義大利準備加強對加密貨幣市場的監管，作為遵守歐盟加密資產市場 (MiCA) 監管框架的一部分

正如預期的那樣，義大利正準備加強對加密貨幣市場的監管，作為遵守歐盟加密資產市場（MiCA）監管框架的一部分。

The Italian government is preparing to stiffen crypto market surveillance as part of the country's adherence to the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

義大利政府正準備加強加密貨幣市場監管，作為該國遵守歐盟加密資產市場（MiCA）監管框架的一部分。

Under the new regulations, Italy will heighten supervision of digital asset markets to counter and penalize insider trading and market manipulation schemes.

根據新規定，義大利將加強對數位資產市場的監管，以打擊和處罰內線交易和市場操縱行為。

The decree provides for sanctions ranging from 5,000 to 5 million euros (5,400-5.4 million dollars) based on the severity and extent of regulatory violations.

該法令根據違規的嚴重程度和範圍規定了 5,000 至 500 萬歐元（5,400-540 萬美元）的製裁。

Initially approved in 2022, the EU's MiCA regulatory framework is presenting blockchain companies with difficult choices.

歐盟 MiCA 監管框架最初於 2022 年獲得批准，為區塊鏈公司帶來了艱難的選擇。

Decentralized finance (DeFi) protocols must decide whether to fully decentralize their networks or comply with the framework's anti-money laundering and identity verification (KYC) regulations.

去中心化金融（DeFi）協議必須決定是完全去中心化其網路還是遵守該框架的反洗錢和身分驗證（KYC）法規。

Completely decentralized networks are exempt from MiCA reporting requirements. However, these protocols may struggle to meet MiCA's definition of a sufficiently decentralized network.

完全去中心化的網路不受 MiCA 報告要求的約束。然而，這些協定可能很難滿足 MiCA 對充分去中心化網路的定義。

This is due to the use of foundations and other intermediaries that help moderate decentralized communities.

這是由於使用基金會和其他中介機構來幫助調節去中心化社區。

As a result, these DeFi protocols must either be fully decentralized or accept that users will need to submit verification data — a proposition that many network participants find unpalatable.

因此，這些 DeFi 協議要么必須完全去中心化，要么接受用戶需要提交驗證數據——這是許多網路參與者認為不可接受的提議。

Exchange business models shifting

交易所商業模式轉變

Centralized exchange Binance recently informed its European customers that it was pivoting to a model that categorizes stablecoins as either authorized or unauthorized.

中心化交易所幣安最近通知其歐洲客戶，它正在轉向一種將穩定幣分類為授權或未經授權的模型。

The model aligns with the MiCA framework, and users are gradually being shifted onto the new system.

該模型與MiCA框架保持一致，使用者正在逐漸轉移到新系統上。

“Binance is not removing these stablecoins from the spot markets. However, it will be limiting their availability to European users for certain products,” Richard Teng, CEO of the exchange giant, noted.

「幣安不會將這些穩定幣從現貨市場上移除。然而，這將限制歐洲用戶對某些產品的使用，」該交易所巨頭執行長理查德·滕（Richard Teng）指出。

Similarly, Uphold, in a bid to remain compliant with the EU regulatory审查, announced the delisting of six stablecoins.

同樣，為了遵守歐盟監管審查，Uphold 宣布下架六種穩定幣。

These include Tether (USDT), Frax Protocol (FRAX), Pax Dollar (USDP), Dai (DAI), TrueUSD (TUSD), and Gemini Dollar (GUSD).

其中包括 Tether (USDT)、Frax Protocol (FRAX)、Pax Dollar (USDP)、Dai (DAI)、TrueUSD (TUSD) 和 Gemini Dollar (GUSD)。

Despite the increasing regulatory pressure in Europe, many experts believe that stablecoins have a promising future, arguing that they could potentially prevent debt crises caused by the excessive issuance of fiat currencies.

儘管歐洲的監管壓力越來越大，但許多專家認為穩定幣前景光明，認為它們有可能防止因法定貨幣過度發行而引發的債務危機。

Former United States House of Representatives Speaker Paul Ryan recently stated that stablecoins could help offset the weaknesses in the U.S. economy that are being driven by the debt-heavy U.S. dollar.

美國前眾議院議長保羅·瑞安 (Paul Ryan) 最近表示，穩定幣可以幫助抵消因美元債務沉重而導致的美國經濟疲軟。

Even Jeremy Allaire, CEO of stablecoin issuer Circle, has expressed optimism about the future of stablecoins, saying that he believes they will constitute 10% of the money supply over the next decade.

就連穩定幣發行商 Circle 的執行長 Jeremy Allaire 也對穩定幣的未來表示樂觀，並表示他相信穩定幣將在未來十年內佔貨幣供應量的 10%。

New rules for the stability and security of crypto-assets

加密資產穩定性和安全性的新規則

The European Banking Authority (EBA) has unveiled a comprehensive package of technical standards and guidelines in line with the Markets in Crypto-Assets (MiCA) regulation, providing clear guidance for asset-referenced tokens (ART) and electronic money tokens (EMT) across Europe.

歐洲銀行管理局 (EBA) 公佈了符合加密資產市場 (MiCA) 監管的一整套技術標準和指南，為資產參考代幣 (ART) 和電子貨幣代幣 (EMT) 提供明確的指導歐洲。

The package spans six key topics, covering aspects from stress test programs and asset reserves to recovery plans. According to MiCA, ARTs are tokens that are backed by assets such as commodities, real estate, or a diversified basket of assets.

該計劃涵蓋六個關鍵主題，涵蓋從壓力測試計劃、資產儲備到恢復計劃等各個方面。根據 MiCA 的說法，ART 是由商品、房地產或多元化資產籃子等資產支持的代幣。

Meanwhile, EMTs maintain a stable value as they are pegged to fiat currencies and used for payments, much like stablecoins.

同時，EMT 保持穩定的價值，因為它們與法定貨幣掛鉤並用於支付，就像穩定幣一樣。

The authority outlined a set of guidelines for token issuers, emphasizing the need to maintain sufficient financial resources (own funds) to cover potential risks. It also establishes parameters to determine if an issuer presents a higher degree of risk, which would necessitate an increase in own funds reserves.

當局為代幣發行人制定了一套指導方針，強調需要維持足夠的財務資源（自有資金）來應對潛在風險。它還建立了參數來確定發行人是否有較高程度的風險，這將需要增加自有資金儲備。

The EBA guidelines stipulate the procedure and time frame within which issuers must adjust their funds to 3% of the average reserve of assets classified as significant.

EBA 指南規定了發行人必須將其資金調整至重大資產平均儲備金 3% 的程序和時限。

The implementation plan must be submitted within 25 working days, and compliance must be achieved within a maximum of six months.

實施計畫須在25個工作天內提交，最長須在六個月內達標。