MiCA 穩定幣規則生效，但隨著轉型期的到來，加密產業持謹慎態度

代幣發行者和加密平台將需要適應繁重的支付許可證、準備金要求以及丟失不合規的代幣。

The European Union began drafting digital finance legislation four years ago to regulate crypto markets.

歐盟四年前開始起草數位金融立法來監管加密貨幣市場。

Now on Sunday, the Markets in Crypto-Assets regulation’s stablecoin rules will come into effect.

週日，加密資產市場監管的穩定幣規則將生效。

Even as this first tranche of MiCA rules marks a historic milestone, the crypto industry is concerned as a transformational period gets underway.

儘管 MiCA 規則的第一部分標誌著一個歷史性的里程碑，但加密產業仍對轉型時期的到來感到擔憂。

Token issuers and crypto platforms will need to adjust to onerous payments licenses, reserve requirements, and losing tokens that don’t comply.

代幣發行者和加密平台將需要適應繁重的支付許可證、準備金要求以及丟失不合規的代幣。

“These factors could lead to short-term instability and market confusion as the ecosystem adapts to the new regulatory environment,” said Laura Chaput, head of regulatory compliance at Keyrock, a market maker.

做市商 Keyrock 監管合規主管 Laura Chaput 表示：“隨著生態系統適應新的監管環境，這些因素可能會導致短期不穩定和市場混亂。”

Here’s a handy rundown on the state of play in MiCA, plus how industry and regulators are dealing with six key points:

以下是 MiCA 現狀的簡要概述，以及產業和監管機構如何處理六個關鍵點：

Tight deadline

緊迫的截止日期

The European Banking Authority is tasked with ironing out the implementation details for MiCA’s stablecoin rules.

歐洲銀行管理局的任務是確定 MiCA 穩定幣規則的實施細節。

However, the EBA only issued their final guidance on June 13.

然而，EBA 直到 6 月 13 日才發布了最終指南。

The tight timing is “the biggest pressure point” for the industry, Jón Egilsson, chair and co-founder of e-money issuer Monerium, told DL News.

電子貨幣發行商 Monerium 董事長兼聯合創始人 Jón Egilsson 告訴 DL News，時間緊迫是該行業「最大的壓力點」。

An EBA spokesperson told DL News that the agency finalized and published all of the technical standards it was responsible for before its given deadline on June 30.

EBA 發言人告訴 DL News，該機構在 6 月 30 日規定的截止日期之前最終確定並發布了其負責的所有技術標準。

It also continues to prepare for its supervisory tasks ahead, the spokesperson said.

發言人表示，它也將繼續為未來的監管任務做準備。

Delistings

下架

Stablecoins that don’t comply with MiCA rules will be phased out from the EU.

不符合 MiCA 規則的穩定幣將被歐盟淘汰。

The delistings risk causing market disruption, reduce options and liquidity issues, Chaput said.

查普特表示，退市可能會導致市場混亂、選擇權減少和流動性問題。

Bitstamp will delist Tether’s euro stablecoin, the exchange said on Wednesday. OKX delisted Tether for EU users in March.

Bitstamp 週三表示，該交易所將下架 Tether 的歐元穩定幣。 OKX 於 3 月為歐盟用戶下架了 Tether。

Binance said it would restrict unauthorized stablecoins for EU users in some of its services, and Kraken said it is reviewing potential delistings.

幣安表示，將在部分服務中限制歐盟用戶未經授權的穩定幣，Kraken 表示正在審查潛在的下架情況。

E-money license

電子貨幣執照

MiCA defines e-money tokens as electronic money. This drags in another European regulation, known as the Payment Service Directive.

MiCA 將電子貨幣代幣定義為電子貨幣。這拖累了另一項歐洲法規，即支付服務指令。

This law’s second iteration — hence the sobriquet PSD2 — has been enforced since 2016 and forces platforms handling e-money to comply with onerous requirements — more so than crypto asset platforms.

該法律的第二次迭代（因此被稱為 PSD2）自 2016 年起開始執行，並迫使處理電子貨幣的平台遵守繁重的要求——比加密資產平台更嚴格。

Getting a license could take years.

獲得許可證可能需要數年時間。

“We do not know with certainty if stablecoins are electronic money,” Victor Charpiat, lawyer at Kramer Levin Naftalis & Frankel LLP. “That has a major impact on their tax and accounting treatment.”

Kramer Levin Naftalis & Frankel LLP 律師 Victor Charpiat 表示：“我們不確定穩定幣是否是電子貨幣。” “這對其稅務和會計處理產生重大影響。”

Charpiat raised concerns that the provision was not formally clarified by regulators, and as few crypto firms hold a license under PSD2, businesses will lose clients.

Charpiat 擔心監管機構尚未正式澄清該條款，而且由於很少加密貨幣公司持有 PSD2 的許可證，企業將失去客戶。

“Many digital asset service providers will potentially breach the law as from next Monday, and there is no way to be certain because there is no clarification,” he said.

他表示：“從下週一開始，許多數位資產服務提供者可能會違反法律，但由於沒有任何澄清，因此無法確定。”

Regulators at the EBA said that they called on the industry to prepare “on a timely basis” for MiCA once it became law one year ago, and provided tools to ask questions.

EBA 監管機構表示，一旦 MiCA 一年前成為法律，他們呼籲業界「及時」為 MiCA 做好準備，並提供提問工具。

Whether a platform needs a payment service license for e-money token transactions depends on its activities, said the EBA spokesperson. “They would be licenced by case-by-case assessment.”

EBA 發言人表示，平台是否需要電子貨幣代幣交易的支付服務許可證取決於其活動。 “他們將通過具體情況評估來獲得許可。”

Permissionless networks

無需許可的網絡

Some crypto asset service providers operating and interacting with permissionless networks will not be able to comply with requirements under PSD2, said Tommaso Astazi, head of regulatory affairs at Blockchain For Europe trade association.

歐洲區塊鏈貿易協會監管事務主管 Tommaso Astazi 表示，一些在無需許可的網路上運作和互動的加密資產服務提供者將無法遵守 PSD2 的要求。

For example, the law requires payment platforms to safeguards funds received for the execution of payment transactions.

例如，法律要求支付平台保護執行支付交易所收到的資金。

When users use self-hosted wallets or transfer on DeFi platforms across different blockchains, firms might not be able to custody the assets the way PSD2 says they should, Astazi said.

Astazi 表示，當用戶使用自寄錢包或在不同區塊鏈的 DeFi 平台上進行轉帳時，公司可能無法以 PSD2 所說的方式託管資產。

Caps on non-euro stablecoins

非歐元穩定幣的上限

Issuers of non-euro denominated stablecoins or stablecoins backed by several assets are capped.

非歐元計價的穩定幣或由多種資產支持的穩定幣的發行人受到限制。

These issuers need to stick to a volume of €200 million a day or one million transactions when the token is used as a “means of exchange,” according to MiCA.

MiCA 表示，當代幣用作「交換手段」時，這些發行人需要堅持每天 2 億歐元的交易量或 100 萬筆交易。

“The imposition of volume limitations on US dollar-backed stablecoins could drive a shift towards euro-backed alternatives, impacting the dynamics of the stablecoin market,” Chaput said.

查普特表示：“對美元支持的穩定幣實施數量限制可能會推動轉向歐元支持的替代品，從而影響穩定幣市場的動態。”

There are significant exceptions to the thresholds, the EBA clarified in their implementation reports, putting some industry concerns to rest.

EBA 在其實施報告中澄清，這些門檻存在重大例外情況，從而消除了一些行業擔憂。

They don’t count when the stablecoin is used for trading, as collateral for transactions with financial instruments, or used to settle a derivative.

當穩定幣用於交易、作為金融工具交易的抵押品或用於結算衍生性商品時，它們不計算在內。

Issuers can also overlook the thresholds if it has “reasonable grounds” to assume the transaction is not to pay for goods or services, according to the EBA report.

EBA 報告稱，如果發行人有「合理理由」假設交易不是為了支付商品或服務，那麼發行人也可以忽略這些門檻。

Local reserves

地方儲備

MiCA requires stablecoin issuers to hold 30% of the reserves in cash in EU bank accounts, or 60% for significant e-money tokens.

MiCA 要求穩定幣發行人在歐盟銀行帳戶中持有 30% 的現金儲備，或對於重要的電子貨幣代幣持有 60% 的現金儲備。

These reserves need to be split in several local banks to mitigate concentration risk.

這些準備金需要分散到幾家當地銀行，以降低集中風險。