MiCA 對穩定幣的立場：保護投資者還是保護主義？

2024 年，歐盟推出了一些業界有史以來最廣泛的加密貨幣法規。

In 2024, the European Union introduced some of the most wide-ranging crypto regulations the industry has ever seen. The Markets in Crypto-Assets (MiCA) framework is designed to enhance transparency, reduce financial risks, and foster innovation in the crypto sector. It may well achieve all of these goals, but one vertical appears set to suffer as a sacrificial goat in exchange for broader cryptoconomy growth: stablecoins.

2024 年，歐盟推出了一些業界有史以來最廣泛的加密貨幣法規。加密資產市場 (MiCA) 框架旨在提高透明度、降低金融風險並促進加密產業的創新。它很可能實現所有這些目標，但有一個垂直領域似乎將成為犧牲品，以換取更廣泛的加密經濟成長：穩定幣。

Even when viewed through a sympathetic lens, the stablecoin component of MiCA has confounded industry commentators. Some aspects of the regulations, such as obliging stablecoin issuers to maintain fiat reserves, have been broadly welcomed. Others, such as arbitrary volume limits, have prompted much head-scratching. As the next phase of MiCA prepares to kick in from December, here’s what industry players should know about Europe’s stance on stables.

即使從同情的角度來看，MiCA 的穩定幣組成部分也讓行業評論家感到困惑。該法規的某些方面，例如要求穩定幣發行人維持法定儲備，受到了廣泛歡迎。其他一些問題，例如任意的音量限制，則引起了許多人的頭痛。隨著 MiCA 的下一階段準備從 12 月開始，產業參與者應該了解以下有關歐洲對馬厩的立場。

Protecting Investors or Just Protectionism?

保護投資者還是保護主義？

While MiCA covers a broad range of digital assets, stablecoins face particularly stringent requirements, placing a high burden on their issuers. From transaction caps to strict reserve mandates, stablecoins in the EU now operate under rigorous financial oversight.

雖然 MiCA 涵蓋了廣泛的數位資產，但穩定幣面臨著特別嚴格的要求，這給發行人帶來了沉重的負擔。從交易上限到嚴格的儲備要求，歐盟的穩定幣現在在嚴格的財務監管下運作。

MiCA introduces limits on the total value of stablecoin transactions over a specific period. These caps, managed by ESMA (European Securities and Markets Authority), are designed to prevent stablecoins from becoming a dominant payment method that could potentially rival traditional currencies or disrupt local economies.

MiCA 對特定時期內穩定幣交易的總價值進行了限制。這些上限由 ESMA（歐洲證券和市場管理局）管理，旨在防止穩定幣成為可能與傳統貨幣競爭或擾亂當地經濟的主要支付方式。

There’s no doubt that this statute is designed to protect the EU’s own interests – but should it feel threatened by a sector whose total market cap is just 1.1% of the continent’s M2 money supply?

毫無疑問，這項法規的目的是保護歐盟自身的利益，但它是否應該感到受到一個總市值僅佔歐洲大陸 M2 貨幣供應量 1.1% 的行業的威脅？

Regardless of whether one interprets this mandate as forward-thinking or backwards, this much is clear: it’s going to make life extremely complex for stablecoins that are traded in the EU – which is virtually all of them. And it’s going to give regulated EU crypto exchanges in particular a real headache.

無論人們將這項命令解讀為前瞻性還是倒退，有一點是顯而易見的：這將使在歐盟交易的穩定幣（幾乎是所有穩定幣）的生活變得極其複雜。這尤其會為受監管的歐盟加密貨幣交易所帶來真正的頭痛。

Already, exchanges such as Binance and Coinbase have confirmed that they’ll be obliged to delist stablecoins that don’t meet MiCA’s exacting criteria for EU customers including, potentially, USDT, which serves as the base pair for the majority of CEX-listed assets.

Binance 和 Coinbase 等交易所已經確認，他們將有義務下架不符合 MiCA 對歐盟客戶嚴格標準的穩定幣，其中可能包括 USDT，它是大多數 CEX 上市資產的基礎對。

This is more than an inconvenience: it’s a boondoggle. CEXs have already had to kowtow to former EU member the United Kingdom’s inane crypto laws, forcing exchanges to code new front-ends and to exclude certain products and services from their UK service. British citizens, for example, can no longer access Binance’s extremely useful educational port, Binance Academy. Too much knowledge, it seems, is a dangerous thing.

這不僅是一種不便，更是一種浪費。中央交易所已經不得不向前歐盟成員國屈服於英國愚蠢的加密法，迫使交易所編寫新的前端程式碼，並將某些產品和服務從其英國服務中排除。例如，英國公民無法再訪問幣安極其有用的教育端口幣安學院。看來，太多的知識是一件危險的事。

Calculating the Cost of Compliance

計算合規成本

For exchanges, wallet providers, and other crypto companies operating in the EU – or CASPs to use the EU’s favored term – determining which stablecoins are deemed compliant with MiCA is no mean feat.

對於在歐盟營運的交易所、錢包提供者和其他加密公司（或使用歐盟青睞的術語 CASP）來說，確定哪些穩定幣被視為符合 MiCA 絕非易事。

Have they kept within the EU’s volume cap? Have their banking reserves dipped below the required 60% threshold and are these assets held in EU banks? It’s a minefield to put it mildly.

它們是否保持在歐盟的數量上限之內？他們的銀行準備金是否低於規定的 60% 門檻？溫和地說，這是一個雷區。

Thankfully, there are signs that the EU will give crypto companies a grace period to get their affairs in order and it’s assumed that they’ll refrain from taking punitive measures against entities struggling to get their house in order due to red tape or sheer recalcitrance.

值得慶幸的是，有跡象表明，歐盟將給予加密貨幣公司一段寬限期，以使其事務井然有序，並且預計它們將不會對因繁文縟節或純粹的頑抗而難以恢復秩序的實體採取懲罰措施。

But it’s safe to say that the days of crypto-collateralized stablecoins being tradable on EU CEXs are long gone. Algorithmic stablecoins, mercifully, died long ago by their own hand.

但可以肯定地說，在歐盟中央交易所交易加密貨幣抵押穩定幣的日子早已一去不復返了。幸運的是，演算法穩定幣很久以前就死於自己之手。

As MiCA’s final form is rolled out in 2025, it will reshape the EU’s crypto landscape, challenging issuers to adapt to a new regulatory reality. For better or worse, MiCA marks the beginning of a new era in crypto – one where stablecoins, like all financial assets, must adhere to a higher standard of accountability.

隨著 MiCA 的最終形式於 2025 年推出，它將重塑歐盟的加密貨幣格局，挑戰發行人適應新的監管現實。無論好壞，MiCA 都標誌著加密貨幣新時代的開始——在這個時代，穩定幣與所有金融資產一樣，必須遵守更高的問責標準。