MiCA監管：Coinbase在歐洲下架USDT，幣安和Crypto.com保持支持

隨著 MiCA 法規（加密資產市場）即將生效，歐盟正處於歷史性變革的邊緣

The European Union is set to witness a historic transformation with the imminent entry into force of the MiCA regulation (Markets in Crypto-Assets), a pivotal legislation aimed at regulating cryptocurrencies and enhancing market transparency. Among its wide-ranging implications, the fate of the USDT stablecoin, issued by Tether, poses a particularly pressing question. This token, which serves as a linchpin in crypto transactions around the world, could face a ban or restrictions in Europe if authorities deem it does not meet MiCA’s requirements. However, as the December 30, 2024 deadline approaches, no clear directive has been officially communicated. This situation has prompted varied responses among major exchange platforms.

隨著 MiCA 法規（加密資產市場）即將生效，歐盟將見證一場歷史性轉變，這是一項旨在監管加密貨幣和提高市場透明度的關鍵立法。在其廣泛的影響中，Tether 發行的 USDT 穩定幣的命運提出了一個特別緊迫的問題。該代幣是全球加密貨幣交易的關鍵，如果當局認為它不符合 MiCA 的要求，它可能會在歐洲面臨禁令或限制。然而，隨著 2024 年 12 月 30 日截止日期的臨近，官方尚未傳達明確的指示。這種情況引起了各大交易平台的不同反應。

Coinbase takes the lead in the face of regulatory uncertainty

面對監管不確定性，Coinbase 處於領先地位

In early December 2024, the American exchange Coinbase made a decision that quickly stirred the crypto ecosystem. In a notable announcement, the platform confirmed the removal of USDT from its services in Europe, citing compliance requirements related to the MiCA regulation (Markets in Crypto-Assets). This measure was described as “precautionary” by Juan Ignacio Ibañez, a member of the technical committee of the MiCA alliance, who stated: “No regulator has explicitly stated that USDT is non-compliant, but that does not mean it is compliant.” Such a comment published on the social network X (formerly Twitter) on December 27 illustrates the gray areas that persist around the interpretation of the new standards.

2024年12月上旬，美國交易所Coinbase做出了一個迅速攪動加密生態系統的決定。在一份值得注意的公告中，該平台確認從其在歐洲的服務中刪除 USDT，理由是與 MiCA 法規（加密資產市場）相關的合規要求。 MiCA聯盟技術委員會成員Juan Ignacio Ibañez將這一措施形容為“預防性”，他表示：“沒有監管機構明確表示USDT不合規，但這並不意味著它合規。” 12 月 27 日在社交網路 X（前身為 Twitter）上發布的這樣一條評論說明了圍繞新標準的解釋仍然存在的灰色地帶。

Despite this cautious stance, other major exchange platforms, such as Binance and Crypto.com, have chosen to keep USDT available on their European markets. This strategic divergence reflects a lack of consensus among key industry players. Moreover, some believe that the MiCA regulation still allows time to clarify the rules, while others, like Coinbase, prefer to anticipate and minimize the risks of non-compliance. This debate sheds light on a broader reality. The absence of clear directives from European regulators leaves an uncertainty that could ultimately hinder the smooth adoption of the new rules.

儘管持謹慎態度，其他主要交易平台（例如 Binance 和 Crypto.com）仍選擇在歐洲市場上保留 USDT。這種策略分歧反映出主要產業參與者之間缺乏共識。此外，有些人認為 MiCA 法規仍然留有時間來澄清規則，而 Coinbase 等其他人則更願意預測並盡量減少不合規的風險。這場辯論揭示了更廣泛的現實。歐洲監管機構缺乏明確指令帶來了不確定性，最終可能會阻礙新規則的順利通過。

MiCA, a transitional phase with multiple implications

MiCA，具有多重意義的過渡階段

The MiCA regulation, although legally applicable from December 30, 2024, includes a transition period designed to facilitate its adoption. This mechanism, known as the “grandfathering” clause, allows crypto service providers to continue their activities under existing national regulations, even without formal authorization under MiCA. However, this transitional period is not applied uniformly. It varies by country. For instance, it extends up to 18 months in France but is limited to only 6 months in other states, such as the Netherlands. This disparity reflects the divergent approaches of the EU members regarding crypto regulation.

MiCA 法規雖然從 2024 年 12 月 30 日起合法適用，但包括一個旨在促進其採用的過渡期。這種機制被稱為「祖父」條款，允許加密服務提供者在現有國家法規下繼續其活動，即使沒有 MiCA 的正式授權。然而，此過渡期的適用並不統一。因國家/地區而異。例如，在法國，該期限最長可達 18 個月，但在荷蘭等其他國家，期限僅需 6 個月。這種差異反映了歐盟成員國在加密貨幣監管方面的不同做法。

The consequences of this transition are significant. On one hand, it offers welcome flexibility to market players, allowing them to gradually adapt to new requirements. On the other hand, this temporary coexistence of regimes creates uneven levels of protection for users, making the ecosystem more complex to navigate. Regarding stablecoins like USDT, the lack of a clear position from European regulators maintains a climate of uncertainty. This situation could erode investor confidence but also slow down innovation in a sector already marked by rapid evolution. Juan Ignacio Ibañez, member of the technical committee of the MiCA alliance, warns: “Waiting without acting in the face of MiCA requirements could prove risky in the long term for platforms.” This message underscores the urgency for market players to take proactive measures, even in a still unclear framework.

這一轉變的後果是重大的。一方面，它為市場參與者提供了受歡迎的靈活性，使他們能夠逐步適應新的要求。另一方面，這種暫時共存的製度為使用者帶來了不均勻的保護水平，使生態系統的導航變得更加複雜。對於 USDT 等穩定幣，歐洲監管機構缺乏明確立場，導致不確定性氣氛持續存在。這種情況可能會削弱投資者的信心，但也會減緩這個已經快速發展的產業的創新速度。 MiCA 聯盟技術委員會成員胡安·伊格納西奧·伊巴涅斯(Juan Ignacio Ibañez) 警告：「面對MiCA 要求，等待而不採取行動，從長遠來看，對於平台來說可能存在風險。 」這項訊息強調了市場參與者採取積極措施的迫切性，即使是在一個尚不明確的框架內。

In this context, the future of USDT in Europe appears uncertain. While some players hope for further clarifications from regulators, others fear that this transitional period will only serve to delay an inevitable wave of delistings. Moreover, the success of this transition will largely depend on the ability of member states and European institutions to provide clear and cohesive guidance.

在此背景下，USDT在歐洲的未來顯得充滿不確定性。雖然有些參與者希望監管機構進一步澄清，但有些參與者擔心這個過渡期只會推遲不可避免的退市浪潮。此外，這項過渡的成功將在很大程度上取決於成員國和歐洲機構提供明確且有凝聚力的指導的能力。

The regulatory uncertainty surrounding USDT further highlights the capital challenge faced by the European Union: finding a proper balance between promoting technological innovation and imposing strict regulation. Although the MiCA regulation promises to enhance user security and strengthen the stability of crypto markets, its gradual implementation raises questions about the ability of businesses and investors to adapt. In this regard, the fate of this stablecoin could become a key indicator for assessing the success of this regulatory transition and the credibility of European efforts to regulate a constantly evolving sector.

USDT的監管不確定性進一步凸顯了歐盟面臨的資本挑戰：在促進技術創新和嚴格監管之間找到適當的平衡。儘管 MiCA 法規承諾增強用戶安全並加強加密貨幣市場的穩定性，但其逐步實施引發了企業和投資者適應能力的質疑。在這方面，這種穩定幣的命運可能成為評估這一監管轉型是否成功以及歐洲監管不斷發展的行業的努力的可信度的關鍵指標。