雲母：歐盟的新加密法規會促進創新還是扼殺競爭？

就像仇恨或消失一樣，加密資產（MICA）法規中的歐盟市場將重新定義歐洲的加密貨幣景觀。

The European Union’s Markets in Crypto-Assets (MiCA) regulation is set to completely change the European cryptocurrency landscape following its initial phase in June, which introduced stablecoin-specific regulations. The full implementation in December will expand these requirements to encompass Crypto Asset Service Providers (CASPs).

歐盟在加密資產（MICA）法規中的市場將在6月的初始階段徹底改變歐洲加密貨幣景觀，該階段引入了特定於Stablecoin的法規。 12月的完整實施將擴大這些要求，以包含加密資產服務提供商（CASP）。

MiCA introduces stringent measures, including enhanced authorization processes, detailed token issuance rules, and robust anti-money laundering (AML) protocols.

雲母介紹了嚴格的措施，包括增強的授權流程，詳細的令牌發行規則和強大的反洗錢洗錢（AML）協議。

As these measures roll out, the question arises: will MiCA foster a more secure and transparent market, or will it tip the scales in favor of larger, well-funded firms at the expense of smaller, innovative players?

隨著這些措施的推出，問題出現了：雲母會促進更安全和透明的市場，還是會以較大，資金豐富的公司為代價以較小，創新的參與者為代價，將尺度提高到秤上？

Comply or Die

遵守或死亡

For well-prepared CASPs, MiCA isn’t just a regulatory hurdle: it’s a strategic opportunity. Companies such as Circle, issuer of USD Coin (USDC), have exemplified this by obtaining an e-money license in France, ensuring early compliance with MiCA’s demands.

對於準備好的桶，雲母不僅是一個監管障礙：這是一個戰略機會。 USD Coin（USDC）的發行人Circle等公司通過在法國獲得電子貨幣許可證來說明這一點，從而確保早期遵守MICA的要求。

Moves like this don’t just meet legal requirements; they also enhance credibility with regulators, investors, and users.

這樣的舉動不僅滿足法律要求；它們還提高了監管機構，投資者和用戶的信譽。

In the post-MiCA environment, compliance fosters trust, positioning early movers to dominate the regulated market. Larger, proactive firms will likely become preferred partners for institutional investors and enterprises wary of reputational risks in an increasingly scrutinized sector. The message is clear: in the new European crypto landscape, compliance is not just a cost of doing business: it’s a foundation for market leadership. But it’s relatively easy for big players to bite the bullet and comply. What about smaller upstarts who may lack the resources to appease the EU’s stringent regulators?

在米卡後環境中，合規性促進了信任，將早期推動者定位為主導受監管的市場。在日益嚴格的部門中，更大的，積極主動的公司可能會成為機構投資者和企業持謹慎態度的企業的首選合作夥伴。信息很明顯：在新的歐洲加密貨幣景觀中，合規性不僅是開展業務的成本：它是市場領導力的基礎。但是，對於大玩家來說，咬著子彈並遵守相對容易。那些可能缺乏資源來安撫歐盟嚴格監管機構的較小的新貴呢？

Arthur Breitman, Co-Founder of Tezos, believes that “MiCA offers a registration regime for crypto asset issuers, which is disclosure based and therefore, could improve market transparency. The basic regime appears to be manageable for entrepreneurs and start-ups.”

Tezos的聯合創始人Arthur Breitman認為，“ MICA為Crypto Asset發行人提供了註冊制度，這是基於披露的，因此可以提高市場透明度。對於企業家和初創企業來說，基本製度似乎是可以管理的。”

Regarding more complex token issuers, such as stablecoin projects, Breitman adds that they “Will face a tougher regulatory burden,” explaining that overall, “The regulation of service providers such as crypto asset custodians, brokers, and exchanges will require compliance with a regime that is leaning towards TradFi standards.”

關於更複雜的令牌發行人，例如Stablecoin項目，Breitman補充說，他們“將面臨更嚴重的監管負擔”，總體上解釋說：“總體而言，對服務提供商的監管提供商，例如加密資產保管人，經紀人，經紀人和交流都需要遵守制度的規定。那傾向於Tradfi標準。”

A Mountain for Smaller CASPs to Climb

一座山cass爬的山

For smaller CASPs, MiCA presents a more complex picture. Legal and compliance costs are a significant hurdle, requiring resources to hire compliance officers or external consultants to navigate the new framework. These firms often lack the financial capacity to absorb these expenses without compromising on other aspects of their business.

對於較小的桶，雲母呈現出更複雜的圖片。法律和合規成本是一個重大障礙，需要資源僱用合規人員或外部顧問來瀏覽新框架。這些公司通常缺乏收益這些費用的財務能力，而不會損害其業務的其他方面。

In addition, meeting the technical infrastructure requirements to align with MiCA standards requires substantial capital investment. This includes implementing robust systems for data security, transaction monitoring, and regulatory reporting.

此外，滿足與雲母標准保持一致的技術基礎設施要求需要大量資本投資。這包括實施可靠的系統以進行數據安全，交易監控和監管報告。

The result of these challenges is likely to be problematic for smaller players. Some firms may find compliance costs unsustainable, leading them to exit the EU market entirely. Others may turn to mergers and acquisitions, seeking the cold embrace of larger, compliant firms as an exit strategy. Alternatively, some companies may relocate to jurisdictions with more lenient regulations, avoiding MiCA’s strict requirements but losing access to the lucrative European market.

這些挑戰的結果對於較小的球員來說可能是有問題的。一些公司可能會發現合規成本不可持續，使他們完全退出了歐盟市場。其他人可能會轉向合併和收購，尋求更大，合規的公司作為退出策略的冷漠擁抱。另外，一些公司可能會搬遷到具有更寬容的法規的司法管轄區，避免了雲母的嚴格要求，但失去了獲得利潤豐厚的歐洲市場的機會。

Barbara Ippolito, Money Laundering Reporting Officer at Venga, comments, “It’s undeniable that compliance with MiCA demands significant resources - a cost that big players can absorb more easily. Yet, for smaller, innovative companies, this dual challenge can also serve as a catalyst for opportunity. History has shown that innovation often flourishes under pressure, and smaller firms can leverage their agility and focus to find creative solutions that align with regulatory expectations, while securing strategic advantages.”

Venga的洗錢報告官Barbara Ippolito評論說：“不可否認，遵守雲母需要大量資源 - 這一成本很容易吸收。但是，對於較小的創新公司而言，這種雙重挑戰也可以作為機會的催化劑。歷史表明，創新通常會在壓力下蓬勃發展，而較小的公司可以利用其敏捷性，並專注於找到與監管期望保持一致的創造性解決方案，同時確保戰略優勢。”

Ippolito adds “Our approach is simple. Compliance isn’t a burden, it’s a foundation. By embedding regulatory adherence into our operational DNA, we’re not only meeting standards but also building trust with users and partners. This trust is the cornerstone of long-term success in an increasingly regulated crypto landscape.”

Ippolito補充說：“我們的方法很簡單。合規性不是負擔，而是基礎。通過將監管依從性嵌入我們的運營DNA中，我們不僅符合標準，而且還與用戶和合作夥伴建立信任。這種信任是在日益受監管的加密景觀中長期成功的基石。”

New dynamics could streamline the market, but may also stifle innovation and reduce competition, which risks impairing the crypto sector’s growth. Without smaller players to challenge the status quo, the industry could lose its experimental edge. Algorithmic stablecoins are already a strict no-no in Europe thanks to MiCA – which isn’t such a bad thing given the fate of the first wave of algo stables.

新的動態可能會簡化市場，但也可能扼殺創新並減少競爭，這有可能損害加密貨幣行業的增長。沒有較小的球員來挑戰現狀，該行業可能會失去實驗優勢。多虧了雲母，算法的穩定性穩定性已經在歐洲是一個嚴格的禁忌 - 考慮到第一波算Algo Stables的命運，這並不是一件壞事。

But without the freedom to move fast and break stuff – to boldly create new crypto-economic models that may crash and burn but may also inspire the next wave of transformative tech – MiCA risks sending startups scurrying to friendlier shores. Likely Asia or perhaps back to the U.S. under its incoming crypto-friendly administration.

但是，如果沒有自由移動和破解東西的自由- 大膽地創建了可能崩潰和燃燒的新加密經濟模型，但也可能會激發下一波變革性的技術- 雲母風險將初創公司刺激到友好的海岸上。可能是亞洲的，或者可能在其傳入的加密貨幣友好的政府下回到美國。