隨著 MiCA 執法的臨近，Tether (USDT) 在歐洲的不確定未來

美國領先的加密貨幣交易所 Coinbase 於 2024 年 12 月初將 USDT 從其歐洲服務中摘牌

Coinbase, a major cryptocurrency exchange based in the United States, preemptively delisted USDT from its European services earlier in December 2024, citing concerns over MiCA compliance. However, other large platforms like Binance and Crypto.com have chosen to continue offering USDT in Europe.

總部位於美國的主要加密貨幣交易所 Coinbase 於 2024 年 12 月初將 USDT 從其歐洲服務中摘牌，理由是對 MiCA 合規性的擔憂。然而，Binance 和 Crypto.com 等其他大型平台選擇繼續在歐洲提供 USDT。

Uncertainty Around USDT Compliance

USDT 合規性的不確定性

Despite MiCA's impending enforcement, European regulators have not explicitly stated whether USDT meets the new compliance standards. This regulatory silence has left market participants divided.

儘管 MiCA 即將執行，但歐洲監管機構尚未明確表示 USDT 是否符合新的合規標準。這種監管沉默讓市場參與者產生了分歧。

“No regulators have explicitly stated that USDT is non-compliant, but that does not mean it is compliant,” explained Juan Ignacio Ibañez, a member of the MiCA Crypto Alliance’s Technical Committee.

「沒有監管機構明確表示 USDT 不合規，但這並不意味著它合規，」MiCA 加密聯盟技術委員會成員 Juan Ignacio Ibañez 解釋道。

This move by Coinbase to delist USDT shows the conservative approach the firm takes toward avoiding any last-minute compliance risks. In contrast, other exchanges, including Binance and Crypto.com, remain open for USDT trading as they await further clarity.

Coinbase 下架 USDT 的舉動表明該公司為避免任何最後一刻的合規風險而採取的保守做法。相較之下，包括 Binance 和 Crypto.com 在內的其他交易所仍對 USDT 交易開放，等待進一步明確。

Potential Impact of Non-Compliance

不合規的潛在影響

Industry experts are warning that USDT's non-compliance could lead to significant disruptions.

行業專家警告稱，US​​DT 的不合規可能會導致重大中斷。

“A formal ban on USDT would likely increase costs for traders and disrupt market liquidity,” remarked Kinge.

Kinge 表示：“正式禁止 USDT 可能會增加交易者的成本並擾亂市場流動性。”

Moreover, Joseph Hurtado, the founder of Granata Consulting, highlighted the broader implications: “Restricting USDT could weaken Europe’s position as a hub for cryptocurrency innovation.”

此外，Granata Consulting 的創始人 Joseph Hurtado 強調了更廣泛的影響：“限制 USDT 可能會削弱歐洲作為加密貨幣創新中心的地位。”

MiCA's Transitional Measures

MiCA 的過渡措施

A transitional phase is included in MiCA, allowing entities operating under national laws to adapt to the new framework. The “grandfathering” clause permits existing service providers to continue operations until July 1, 2026, or until they obtain or are denied MiCA authorization. However, the length of this transitional period varies by country, ranging from six months in the Netherlands to 18 months in France.

MiCA 包含一個過渡階段，允許根據國家法律運營的實體適應新框架。 「祖父條款」允許現有服務提供者繼續運作直至 2026 年 7 月 1 日，或直到他們獲得或被拒絕 MiCA 授權。然而，這個過渡期的長度因國家而異，從荷蘭的 6 個月到法國的 18 個月不等。

While this flexibility provides some breathing room for market participants, it also creates uneven levels of consumer protection across the EU. “Waiting without acting could prove risky in the long term,” warned Ibañez, emphasizing the importance of proactive measures.

雖然這種靈活性為市場參與者提供了一些喘息空間，但它也造成了整個歐盟消費者保護水準的參差不齊。伊巴涅斯警告說：「從長遠來看，等待而不採取行動可能會帶來風險。」他強調了積極採取措施的重要性。

Tether's operations have faced scrutiny over its auditing practices. Critics like Jason Calacanis, the host of the All-In Podcast, have questioned Tether's use of assurance reports from BDO Italia instead of audits by major firms. On the other hand, Tether CEO Paolo Ardoino has defended the company's practices, highlighting efforts to expand USDT's practical use cases and network collaborations.

Tether 的營運面臨審計實務的審查。 All-In Podcast 的主持人 Jason Calacanis 等批評者質疑 Tether 使用 BDO Italia 的保證報告而不是大公司的審計。另一方面，Tether 執行長 Paolo Ardoino 為該公司的做法進行了辯護，強調了擴大 USDT 實際用例和網路合作的努力。

The Road Ahead for USDT in Europe

USDT 在歐洲的未來之路

As the December 30 deadline approaches, the future of USDT in Europe remains uncertain. Some platforms are adopting a wait-and-see approach, while others, like Coinbase, are prioritizing compliance. The regulatory ambiguity underscores the challenges of balancing technological innovation with strict oversight.

隨著 12 月 30 日截止日期的臨近，USDT 在歐洲的未來仍存在不確定性。一些平台正在採取觀望態度，而 Coinbase 等其他平台則優先考慮合規性。監管的模糊性凸顯了平衡技術創新與嚴格監管的挑戰。

The European Securities and Markets Authority (ESMA) has yet to provide definitive guidance on USDT’s status under MiCA. As exchanges and market participants navigate this transitional phase, the need for clear, cohesive directives from regulators is more pressing than ever.

歐洲證券和市場管理局 (ESMA) 尚未就 MiCA 下 USDT 的地位提供明確的指導。隨著交易所和市場參與者度過這一過渡階段，監管機構對明確、一致的指令的需求比以往任何時候都更加緊迫。

Conclusion

結論

The MiCA regulation represents a critical milestone for the European cryptocurrency market, aiming to enhance transparency and consumer protection. However, the lack of clarity regarding key assets like USDT highlights the complexities of implementing such sweeping reforms. As the industry adapts to these changes, the stakes are high for both market participants and regulators to find a path that ensures stability without stifling innovation.

MiCA 法規是歐洲加密貨幣市場的一個重要里程碑，旨在提高透明度和消費者保護。然而，像 USDT 這樣的關鍵資產缺乏明確性，凸顯了實施此類全面改革的複雜性。隨著產業適應這些變化，市場參與者和監管機構都面臨著很高的風險，需要找到一條既確保穩定又不抑制創新的道路。