公佈歐盟 DeFi 監管路線圖：綜合指南

歐盟委員會正在評估 DeFi 市場，以確定該行業監管的可行性，報告將於 2024 年 12 月提交。該地區的數位資產監管框架（稱為 MiCA）需要進行此項評估。該報告將重點關注去中心化系統，特別是加密資產借貸的監管。人們對一些加密貨幣項目的法律可行性表示擔憂，去中心化交易所可能面臨許可要求。

Unveiling the Regulatory Landscape for DeFi in Europe: A Comprehensive Analysis

揭秘歐洲 DeFi 監理格局：綜合分析

As the burgeoning realm of decentralized finance (DeFi) continues to gain traction, regulatory authorities across the globe are grappling with the task of establishing a framework that fosters innovation while safeguarding consumer interests. The European Union, a prominent player in the global financial landscape, is poised to play a pivotal role in shaping the regulatory landscape for DeFi within its borders.

隨著去中心化金融（DeFi）領域的不斷發展，全球監管機構都在努力解決建立一個框架的任務，以促進創新，同時保護消費者利益。歐盟作為全球金融格局的重要參與者，準備在塑造其境內 DeFi 監管格局方面發揮關鍵作用。

The MiCA Framework: A Regulatory Catalyst

MiCA 框架：監管催化劑

The Markets in Crypto-Assets (MiCA) regulation, a comprehensive framework governing digital assets within the European Union, has set the stage for a thorough evaluation of the DeFi market. The European Commission, the executive arm of the EU, is mandated to prepare a report by December 30, 2024, assessing the decentralized finance landscape and exploring the feasibility of tailored regulations for the sector.

加密資產市場 (MiCA) 監管是歐盟範圍內管理數位資產的綜合框架，為全面評估 DeFi 市場奠定了基礎。歐盟委員會是歐盟的執行機構，被授權在 2024 年 12 月 30 日之前準備一份報告，評估去中心化金融格局並探索為該行業量身定制監管的可行性。

Exploring the Regulatory Frontiers of DeFi

探索 DeFi 的監管前沿

This report will delve into the regulatory challenges posed by decentralized systems, particularly those lacking clear issuers or service providers. Central to this assessment will be the examination of regulations governing crypto-asset lending and borrowing, a core activity within the DeFi ecosystem. DeFi, in contrast to traditional finance systems, leverages blockchain technology to facilitate peer-to-peer finance, bypassing the need for intermediaries like banks and financial service providers.

本報告將深入探討去中心化系統所帶來的監管挑戰，特別是那些缺乏明確發行人或服務提供者的系統。此次評估的核心將是審查管理加密資產借貸的法規，這是 DeFi 生態系統中的核心活動。與傳統金融系統相比，DeFi 利用區塊鏈技術來促進點對點金融，繞過了對銀行和金融服務提供者等中介機構的需求。

Industry Concerns and the Scope of DeFi Regulation

產業擔憂和 DeFi 監管範圍

The prospect of new regulations has ignited concerns among industry stakeholders regarding the legal viability of certain crypto projects. Rune Christensen, co-founder of MakerDAO, has expressed apprehension that the proposed rules could potentially subject DeFi interfaces, such as decentralized exchanges, to licensing requirements. Such a measure, he argues, would effectively render the current model of DeFi frontends on internet domains obsolete, leaving only fully decentralized, downloaded frontends or fully compliant online frontends as viable options.

新法規的前景引發了行業利益相關者對某些加密項目的法律可行性的擔憂。 MakerDAO 聯合創始人 Rune Christensen 表示擔心擬議的規則可能會使去中心化交易所等 DeFi 介面受到許可要求的影響。他認為，這樣的措施將有效地使當前互聯網領域的 DeFi 前端模型變得過時，只留下完全去中心化、下載的前端或完全兼容的在線前端作為可行的選擇。

Similarly, Nathan Catania, partner at XReg Consulting, believes that any DeFi regulation would encompass non-fully decentralized applications, including DeFi frontends. Catania emphasizes the lack of a clear definition of "decentralization" within the MiCA regulation, highlighting that the scope of DeFi rules will hinge on the criteria used to determine this concept.

同樣，XReg Consulting 合夥人 Nathan Catania 認為，任何 DeFi 監管都將涵蓋非完全去中心化的應用程序，包括 DeFi 前端。卡塔尼亞強調 MiCA 法規中缺乏對「去中心化」的明確定義，並強調 DeFi 規則的範圍將取決於用於確定這一概念的標準。

Defining Decentralization: A Key Challenge

定義去中心化：一個關鍵挑戰

Catania underscores the potential for even protocols that fall short of full decentralization to be deemed as performing Crypto-Asset Service Provider (CASP) services, such as exchanging crypto-assets. For front-end applications, services like receiving and transmitting orders on behalf of third parties could also fall under regulatory scrutiny. The strictness of enforcement by regulators will ultimately determine the impact of these regulations.

卡塔尼亞強調，即使是未達到完全去中心化的協議也有可能被視為執行加密資產服務提供者（CASP）服務，例如交換加密資產。對於前端應用程序，代表第三方接收和傳輸訂單等服務也可能受到監管審查。監管機構執法的嚴格程度將最終決定這些法規的影響。

In addition to the MiCA framework, the Financial Action Task Force (FATF) is another influential body shaping the regulatory landscape for DeFi. FATF proposes that individuals or entities exercising control or significant influence over DeFi arrangements may be categorized as Virtual Asset Service Providers (VASPs), even if the arrangements appear decentralized. This classification underscores the complexities involved in defining and regulating DeFi activities.

除了 MiCA 框架之外，金融行動特別工作小組（FATF）是塑造 DeFi 監管格局的另一個有影響力的機構。 FATF 提議，對 DeFi 安排行使控制權或重大影響力的個人或實體可以被歸類為虛擬資產服務提供者（VASP），即使這些安排看起來是去中心化的。這種分類強調了定義和監管 DeFi 活動的複雜性。

The Rise of DeFi: A Statistical Snapshot

DeFi 的崛起：統計快照

Data from DefiLlama reveals a remarkable surge in the total value locked (TVL) in DeFi protocols over the past four years. From a modest $570 million in April 2020, the TVL has soared to an impressive $96.7 billion at the time of writing, representing a staggering 16,865% growth. This exponential growth underscores the growing significance of DeFi within the financial ecosystem.

DefiLlama 的數據顯示，過去四年來 DeFi 協議的鎖定總價值（TVL）顯著激增。 TVL 從 2020 年 4 月的 5.7 億美元小幅成長到撰寫本文時的 967 億美元，增幅高達 16,865%。這種指數級成長凸顯了 DeFi 在金融生態系統中日益增長的重要性。

The Balancing Act: Innovation vs. Protection

平衡法：創新與保護

The regulatory challenge facing policymakers lies in striking a delicate balance between fostering innovation and protecting consumers. DeFi offers the potential to revolutionize the financial landscape, but its decentralized nature raises concerns about market manipulation, scams, and financial instability. Regulations must be carefully crafted to address these risks without stifling innovation.

政策制定者面臨的監管挑戰在於如何在促進創新和保護消費者之間取得微妙的平衡。 DeFi 具有徹底改變金融格局的潛力，但其去中心化性質引起了人們對市場操縱、詐騙和金融不穩定的擔憂。必須精心製定法規來應對這些風險，同時又不扼殺創新。

Conclusion: A Regulatory Landscape in Flux

結論：不斷變化的監管格局

As the European Commission prepares its report on DeFi, the regulatory landscape for this transformative technology remains in a state of flux. The outcome of this evaluation will have significant implications for the future of DeFi within the EU. By carefully considering the complexities of DeFi and the concerns of stakeholders, policymakers have the opportunity to establish a regulatory framework that encourages responsible innovation while safeguarding the interests of consumers and the stability of the financial system.

在歐盟委員會準備 DeFi 報告之際，這項變革性技術的監管環境仍處於不斷變化的狀態。此次評估的結果將對歐盟內部 DeFi 的未來產生重大影響。透過仔細考慮 DeFi 的複雜性和利害關係人的擔憂，政策制定者有機會建立一個監管框架，鼓勵負責任的創新，同時維護消費者的利益和金融體系的穩定。