Kraken and Crypto.com開發穩定的穩定符合歐盟的雲母法規

Kraken和Crypto.com是加密交易所，以響應歐盟的新監管框架來開發自己的穩定幣。

Kraken and Crypto.com are developing their own stablecoins in response to the European Union’s new Markets in Crypto-Assets (MICA) regulatory framework, which has increased oversight on third-party issuers.

Kraken和Crypto.com正在開發自己的穩定幣，以應對歐盟在加密資產（MICA）監管框架中的新市場，這增加了對第三方發行人的監督。

The move comes as the regulation, which took effect in January, introduces stricter compliance measures for stablecoin issuers operating in the European market.

此舉是隨著一月份生效的法規提出的，對在歐洲市場上運營的Stablecoin發行人提出了更嚴格的合規性措施。

Under MiCA, all stablecoins — legally referred to as “e-money tokens” (EMTs) and “asset-referenced tokens” (ARTs) — must obtain authorization from an EU-based financial regulator. Issuers must also demonstrate transparency in reserves, maintain stable backing with liquid assets, and comply with stringent consumer protection measures.

根據MICA，所有穩定的穩定者（合法地稱為“電子貨幣令牌”（EMTS）和“資產參考令牌”（Arts）（藝術）都必須從歐盟的財務監管機構獲得授權。發行人還必須證明儲備金的透明度，維持液體資產的穩定支持，並遵守嚴格的消費者保護措施。

MiCA has already begun reshaping the European stablecoin landscape. Non-compliant stablecoins, including Tether’s USDT and PayPal’s PYUSD, have been forced off most exchanges operating in Europe because they do not meet the new requirements.

雲母已經開始重塑歐洲穩定景觀。不合規的Stablecoins，包括Tether的USDT和PayPal的Pyusd，由於不符合新要求而被迫擺脫在歐洲運作的大多數交易所。

The European Securities and Markets Authority (ESMA) has set a final March 2025 deadline for exchanges to delist all unauthorized stablecoins, further pressuring issuers to either secure compliance or exit the region.

歐洲證券和市場管理局（ESMA）已設定了2025年3月的最後截止日期，以交流，以使所有未經授權的STABLECOINS進行授課，進一步向發行人施加壓力以確保合規或退出該地區。

Rather than rely on third-party stablecoin providers that may struggle to meet MiCA’s rules, Kraken and Crypto.com are proactively developing proprietary stablecoins to ensure regulatory compliance and maintain operational stability within the EU.

Kraken和Crypto.com並沒有依靠可能難以滿足MICA規則的第三方Stablecoin提供商，而是主動開發專有的穩定穩定性，以確保監管合規性並保持歐盟內的運營穩定性。

Kraken is reportedly planning to launch a US dollar-backed stablecoin through its Irish subsidiary, which would allow it to maintain its European presence without disruption.

據報導，Kraken計劃通過其愛爾蘭子公司推出一筆以美元支持的Stablecoin，這將使其能夠在不中斷的情況下維持其歐洲的存在。

Crypto.com is also developing its own stablecoin, although details about its fiat backing and issuance structure remain undisclosed. The company recently secured a MiCA license from Malta’s financial regulator, enabling it to operate across all European Economic Area (EEA) member states.

Crypto.com也正在開發自己的穩定幣，儘管有關其菲亞特支持和發行結構的詳細信息仍未公開。該公司最近從馬耳他的金融監管機構獲得了雲母許可證，使其能夠在所有歐洲經濟區（EEA）成員國中運作。

The shift toward in-house stablecoins is a direct response to the tightening regulatory grip on digital assets in Europe. It ensures that exchanges retain control over their liquidity and transactions rather than relying on third-party stablecoin issuers that may face legal uncertainty.

向內部穩定的轉變是對歐洲數字資產的緊縮抓地力的直接反應。它確保了交換對其流動性和交易的控制權，而不是依靠可能面臨法律不確定性的第三方Stablecoin發行人。

Scramble to comply

爭先恐後地遵守

MiCA is expected to set a global precedent for stablecoin regulation and will influence policies beyond the EU, including in the US and Asia.

預計雲母有望為穩定法規樹立全球先例，並將影響包括美國和亞洲在內的歐盟以外的政策。

The framework requires stablecoin issuers to hold fully backed reserves in high-quality liquid assets, provide clear disclosures about redemption mechanisms, and obtain direct authorization from an EU member state.

該框架要求Stablecoin發行人在高質量的液體資產中持有完全支持的儲量，提供有關贖回機制的明確披露，並獲得歐盟成員國的直接授權。

The regulation also introduces caps on large-scale stablecoins exceeding €200 million in daily transactions, aiming to mitigate systemic risks.

該法規還引入了超過超過2億歐元的每日交易的大規模穩定股的上限，旨在減輕系統性風險。

With these requirements in place, many stablecoin issuers are struggling to meet compliance deadlines. While Circle has taken steps to align its USDC with MiCA, other issuers, including Tether, have yet to finalize regulatory approvals.

有了這些要求，許多Stablecoin發行人都在努力滿足合規性截止日期。儘管Circle已採取措施將其USDC與MICA保持一致，但包括Tether在內的其他發行人尚未確定監管部門的批准。

Meanwhile, exchanges are positioning themselves within the new framework. KuCoin recently applied for a MiCA license in Austria, reflecting a broader shift among major platforms toward regulatory alignment.

同時，交流將自己定位在新框架中。 Kucoin最近在奧地利申請了雲母許可證，反映了主要平台之間向監管一致性的更廣泛的轉變。