MiCA 監管導致歐洲加密貨幣市場即將發生重大變化

由於 MiCA 法規提出了嚴格的要求，包括對穩定幣的要求，歐洲加密貨幣市場正處於重大變化的邊緣。

The European cryptocurrency market is set to undergo significant changes with the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation, which will impose strict requirements on various aspects of the digital asset industry. One key area of focus for MiCA is stablecoins, with the new rules posing a particular threat to the continued presence of popular tokens like USDT and DAI on European platforms.

隨著加密資產市場（MiCA）監管即將實施，歐洲加密貨幣市場將發生重大變化，這將對數位資產產業的各個方面提出嚴格的要求。 MiCA 關注的一個關鍵領域是穩定幣，新規則對 USDT 和 DAI 等流行代幣在歐洲平台上的持續存在構成了特殊威脅。

As the January 2025 deadline for the next phase of MiCA approaches, cryptocurrency exchange Coinbase has already taken preemptive measures. On December 13, 2024, the exchange quietly removed a range of popular stablecoins from its European platform, including USDT, DAI, PAX, PYUSD, GUSD, GYEN, and others. The move was prompted by the failure of these tokens to meet the exacting standards set forth by MiCA.

隨著 MiCA 下一階段 2025 年 1 月截止日期的臨近，加密貨幣交易所 Coinbase 已經採取了先發制人的措施。 2024 年 12 月 13 日，該交易所悄悄從其歐洲平台下架了一系列流行的穩定幣，包括 USDT、DAI、PAX、PYUSD、GUSD、GYEN 等。此舉是由於這些代幣未能滿足 MiCA 規定的嚴格標準而引發的。

In their place will remain only those tokens that have secured the necessary certification, such as USDC and EURC. The issuer of these stablecoins, Circle, has already confirmed their compliance with the new EU rules.

取而代之的將是那些已獲得必要認證的代幣，例如 USDC 和 EURC。這些穩定幣的發行人 Circle 已經確認遵守新的歐盟規則。

Among the other stablecoins seeking to enter the European market, Ripple's RLUSD has yet to receive approval, but the company is "actively exploring" avenues to legally do so. Meanwhile, French banking giant Societe Generale is joining forces with Bitpanda to create the EUR CoinVertible (EURCV) stablecoin, which will fully adhere to MiCA standards.

在尋求進入歐洲市場的其他穩定幣中，Ripple 的 RLUSD 尚未獲得批准，但該公司正在「積極探索」合法途徑。同時，法國銀行巨頭法國興業銀行正在與 Bitpanda 聯手創建 EUR CoinVertible (EURCV) 穩定幣，該穩定幣將完全遵守 MiCA 標準。

On the other hand, the largest issuer, Tether, appears to be digging in its heels, as the company maintains the bulk of its USDT reserves in US government bonds, repurchase agreements, and money market funds. Additionally, on November 27, Tether quietly dropped support for its euro-pegged stablecoin, EURt (EURT), across all blockchains.

另一方面，最大的發行人 Tether 似乎仍堅持不懈，因為該公司將大部分 USDT 儲備保留在美國政府債券、回購協議和貨幣市場基金中。此外，11 月 27 日，Tether 在所有區塊鏈上悄然放棄了對其與歐元掛鉤的穩定幣 EURt (EURT) 的支持。

Despite these setbacks, Tether is actively seeking workarounds to maintain its presence in the European market. For instance, the company has made an investment in Dutch firm Quantoz Payments, which is planning to launch USD/Euro-denominated tokens that will comply with MiCA regulations. Furthermore, on December 17, Tether announced an investment in StablR, a European stablecoin provider that was granted a Class 3 Electronic Money Institution (EMI) license by the Malta Financial Services Authority in July. At present, StablR offers EUR (EURR) and USD (USDR) stablecoins on the Ethereum and Solana blockchains, both of which are MiCA-approved. However, these tokens have very low capitalization.

儘管遇到這些挫折，Tether 仍在積極尋求解決方法，以維持在歐洲市場的地位。例如，該公司投資了荷蘭公司 Quantoz Payments，該公司計劃推出符合 MiCA 法規的美元兌歐元計價代幣。此外，12 月 17 日，Tether 宣布投資歐洲穩定幣提供商 StablR，該公司於 7 月獲得馬耳他金融服務管理局授予 3 級電子貨幣機構 (EMI) 許可。目前，StablR 在以太坊和 Solana 區塊鏈上提供歐元 (EURR) 和美元 (USDR) 穩定幣，這兩個穩定幣都經過 MiCA 批准。然而，這些代幣的資本化程度非常低。

While the stringent regulation of stablecoins in the EU is intended to bolster consumer protection, it could also have profoundly detrimental effects on the cryptocurrency market, potentially leading to monopolization, reduced liquidity, and capital outflows. On the flip side, users will undoubtedly benefit from enhanced guarantees and safeguards.

雖然歐盟對穩定幣的嚴格監管旨在加強消費者保護，但它也可能對加密貨幣市場產生深遠的不利影響，可能導致壟斷、流動性減少和資本外流。另一方面，使用者無疑將受益於增強的保證和保障。

A recent report from Kaiko and Dutch cryptocurrency exchange Bitvavo revealed that trading volumes in euro-pegged stablecoins are steadily increasing, and the tokens are indeed adapting to the new MiCA rules. The total monthly trading volume in euro stablecoins for November amounted to nearly $800 million.

Kaiko 和荷蘭加密貨幣交易所 Bitvavo 最近的一份報告顯示，與歐元掛鉤的穩定幣的交易量正在穩步增長，而這些代幣確實正在適應新的 MiCA 規則。 11 月歐元穩定幣的月交易總量接近 8 億美元。