在2025年，歐盟（EU）中穩定菌的監管景觀正在發生巨大的轉變。

多年以來，穩定幣（與法定貨幣這樣的傳統資產掛鉤）一直在很大程度上不受監管的環境中運行

In the heart of the European Union (EU), a monumental regulatory shift is unfolding in 2025, specifically targeting stablecoins. For years, these cryptocurrencies, pegged to traditional assets like fiat currencies, operated in a largely unregulated environment, sparking both opportunities and risks.

在歐洲聯盟（EU）的中心，2025年的巨大監管轉變正在發生，特別針對穩定劑。多年來，這些加密貨幣與傳統資產（如法定貨幣）掛鉤，在很大程度上不受監管的環境中運營，引發了機會和風險。

Enter MiCA (Markets in Crypto-Assets Regulation), an ambitious framework designed to bring clarity, consumer protection, and financial stability to the crypto world. Imagine a financial system where a digital euro-backed stablecoin is as safe and stable as a euro in a bank—this is the future MiCA aims to build.

輸入雲母（Crypto-Assets監管中的市場），這是一個雄心勃勃的框架，旨在為加密貨幣世界帶來清晰，消費者保護和金融穩定性。想像一個金融體系，金融體係是，數字歐元支持的Stablecoin像銀行中的歐元一樣安全且穩定 - 這是未來的雲母元素旨在建造。

As implementation approaches, stablecoin issuers and investors are turning their attention to the practicalities of MiCA and its impact. How will it affect existing stablecoins? What compliance hurdles must issuers overcome? And, perhaps most importantly, what do the numbers say?

隨著實施的方法，Stablecoin發行人和投資者將注意力轉向雲母的實用性及其影響。它將如何影響現有的Stablecoins？發行人必須克服哪些合規障礙？而且，也許最重要的是，數字怎麼說？

Overview of MiCA and Its Impact on Stablecoins

雲母的概述及其對穩定幣的影響

The European Commission has developed a landmark regulatory framework called Markets in Crypto-Assets Regulation (MiCA) to oversee crypto-assets, issuers, and service providers in the EU. While MiCA covers a broad range of digital assets, including bitcoin and ether, its top priority is on stablecoins, classified as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs).

歐盟委員會已經開發了一個具有里程碑意義的監管框架，稱為Crypto-Assets法規（MICA）的市場，以監督歐盟的加密資產，發行人和服務提供商。儘管MICA涵蓋了包括比特幣和以太在內的廣泛數字資產，但其首要任務是在Stablecoins上，被歸類為資產引用的令牌（藝術）或電子貨幣令牌（EMTS）。

Regulation of Stablecoin Crypto Assets in MiCA

雲母中的穩定加密資產的調節

Stablecoin issuers must comply with strict regulatory requirements to ensure financial stability and consumer protection. The framework introduces minimum reserve requirements for stablecoins, varying by token type and issuer category. It also mandates specific reporting obligations and anti-money laundering (AML) checks for issuers.

Stablecoin發行人必須遵守嚴格的監管要求，以確保財務穩定和消費者保護。該框架引入了穩定幣的最低儲備要求，該框架的類型和發行人類別有所不同。它還要求發行人的特定報告義務和反洗錢（AML）支票。

Key Regulatory Requirements for Stablecoins Under MiCA

雲母下的穩定黴素的關鍵監管要求

The Markets in Crypto-Assets Regulation (MiCA) imposes strict compliance measures for stablecoin issuers, aiming to ensure financial stability, transparency, and consumer protection. The regulatory framework classifies stablecoins as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs) and enforces stringent oversight on both.

Crypto-Assets法規（MICA）中的市場對Stablecoin發行人施加了嚴格的合規措施，旨在確保財務穩定，透明度和消費者保護。監管框架將Stablecoins歸類為資產引用的代幣（藝術）或電子貨幣令牌（EMTS），並對兩者進行嚴格的監督。

E-Money Tokens (EMTs) are stablecoins pegged to a single fiat currency (e.g., the euro, US dollar, or British pound) and must be fully redeemable on demand at face value. MiCA imposes higher regulatory scrutiny on EMTs compared to Asset-Referenced Tokens (ARTs) due to their potential impact on the financial system.

e貨幣令牌（EMTS）被固定在單一法定貨幣（例如歐元，美元或英鎊）上，並且必須完全按需按需兌換。與資產參考的令牌（ART）相比，雲母對EMT進行了更高的監管審查，因為它們對金融體系的潛在影響。

How EMT Regulations Will Reshape the Market in 2025

EMT法規將如何在2025年重塑市場

The European Union's (EU) new crypto regulations, known as Markets in Crypto-Assets Regulation (MiCA), are set to come into effect in 2025, imposing stricter rules on stablecoins compared to other crypto assets. The regulations classify stablecoins as either e-money tokens or asset-referenced tokens, with e-money tokens being subject to greater regulatory oversight.

歐盟（歐盟）的新加密法規，被稱為加密資產管理法規（MICA）的市場，將於2025年生效，與其他加密資產相比，對Stablecoins施加了更嚴格的規則。該法規將Stablecoins歸類為電子貨幣令牌或資產引用的代幣，而電子貨幣令牌則受到更大的監管監督。

The regulations also introduce minimum reserve requirements for stablecoins, varying by token type and issuer category. For instance, high-net-worth issuers of e-money tokens must fully back their tokens with zero-yield liquid assets like government bonds and maintain a reserve common to all tokens issued by the same issuer.

該法規還介紹了穩定幣的最低儲備要求，該法規由代幣類型和發行人類別有所不同。例如，電子貨幣令牌的高淨值發行人必須以零收益的流動資產（例如政府債券）的零來支持其令牌，並維護同一發行人發行的所有代幣的儲備。

Moreover, stablecoin issuers will be subject to specific reporting obligations and anti-money laundering (AML) checks, with the relevant national competent authority responsible for supervision. Issuers will be required to report any material changes in their activities or status to the competent authority and cooperate with any investigations or requests for information.

此外，Stablecoin發行人將遵守特定的報告義務和反洗錢（AML）支票，相關的國家主管機構負責監督。發行人將被要求向主管當局報告其活動或狀況的任何重大變化，並與任何調查或信息請求合作。

The regulatory framework also imposes restrictions on stablecoin transactions, with the total value of transactions by a single natural person limited to €100 per day or €125,000 per year. These measures aim to prevent financial instability and promote consumer protection in the evolving crypto ecosystem.

監管框架還對穩定交易施加了限制，單個自然人的總價值限制為每天100歐元或每年125,000歐元。這些措施旨在防止金融不穩定並促進不斷發展的加密生態系統中的消費者保護。

The European Union (EU) is set to introduce some of the world's toughest crypto regulations with its Markets in Crypto-Assets Regulation (MiCA) legislation, which is expected to come into effect in 2025. While the focus has been on the potential ban on proof-of-work mining and the introduction of a new type of regulated crypto service provider, MiCA also includes provisions for stablecoins.

歐盟（EU）將通過其在加密資產管理法規（MICA）立法中引入一些世界上最艱難的加密法規，預計該法規將在2025年生效。雖然重點是潛在禁止工作證明採礦的禁令，並引入了新型的受監管的密碼服務提供者，MICA還包括STABLECOININS，還包括STABLECOINS。

Stablecoins, which are cryptocurrencies pegged to traditional assets like fiat currencies, have been a subject of concern for regulators due to their potential to destabilize the financial system if not properly supervised. To mitigate these risks, MiCA imposes strict compliance measures on stablecoin issuers, aiming to ensure financial stability, transparency, and consumer protection.

穩定幣是與法定貨幣這樣的傳統資產掛鉤的加密貨幣，由於監管機構的潛力不正確，因此對監管機構的潛力一直引起關注。為了減輕這些風險，雲母對穩定發行人採取了嚴格的合規措施，旨在確保財務穩定，透明度和消費者保護。

The regulatory framework classifies stablecoins as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs), each category subject to different regulatory requirements. ARTs are pegged to the value of one or more financial instruments, commodities, or a basket of such instruments or commodities, while EMTs are pegged to the value of a single fiat currency, such as the euro, US dollar, or British pound.

監管框架將Stablecoins歸類為資產引用的令牌（藝術）或電子貨幣令牌（EMTS），每個類別都遵守不同的監管要求。藝術固定在一種或多種金融工具，商品或一籃此類工具或商品的價值上，而EMT則與單一法定貨幣（例如歐元，美元或英鎊）的價值掛鉤。

The legal entities authorized to issue ARTs or EMTs will be subject to specific

被授權發行藝術或EMT的法律實體將受到特定的約束