MiCA 的穩定幣規則將於下週生效，Tether、Circle 正在努力遵守

新規則將於 6 月 30 日生效，他們不僅需要適當的授權才能在 27 個國家的貿易集團中運營，還將面臨加密資產市場 (MiCA) 中規定的交易數量和價值的嚴格限制。

Stablecoin issuers face EU limits, Tether may be impacted

穩定幣發行人面臨歐盟限制，Tether 可能受到影響

Stablecoin issuers, including Tether, face new limits on transaction numbers and values in the European Union (EU) as fresh rules come into effect on June 30.

隨著新規則於 6 月 30 日生效，包括 Tether 在內的穩定幣發行商在歐盟 (EU) 面臨交易數量和價值的新限制。

Non-EU stablecoin issuers may be barred from issuing certain tokens under the Markets in Crypto Assets (MiCA) legislation.

根據加密資產市場 (MiCA) 立法，非歐盟穩定幣發行人可能被禁止發行某些代幣。

Tether's dollar-pegged USDT is the world's largest stablecoin by market capitalization, while Circle's USDC is ranked second.

Tether 的與美元掛鉤的 USDT 是全球市值最大的穩定幣，而 Circle 的 USDC 排名第二。

"Non-EU, euro-denominated stablecoins – if they are over a certain threshold – then you need to stop issuing and using them, and that creates a problem because 99% of the stablecoins market is in USD," said Robert Kopitsch, secretary-general of Blockchain for Europe, on the sidelines of CoinDesk's Consensus 2024 conference in Austin, Texas last month.

「非歐盟、以歐元計價的穩定幣——如果超過一定門檻——那麼就需要停止發行和使用它們，這會產生問題，因為99% 的穩定幣市場都是以美元計價的，」秘書長羅伯特·科皮奇(Robert Kopitsch) 表示- 歐洲區塊鏈總經理，上個月在德克薩斯州奧斯汀舉行的 CoinDesk 2024 年共識會議期間。

MiCA, the EU's comprehensive crypto rulebook, was voted into law last year and allows firms licensed by one member nation to operate throughout the bloc.

MiCA 是歐盟的綜合加密貨幣規則手冊，去年被投票成為法律，允許獲得一個成員國許可的公司在整個歐盟範圍內運作。

According to Article 23 of the law, companies must stop issuing an asset-referenced stablecoin that is used as a means of exchange for more than 1 million transactions or a value exceeding 200 million euros ($215 million) a day.

根據該法第23條，公司必須停止發行用作每日交易超過100萬筆或價值超過2億歐元（2.15億美元）的交換手段的資產參考穩定幣。

The stablecoin rules take effect at the end of the month, while the other provisions are expected to come into force in December.

穩定幣規則將於本月底生效，其他條款預計將於 12 月生效。

The tough rules were created to prevent stablecoins like Facebook's now abandoned Diem project (formerly known as Libra) from replacing the euro, said Mark Foster, EU policy lead at the Crypto Council for Innovation.

加密貨幣創新委員會歐盟政策負責人 Mark Foster 表示，制定嚴格規則的目的是為了防止 Facebook 現已放棄的 Diem 計畫（以前稱為 Libra）等穩定幣取代歐元。

The caps are there "to safeguard the monetary system," a European Banking Authority (EBA) spokesperson told CoinDesk.

歐洲銀行管理局（EBA）發言人告訴 CoinDesk，設立上限是為了「保護貨幣體系」。

Blockchain for Europe and the Digital Euro Association, a think tank, tried to fight the measures in a 2022 letter, arguing that they effectively banned large stablecoin issuers.

歐洲區塊鏈和智庫數位歐元協會試圖在 2022 年的一封信中反對這些措施，認為它們實際上禁止了大型穩定幣發行人。

A spokesperson for the EBA told CoinDesk that the provisions do not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they're used as a means of exchange, to pay for goods or services. If so, then the specific caps apply.

EBA 發言人告訴 CoinDesk，這些規定並不阻止公司發行以歐元以外的資產計價的穩定幣。關鍵在於它們是否被用作交換手段、支付商品或服務的費用。如果是這樣，則適用特定上限。

Issuers can service Europeans without limitations when the tokens aren't a means of an exchange, Jón Egilsson, co-founder at Monerium, said in a statement. That includes transactions between currency areas, peer-to-peer transactions and where a cryptocurrency is exchanged for an e-money token, he said.

Monerium 聯合創始人 Jón Egilsson 在聲明中表示，當代幣不是一種交換手段時，發行人可以不受限制地為歐洲人提供服務。他說，這包括貨幣區域之間的交易、點對點交易以及加密貨幣與電子貨幣代幣的交換。

While the EBA has yet to clearly define how it will measure these values, a consultation document suggests that transactions with both parties based outside of the EU might be excluded, but any transaction with at least one party in the EU may be counted.

雖然 EBA 尚未明確定義如何衡量這些價值，但一份諮詢文件表明，與歐盟以外雙方的交易可能被排除在外，但與歐盟境內至少一方的任何交易都可能被計算在內。

According to the consultation, a transaction includes both on-chain and off-chain transfers. Movements between addresses or accounts of the same person do not qualify as a transaction.

據諮詢，一筆交易包括鏈上轉帳和鏈下轉帳。同一人的地址或帳戶之間的移動不符合交易資格。

A final report on how the EBA will measure transactions is likely by the end of the month, a spokesperson told CoinDesk.

一位發言人告訴 CoinDesk，關於 EBA 如何衡量交易的最終報告可能會在本月底發布。

Companies that have had to suspend issuance will need to submit a plan showing they can keep to the limits before being reinstated. This could be tough: USDT's daily global trading volume is about $27 billion according to CoinGecko data. USDC's is $5 billion.

不得不暫停發行的公司需要提交一份計劃，證明他們可以在恢復之前保持發行限額。這可能很困難：根據 CoinGecko 的數據，USDT 的每日全球交易量約為 270 億美元。 USDC 的價值為 50 億美元。

Another barrier is obtaining the necessary certification.

另一個障礙是獲得必要的認證。

"When you're a stablecoin issuer at European level you need to have an e-money institution license or banking license, which is a very costly, long process," Kopitsch said.

「當你是歐洲層面的穩定幣發行人時，你需要擁有電子貨幣機構許可證或銀行許可證，這是一個非常昂貴且漫長的過程，」科皮奇說。

So Tether, Circle and other issuers have just three days to secure an e-money license to operate legally.

因此，Tether、Circle 和其他發行人只有三天的時間來獲得合法運營的電子貨幣許可證。

Circle, which conditionally registered as a Digital Asset Service Provider with the French Financial Markets Authority in April, aims to have an e-money license by the deadline, a spokesperson for the company said.

Circle 發言人表示，Circle 於 4 月在法國金融市場管理局有條件註冊為數位資產服務提供商，目標是在截止日期前獲得電子貨幣許可證。

"Circle is committed to full compliance with EU's MiCA regulations. We plan to onshore EURC to the EU and issue it from Circle France in a MiCA-compliant manner," the spokesperson said. "Additionally, we intend to issue USDC for our EU-based customers from the same entity in accordance with MiCA and subject to regulatory approval."

發言人表示：“Circle 致力於完全遵守歐盟的 MiCA 法規。我們計劃將 EURC 存入歐盟，並以符合 MiCA 的方式從 Circle France 發行。” “此外，我們打算根據 MiCA 並經監管部門批准，從同一實體為歐盟客戶發行 USDC。”

EURC is the company's euro-backed stablecoin. Tether's equivalent is EURT. Earlier this week, crypto exchange Bitstamp delisted the Tether token, citing MiCA. OKX delisted USDT in March, saying it wanted to focus on euro-denominated liquidity in the region.

EURC 是該公司的歐元支持的穩定幣。 Tether 的等價物是 EURT。本週早些時候，加密貨幣交易所 Bitstamp 以 MiCA 為由將 Tether 代幣摘牌。 OKX 在 3 月下架了 USDT，稱其希望專注於該地區以歐元計價的流動性。

"Tether has engaged extensively with its exchange counterparties in Europe regarding the requirements, including those pertaining to the ongoing listing of USDT and other Tether tokens, and the interpretation of key regulatory provision," said Paolo Ardoino, Tether's CEO, in a statement. "While

Tether 執行長Paolo Ardoino 在聲明中表示：「Tether 已與歐洲的交易所對手方就相關要求進行了廣泛接觸，包括與USDT 和其他Tether 代幣持續上市相關的要求，以及對關鍵監管條款的解釋。 「儘管