和傳統金融的影響

Brussels, Belgium - Proposed regulations for decentralized finance (DeFi) protocols in Europe are poised to create significant challenges for crypto-native projects while potentially paving the way for licensed traditional financial institutions (TFIs) to enter the cryptocurrency market. This is the assessment of Marina Markezic, Executive Director of the European Crypto Initiative (ECI).

比利時布魯塞爾 - 歐洲去中心化金融 (DeFi) 協議的擬議法規將為加密原生項目帶來重大挑戰，同時可能為獲得許可的傳統金融機構 (TFI) 進入加密貨幣市場鋪平道路。這是歐洲加密貨幣倡議（ECI）執行董事 Marina Markezic 的評價。

In an exclusive interview with Cointelegraph, Markezic delved into the implications of the European Commission's upcoming DeFi report, anticipated for release on December 30, 2024. The report will delve into the feasibility of specific regulations for the DeFi ecosystem within the framework of the Markets in Crypto-Assets (MiCA) regulation.

在接受 Cointelegraph 獨家採訪時，Markezic 深入探討了歐盟委員會即將於 2024 年 12 月 30 日發布的 DeFi 報告的影響。資產(MiCA) 監管。

Facilitating TFI Entry, Hindered Innovation

促進TFI進入，阻礙創新

"We believe that this regulation will encourage traditional players to enter the crypto space," remarked Markezic regarding the expected impacts. She noted that banks are already exploring the issuance of stablecoins, a crypto asset pegged to a stable currency like the US dollar.

「我們相信這項規定將鼓勵傳統參與者進入加密貨幣領域，」Markezic 在談到預期影響時說道。她指出，銀行已經在探索發行穩定幣，這是一種與美元等穩定貨幣掛鉤的加密資產。

However, she cautioned that the impending regulatory landscape "will make it harder for all crypto native projects to get licensed and be compliant." This could give TFIs an advantage in navigating regulatory complexities.

然而，她警告說，即將到來的監管環境“將使所有加密原生項目更難獲得許可和合規。”這可以使 TFI 在應對監管複雜性方面具有優勢。

Defining Decentralization: A Spectrum of Control

定義權力下放：控制範圍

The EU report seeks to clarify how decentralized systems should be regulated, particularly those without a clear issuer or service provider, such as decentralized exchanges (DEXs). A key outcome will be the establishment of initial definitions for decentralization from a regulatory standpoint.

歐盟報告試圖闡明如何監管去中心化系統，特別是那些沒有明確發行者或服務提供者的系統，例如去中心化交易所（DEX）。一個關鍵成果將是從監管角度建立權力下放的初步定義。

Markezic argues that "DeFi is not a black and white scenario but rather exists along a spectrum." This spectrum encompasses varying degrees of control and management, ranging from fully autonomous systems with no human intervention to systems with varying levels of oversight.

Markezic 認為，“DeFi 並不是一個非黑即白的場景，而是存在於一個範圍內。”此範圍涵蓋不同程度的控制和管理，從無需人工幹預的完全自主系統到具有不同監督等級的系統。

Advocating for Standards over Rigid Rules

倡導標準而非嚴格規則

Legal experts emphasize the need for clear standards rather than stringent rules for DeFi regulation. "It is crucial to align on what constitutes DeFi," asserted Sascha Drobnjak, former head of legal and compliance at the Elusiv protocol. "Rigid rules pose challenges for enforcing regulations in a system without a tangible actor."

法律專家強調，DeFi 監管需要明確的標準，而不是嚴格的規則。 Elusiv 協議前法律與合規主管 Sascha Drobnjak 表示：“在 DeFi 的組成上達成協議至關重要。” “嚴格的規則給在沒有具體參與者的系統中執行法規帶來了挑戰。”

Drobnjak believes that regulations based on principles and standards provide greater adaptability to future technological innovations.

德羅布尼亞克認為，基於原則和標準的法規可以為未來的技術創新提供更大的適應性。

DeFi: Disrupting Traditional Finance

DeFi：顛覆傳統金融

DeFi refers to financial services built on public blockchains, primarily Ethereum. It replicates services offered by banks and financial institutions, such as lending, borrowing, trading, and insurance, but operates without intermediaries.

DeFi 是指建立在公共區塊鏈（主要是以太坊）上的金融服務。它複製銀行和金融機構提供的服務，例如貸款、借款、交易和保險，但在沒有中介機構的情況下運作。

Europe's DeFi market is projected to experience significant growth in the coming years. Statista forecasts revenue generation of approximately $6.69 billion in 2024, with a compound annual growth rate of 9.67% between 2024 and 2028, reaching $9.68 billion by 2028.

預計歐洲 DeFi 市場在未來幾年將顯著成長。 Statista 預測 2024 年營收約為 66.9 億美元，2024 年至 2028 年複合年增長率為 9.67%，到 2028 年將達到 96.8 億美元。

Conclusion

結論

Upcoming DeFi regulations in Europe present a complex and evolving landscape. While they may facilitate the entry of TFIs into the crypto space, they could also impose barriers to innovative crypto native projects. The regulatory landscape will continue to shape the future of DeFi in Europe, with the EU report serving as a crucial step in defining the regulatory framework for this burgeoning sector.

歐洲即將推出的 DeFi 法規呈現出一個複雜且不斷變化的格局。雖然它們可能會促進 TFI 進入加密領域，但它們也可能對創新的加密原生專案造成障礙。監管格局將繼續塑造歐洲 DeFi 的未來，歐盟報告是定義這個新興產業監管框架的關鍵一步。