由於穩定幣監管即將出台，OKX 在歐洲下架 USDT 貨幣對

主要加密貨幣交易所 OKX 已為歐盟和歐洲經濟區用戶下架了 Tether 的 USDT 穩定幣交易對。此舉恰逢歐盟致力於實施全面的加密資產監管框架 MiCA。根據 MiCA，只有某些機構才會被授權發行穩定幣，而 USDT 的合規狀況仍有不確定性。 USDC 的發行人 Circle 已採取措施實現 MiCA 合規性，這使其在受監管的歐洲市場中具有競爭優勢。 OKX 上 USDT 交易對的下架凸顯了 MiCA 對歐洲穩定幣格局的潛在影響。

OKX Delists USDT Pairs in Europe, Signaling Regulatory Challenges for Stablecoins

OKX 在歐洲下架 USDT 貨幣對，標誌著穩定幣面臨監管挑戰

In a significant development, OKX, one of the world's leading cryptocurrency exchanges, has delisted trading pairs involving Tether's USDT stablecoin for users in the European Union (EU) and the European Economic Area (EEA). This move has sparked discussions about the impending regulatory challenges facing stablecoins in the region.

作為一項重大進展，全球領先的加密貨幣交易所之一 OKX 已為歐盟 (EU) 和歐洲經濟區 (EEA) 的用戶下架了涉及 Tether 的 USDT 穩定幣的交易對。此舉引發了有關該地區穩定幣即將面臨的監管挑戰的討論。

OKX's Strategic Pivot to Euro Liquidity

OKX 的戰略重點是歐元流動性

While OKX users in the EU can no longer trade USDT against cryptocurrencies on the platform, they can still deposit, withdraw, buy, sell, and convert the stablecoin through over-the-counter (OTC) trading. OKX has explained that this decision is part of a strategic shift to increase euro-denominated liquidity and position itself as the preferred platform for euros-to-crypto spot trading.

雖然歐盟的 OKX 用戶無法再在平台上用 USDT 兌換加密貨幣，但他們仍然可以透過場外 (OTC) 交易存入、提取、購買、出售和兌換穩定幣。 OKX 解釋說，這項決定是策略轉變的一部分，旨在增加以歐元計價的流動性，並將自己定位為歐元對加密貨幣現貨交易的首選平台。

This measure does not completely eliminate the use of USDT on OKX for EU users, but it does limit its functionality within the platform.

這項措施並沒有完全消除歐盟用戶在 OKX 上使用 USDT 的行為，但確實限制了在平台內的功能。

Regulatory Concerns and the EU's MiCA Framework

監管問題與歐盟 MiCA 框架

The timing of OKX's decision coincides with the European Union's efforts to establish a comprehensive regulatory framework for digital assets, known as MiCA (Markets in Crypto-Assets). MiCA is expected to be fully operational by the end of 2024, with regulations specifically targeting stablecoins set to go into effect as early as June 2024.

OKX 做出決定的時機恰逢歐盟努力建立數位資產綜合監管框架，即 MiCA（加密資產市場）。 MiCA 預計將於 2024 年底全面投入運營，專門針對穩定幣的法規最快將於 2024 年 6 月生效。

Under MiCA, only Electronic Money Institutions and credit institutions will be authorized to issue stablecoins. This aligns with the existing EU Electronic Money Directive (EMD).

根據 MiCA，只有電子貨幣機構和信貸機構將被授權發行穩定幣。這與現有的歐盟電子貨幣指令 (EMD) 一致。

Implications for USDT and MiCA

對 USDT 和 MiCA 的影響

This development raises questions about Tether's ability to comply with MiCA's issuer requirements. Speculation has emerged that this uncertainty may have played a role in OKX's delisting decision.

這項進展引發了人們對 Tether 是否有能力遵守 MiCA 發行人要求的質疑。有猜測稱，這種不確定性可能在 OKX 的退市決定中發揮了作用。

Circle, the issuer of the second-largest stablecoin USDC, has already taken steps towards MiCA compliance. It has secured conditional registration for digital asset services in France and applied for an EMI license in the EU, giving it a competitive advantage in the regulated European market.

第二大穩定幣 USDC 的發行人 Circle 已經採取措施實現 MiCA 合規性。它已在法國獲得了數位資產服務的有條件註冊，並在歐盟申請了EMI許可證，使其在受監管的歐洲市場中具有競爭優勢。

MiCA's Potential Impact

MiCA 的潛在影響

The introduction of MiCA regulations is expected to have a significant impact on the European stablecoin landscape. Key consequences include:

MiCA 法規的推出預計將對歐洲穩定幣格局產生重大影響。主要後果包括：

• Stricter Oversight: Issuers will face more stringent regulations, leading to a more controlled and transparent stablecoin ecosystem.
• Increased Legitimacy: Compliance with MiCA could enhance the trust associated with regulated stablecoins.
• Market Shift: Stablecoins issued by non-compliant entities may face restrictions or bans, potentially driving a market shift towards MiCA-compliant options like USDC.

Uncertainties Remain

更嚴格的監管：發行人將面臨更嚴格的監管，從而形成更受控和透明的穩定幣生態系統。增加合法性：遵守MiCA 可以增強與受監管穩定幣相關的信任。市場轉變：不合規實體發行的穩定幣可能面臨限製或禁令，可能會推動市場轉向符合 MiCA 的選項，如 USDC。不確定性仍然存在

Despite the delisting of USDT pairs on OKX, several uncertainties remain:

儘管 OKX 下架 USDT 交易對，但仍存在一些不確定性：

• OKX's Official Stance: OKX has yet to provide a clear and official explanation for the delisting.
• Tether's Response: Tether has not commented on the situation, leaving questions about their compliance strategy unanswered.
• Long-Term Impact of MiCA: The full implications of MiCA on the broader European crypto market and the future of stablecoins within the region are still unclear.

Conclusion

OKX 官方立場：OKX 尚未就下架問題提供明確、官方的解釋。Tether 回應：Tether 尚未對此事發表評論，有關其合規策略的問題也未得到解答。MiCA 的長期影響：MiCA 對用戶的全面影響更廣泛的歐洲加密貨幣市場和該地區穩定幣的未來仍不清楚。結論

The delisting of USDT pairs on OKX for EU users highlights the evolving regulatory environment surrounding stablecoins. As the EU moves towards implementing MiCA, stricter regulations and potential limitations for non-compliant stablecoins can be anticipated. This could reshape the European crypto market and potentially favor stablecoins issued by entities that actively pursue MiCA compliance.

OKX 上針對歐盟用戶的 USDT 交易對下架凸顯了圍繞穩定幣不斷變化的監管環境。隨著歐盟逐步實施 MiCA，預計將對不合規的穩定幣實施更嚴格的監管和潛在限制。這可能會重塑歐洲加密貨幣市場，並可能有利於積極追求 MiCA 合規性的實體發行的穩定幣。