歐盟將在加密貨幣監管方面邁出重大一步，但此舉引起了行業參與者的擔憂

這項舉措被一些人譽為提高透明度和加強打擊金融濫用行為的舉措，但引發了業界參與者的強烈擔憂。

The European Union is preparing to implement significant crypto regulations with the upcoming enforcement of the MiCA (Markets in Crypto-Assets) rules on December 30, 2024. While the initiative aims to enhance transparency and combat financial abuses, it has sparked intense concerns among industry players. Notably, the regulation mandates the removal of USDT, the most widely used stablecoin globally, from regulated platforms within the EU. This decision threatens to disrupt the equilibrium of European markets and could impact their attractiveness on the world stage.

歐盟正準備實施重要的加密法規，即將於 2024 年 12 月 30 日實施 MiCA（加密資產市場）規則。值得注意的是，該法規要求從歐盟境內的受監管平台中移除全球使用最廣泛的穩定幣 USDT。這項決定可能會破壞歐洲市場的平衡，並可能影響其在世界舞台上的吸引力。

The MiCA rules impose strict obligations on stablecoin issuers, including obtaining an electronic money license, maintaining substantial reserves, and undergoing rigorous supervision of associated transactions. These measures are designed to minimize the risks of financial fraud. However, Tether Limited has not been issued a license, which directly leads to the removal of USDT from the equation.

MiCA規則對穩定幣發行人施加了嚴格的義務，包括獲得電子貨幣許可證、維持大量儲備以及對關聯交易進行嚴格監管。這些措施旨在最大限度地降低財務詐欺的風險。然而，Tether Limited 尚未獲得牌照，這直接導致 USDT 被剔除。

The absence of USDT raises concerns because of its pivotal role in crypto trading. "A vast majority of crypto transactions rely on USDT, especially due to its ease of use and low costs," said Pascal St-Jean, CEO of 3iQ Corp. Removing this stablecoin, which serves as the cornerstone for trading pairs worldwide, risks severely disrupting liquidity in European markets.

USDT 的缺失引起了人們的擔憂，因為它在加密貨幣交易中發揮關鍵作用。 3iQ Corp 執行長 Pascal St-Jean 表示：「絕大多數加密貨幣交易都依賴 USDT，特別是因為它易於使用且成本低廉。」刪除這種作為全球交易對基石的穩定幣存在嚴重風險擾亂歐洲市場的流動性。

Early signs of this disruption are already evident. For instance, OKX, a platform that has already removed USDT in Europe, has observed a shift towards fiat currencies and other stablecoins. Despite this transition, these alternative solutions fail to fully compensate for the void left by USDT. The fragmentation of transactions, coupled with increased costs for investors, intensifies concerns about market fluidity and the region's competitiveness.

這種破壞的早期跡像已經很明顯。例如，OKX 是一個已經在歐洲移除 USDT 的平台，該平台觀察到了向法定貨幣和其他穩定幣的轉變。儘管發生了這種轉變，這些替代解決方案仍無法完全彌補 USDT 留下的空白。交易的分散，加上投資者成本的增加，加劇了人們對市場流動性和該地區競爭力的擔憂。

While Europe takes a strict approach towards cryptos, other regions are leaning towards more permissive strategies. In the United States, the recent election of Donald Trump and his pro-crypto policy statements have rekindled investor enthusiasm. This contrast illustrates a clear divergence in geopolitical priorities. While America aims to boost innovation and adoption, Europe emphasizes control and compliance.

雖然歐洲對加密貨幣採取嚴格的態度，但其他地區則傾向於採取更寬鬆的策略。在美國，唐納德·川普最近的當選及其支持加密貨幣的政策聲明重新點燃了投資者的熱情。這種對比說明了地緣政治優先事項的明顯分歧。美國的目標是促進創新和採用，而歐洲則強調控制和合規性。

The figures reflect this critical dynamic. Moreover, venture capital investments in European crypto startups have dropped to their lowest level in four years, reflecting investors’ distrust of a regulatory environment deemed too oppressive. Additionally, MiCA, despite its ambitious goal of regulating the market, could inadvertently encourage operators to migrate to more flexible jurisdictions. This potential talent and capital flight would further weaken an ecosystem already strained by uncertainty and lack of funding.

這些數字反映了這一關鍵動態。此外，對歐洲加密新創公司的風險資本投資已降至四年來的最低水平，反映出投資者對被視為過於壓迫的監管環境的不信任。此外，儘管 MiCA 有著規範市場的雄心勃勃的目標，但它可能會無意中鼓勵營運商遷移到更靈活的司法管轄區。這種潛在的人才和資本外逃將進一步削弱已經因不確定性和缺乏資金而緊張的生態系統。

Beyond the immediate impacts on the markets, this debate provokes a fundamental question: how can Europe reconcile regulation and innovation without compromising its competitiveness? The balance to be struck is delicate. While transparency and stability are essential to strengthen trust in cryptos, imposing overly rigid rules risks stifling technological advancements and limiting the region's attractiveness to entrepreneurs and investors. This dilemma places Europe in a risky position, the consequences of which could permanently reshape its place in the global digital ecosystem.

除了對市場的直接影響之外，這場辯論還引發了一個基本問題：歐洲如何在不損害其競爭力的情況下協調監管和創新？要達到的平衡是微妙的。雖然透明度和穩定性對於加強對加密貨幣的信任至關重要，但施加過於嚴格的規則可能會抑制技術進步並限制該地區對企業家和投資者的吸引力。這種困境將歐洲置於危險境地，其後果可能會永久重塑其在全球數位生態系統中的地位。