歐盟的加密貨幣 MiCA 衝擊並未發生—適度監管

當MiCA被採用並逐步推出時，各大加密貨幣交易所和產業協會普遍對此表示歡迎。

The long-awaited MiCA rules for the crypto industry have finally come into force in the EU. Here's how they will affect investors like you, especially in terms of stablecoins, transactions, and privacy coins.

期待已久的加密貨幣產業 MiCA 規則終於在歐盟生效。以下是它們將如何影響像您這樣的投資者，特別是在穩定幣、交易和隱私幣方面。

In spring 2023, the EU adopted the MiCA (Markets in Crypto-Assets) regulatory package and granted a transition period until the end of 2024. This should give crypto exchanges and other market participants sufficient time to review their offerings and adapt them to the new rules. Since the turn of the year, the implementation of MiCA has been mandatory in the EU member states, including Germany.

2023 年春季，歐盟通過了MiCA（加密資產市場）監管方案，並給予了直至2024 年底的過渡期。新的要求規則。自今年年初以來，包括德國在內的歐盟成員國已強制實施MiCA。

As an investor, MiCA has the following consequences for you:

作為投資者，MiCA 對您有以下影響：

Stablecoins: MiCA defines and regulates stablecoins for the first time. Their issuers had to obtain approval, prove reserves and, in some cases, deposit them with banks in the EU. As the market leader among stablecoins, Tether (USDT) has so far dispensed with this procedure. This is why leading crypto exchanges such as Coinbase have already delisted Tether in the EU.

穩定幣：MiCA 首次定義和監管穩定幣。它們的發行人必須獲得批准、證明準備金，並在某些情況下將其存入歐盟的銀行。作為穩定幣市場的領導者，Tether（USDT）迄今為止已經取消了這一程序。這就是為什麼 Coinbase 等領先的加密貨幣交易所已經將 Tether 在歐盟下架。

Coinbase has also removed various other stablecoins such as Paxos (PAX), PayPal USD (PYUSD), Gemini Dollar (GUSD) and DAI from its portfolio. If you hold balances in stablecoins that do not have a MiCA license, you will now be forced to exchange them. For the moment, it is becoming apparent that the stablecoin USDC, which meets the conditions of MiCA, will become the standard in Europe.

Coinbase 也從其投資組合中刪除了各種其他穩定幣，例如 Paxos (PAX)、PayPal USD (PYUSD)、Gemini Dollar (GUSD) 和 DAI。如果您持有沒有 MiCA 許可證的穩定幣餘額，您現在將被迫兌換它們。目前，符合 MiCA 條件的穩定幣 USDC 將成為歐洲的標準已變得越來越明顯。

Binance, the world’s largest crypto exchange, also wants to increasingly rely on USDC in the EU. The stablecoin, which is linked to the US dollar, is the responsibility of the FinTech Circle, and Coinbase is also involved. In the crypto scene, the importance of stablecoins that reflect the euro is expected to grow. Circle has EURC in its program.

全球最大的加密貨幣交易所幣安也希望在歐盟越來越依賴 USDC。與美元掛鉤的穩定幣是FinTech圈的責任，Coinbase也參與其中。在加密領域，反映歐元的穩定幣的重要性預計將會成長。 Circle 的計劃中有 EURC。

Transactions: MiCA forces crypto exchanges and related platforms to clearly identify customers, document their actions and report suspicious cases. The EU is concerned with preventing money laundering, terrorist financing, tax fraud and other illegal activities in which Bitcoin and Co. have repeatedly been caught. You may now find that the crypto exchange of your choice repeats or tightens the identity check. Problems can arise if you want to transfer crypto balances, including to hardware wallets. Here you can now see that crypto exchanges require detailed information about where the coins are going.

交易：MiCA 迫使加密貨幣交易所和相關平台清楚地識別客戶、記錄他們的行為並報告可疑案件。歐盟致力於防止洗錢、恐怖主義融資、稅務詐欺和其他非法活動，而比特幣及其公司已多次被抓獲。現在您可能會發現您選擇的加密貨幣交易所重複或加強了身份檢查。如果您想轉移加密貨幣餘額（包括轉移到硬體錢包），可能會出現問題。現在您可以在這裡看到加密貨幣交易所需要有關硬幣去向的詳細資訊。

Privacy Coins: Monero (XMR) and ZCash are the best-known cryptocurrencies that value anonymity in their basic concept. This has long made them a thorn in the side of authorities and the vast majority of large crypto exchanges have already stopped supporting Monero and other privacy coins in 2024. With MiCA, privacy coins are banned if centralized trading platforms cannot establish the owners’ transaction history. Alternative options for dealing with Monero remain decentralized crypto exchanges and direct trading.

隱私幣：門羅幣（XMR）和 ZCash 是最著名的加密貨幣，其基本概念重視匿名性。這長期以來讓它們成為當局的眼中釘，絕大多數大型加密貨幣交易所已經在2024 年停止支援門羅幣和其他隱私幣。幣就會被禁止。處理門羅幣的替代方案仍然是去中心化加密貨幣交易所和直接交易。

Decentralized finance: MiCA does not directly address the growth sector of DeFi. The EU has so far limited itself to regulating the crypto industry where there are clear points of contact. For the time being, DeFi with flagships such as Uniswap will not be hindered in the EU. It remains to be seen whether national supervisory authorities will try to apply MiCA to DeFi.

去中心化金融：MiCA 並未直接針對 DeFi 的成長領域。到目前為止，歐盟僅限於對有明確聯繫點的加密貨幣產業進行監管。目前來看，以 Uniswap 等旗艦為代表的 DeFi 在歐盟不會受到阻礙。國家監管部門是否會嘗試將 MiCA 應用於 DeFi，還有待觀察。

Banks: MiCA provides traditional banks like Sparkasse with a clear legal basis for the crypto sector, from trading to storage. This makes it more likely that more financial institutions in Germany will include Bitcoin and Co. in their range of products. Experience shows that potential customers like you will then carefully check fee policies and exchange rates, which are usually less attractive than those on crypto exchanges.

銀行：MiCA 為 Sparkasse 等傳統銀行提供了加密貨幣領域從交易到儲存的明確法律基礎。這使得德國更多的金融機構更有可能將比特幣和 Co.納入其產品範圍。經驗表明，像您這樣的潛在客戶會仔細檢查費用政策和匯率，這些政策和匯率通常不如加密貨幣交易所的吸引力。

NFTs: MiCA does not normally want to regulate digital collectibles and other applications of NFTs, so there is no need for you to take any action here for now.

NFT：MiCA 通常不想監管 NFT 的數位收藏品和其他應用，因此您暫時無需在此採取任何行動。

White papers: MiCA requires that cryptocurrency issuers submit a white paper that contains information about the project, reserves, possible inflation and other important factors. The area of ​​energy consumption should also be covered in the crypto white papers. Investors like you should benefit from the white paper requirement in that at least new cryptocurrencies get a kind of “stock exchange prospectus” and you can base your decisions on more information.

白皮書：MiCA 要求加密貨幣發行人提交一份白皮書，其中包含有關項目、儲備、可能的通貨膨脹和其他重要因素的資訊。能源消耗領域也應該包含在加密貨幣白皮書中。像您這樣的投資者應該受益於白皮書的要求，因為至少新的加密貨幣會獲得一種“證券交易所招股說明書”，並且您可以根據更多資訊做出決策。

Conclusion: MiCA shock for crypto in the EU does not occur – moderate regulation

結論：歐盟的加密貨幣 MiCA 衝擊不會發生－適度監管

When MiCA was adopted and gradually introduced, major crypto exchanges and industry associations generally welcomed the package. A situation like in the USA was avoided, where the SEC acted seemingly arbitrarily for years and initiated dozens of lawsuits against the crypto industry. Now that President Donald Trump is striving for transparent and practical regulation of cryptocurrencies and exchanges in the USA, his team is certainly looking to MiCA as inspiration.

當MiCA被採用並逐步推出時，各大加密貨幣交易所和行業協會普遍對此表示歡迎。避免了像美國那樣的情況，美國證券交易委員會多年來看似任意行事，並對加密行業發起了數十起訴訟。現在，唐納德·川普總統正在努力對美國的加密貨幣和交易所進行透明且實用的監管，他的團隊肯定會以 MiCA 為靈感。

If you live in the EU, you will now mainly experience the effects of MiCA when dealing with stablecoins and, under certain circumstances, transactions. Be prepared for a

如果您居住在歐盟，您現在將主要在處理穩定幣以及在某些情況下進行交易時體驗到 MiCA 的影響。做好準備