歐盟MiCA法案解讀，虛擬貨幣託管服務如何遵守？

歐盟加密資產市場監管法案（MiCA）是「迄今為止最全面的數位資產監管框架之一」。

The total market value of stablecoins has increased by 2.46% in the past week and is now reported at US$182.489 billion, according to DefiLlama data. Among them, the total market value of USDT increased by 0.07% and is now reported at US$114.518 billion, with a market share of 69.82%.

根據 DefiLlama 數據，穩定幣總市值在過去一周增長了 2.46%，目前為 1824.89 億美元。其中，USDT總市值上漲0.07%，現報1,145.18億美元，市佔率69.82%。

The issuance of stablecoins has become an important growth point in the cryptocurrency market. With the coming into effect of the EU Crypto-Asset Market Regulation Act (MiCA), which is "one of the most comprehensive digital asset regulatory frameworks to date", Coinbase has announced that it will remove USDT for European users by the end of the year, and other exchanges have also taken related actions. This article will sort out MiCA's regulatory framework for EU stablecoin issuers and provide compliance references for companies and individuals entering the EU crypto market.

穩定幣的發行已成為加密貨幣市場的重要成長點。隨著「迄今為止最全面的數位資產監管框架之一」的歐盟加密資產市場監管法案（MiCA）的生效，Coinbase 宣布將在 2019 年底前對歐洲用戶下架 USDT。相關行動。本文將整理 MiCA 針對歐盟穩定幣發行方的監管框架，為進入歐盟加密貨幣市場的企業和個人提供合規參考。

In Mankiw Blockchain, we have already had a basic introduction to MiCA (see: Interpretation of the EU MiCA Act, how can virtual currency custody services comply with the law? | Mankiw Web3 Legal Education ).

在曼昆區塊鏈中，我們已經對MiCA進行了基本的介紹（參見：歐盟MiCA法案解讀，虛擬貨幣託管服務如何才能合規？| 曼昆Web3法律教育）。

It is worth noting that due to space limitations, we cannot cover all compliance provisions in the Act. Instead, we select important parts and conduct preliminary explanation and analysis based on the literal meaning of the provisions. Such explanation cannot fully reflect the entire content of the regulations and is for readers' reference only.

值得注意的是，由於篇幅限制，我們無法涵蓋法案中的所有合規條款。而是根據條款的字面意思選取重要部分進行初步解釋和分析。此解釋不能完全反映規定的全部內容，僅供讀者參考。

1. What is a stablecoin? Definition and classification of MiCA

1.什麼是穩定幣？ MiCA的定義與分類

Stablecoins are cryptocurrencies whose value is pegged to assets such as fiat currencies, commodities, and cryptocurrencies. They are designed to take advantage of the advantages of cryptocurrencies while minimizing price volatility.

穩定幣是一種加密貨幣，其價值與法定貨幣、大宗商品和加密貨幣等資產掛鉤。它們旨在利用加密貨幣的優勢，同時最大限度地減少價格波動。

Currently, in the regulatory framework of the EU's Markets in Crypto-Assets regulation (MiCA), stablecoins are mainly divided into Electronic Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs) .

目前，在歐盟加密資產市場監管（MiCA）的監管框架中，穩定幣主要分為電子貨幣代幣（EMT）和資產參考代幣（ART）。

EMTs refer to currencies that maintain a stable value by being pegged to an official currency. EMTs are very much like the incarnation of real-world fiat currencies in the Web3 field, and can be likened to CBDCs (central bank digital currencies) that can be issued by non-state agencies:

EMT 是指透過與官方貨幣掛鉤來維持穩定價值的貨幣。 EMT 非常類似於現實世界法定貨幣在 Web3 領域的化身，可以比喻為可由非國家機構發行的 CBDC（央行數位貨幣）：

'Electronic money token' or 'e-money token' means a type of crypto-asset that purports to maintain a stable value by referring the value of one official currency.

「電子貨幣代幣」或「電子貨幣代幣」是指一種旨在透過參考一種官方貨幣的價值來維持穩定價值的加密資產。

ARTs, like EMTs, aims to maintain stable value, but it does so in a different way: it does so by pegging to multiple assets, which may include multiple currencies, rights, etc.:

ART 與 EMT 一樣，旨在維持穩定的價值，但其實現方式不同：它透過掛鉤多種資產來實現這一點，其中可能包括多種貨幣、權利等：

'Asset-referenced token' means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies.

「資產參考代幣」是指一種非電子貨幣代幣的加密資產，旨在透過參考另一種價值或權利或其組合（包括一種或多種官方貨幣）來維持穩定的價值。

This structure theoretically disperses risks, but due to the diversification of underlying assets, it requires relatively stricter supervision. Compared with traditional fiat currencies, which are pegged to gold or backed by government credit, ARTs adopt a similar "portfolio" approach, which is more flexible. It can disperse risks through multiple configurations of underlying assets, or choose a certain asset to maintain stability. It can be said that ARTs provide more options for the design and innovation of stablecoins.

這種結構理論上分散了風險，但由於底層資產的多元化，需要相對嚴格的監管。與傳統的與黃金掛鉤或由政府信用支持的法定貨幣相比，ART 採用類似的「投資組合」方式，更加靈活。它可以透過底層資產的多種配置來分散風險，或選擇某種資產來維持穩定性。可以說，ART為穩定幣的設計和創新提供了更多選擇。

II. Overview of the key points of regulation of stablecoin issuers

二.穩定幣發行人監理要點概覽

The main content of the MiCA Act is the various issuance and trading rules for the two stablecoins, ARTs and EMTs. Among them, Articles 16 to 47 (a total of 31 articles) are regulations for ARTs, and Articles 48 to 58 (a total of 10 articles) are regulations for EMTs. MiCA's regulations are more detailed for ARTs, a more diversified stablecoin. For the sake of simplicity, we will summarize the key points based on ARTs. If ARTs or EMTs are emphasized separately, we will reflect it in the name. If it only refers to "stablecoins", both ARTs and EMTs are included. According to the provisions of each chapter of MiCA, there are four more important compliance points, which are:

MiCA法案的主要內容是ART和EMT兩種穩定幣的各種發行和交易規則。其中，第十六條至第四十七條（共31條）為針對ART的規定，第48條至第58條（共10條）為針對EMT的規定。 MiCA對於ART這更加多元化的穩定幣的監管更加詳細。為了簡單起見，我們將根據ART來總結要點。如果單獨強調ART或EMT，我們會在名稱中反映出來。如果僅指“穩定幣”，則 ART 和 EMT 都包括在內。根據MiCA各章的規定，還有四個比較重要的合規點，分別是：

1. Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading

1. 授權向公眾提供資產參考代幣並尋求其交易許可

2. Obligations of issuers of asset-referenced tokens

2. 資產參考代幣發行人的義務

3. Regulatory reserves of stablecoin issuers (Reserve of assets)

3. 穩定幣發行機構的監理準備金（資產準備金）

4. Identification of “significant” stablecoins (Significant asset-referenced tokens)

4.「重要」穩定幣的識別（重要資產參考代幣）

3. Seeking authorization for the public issuance and trading of ARTs

3. 尋求ART公開發行和交易的授權

Qualifications

資格

In relation to the issuance of ARTs , a person may not publicly offer ARTs in the EU, or seek to be admitted to trading, unless that person is authorised as an issuer of ARTs and :

關於 ART 的發行，任何人不得在歐盟公開發行 ART，或尋求獲準進行交易，除非該人被授權為 ART 發行人，且：

a) legal persons established in the Union and authorised by the competent authorities of their Member States in accordance with Article 21

a) 在聯盟內設立並由其會員國主管機關依據第 21 條授權的法人