USDT 和 MiCA

正如 ESMA 官方聲明所強調的，資產參考代幣（ART）和電子貨幣代幣（EMT）是受 MiCA 監管的活動。

The European Securities and Markets Authority (ESMA) announced measures for crypto exchanges operating in the European Union (EU) on Friday.

歐洲證券和市場管理局（ESMA）週五宣布了針對在歐盟（EU）運營的加密貨幣交易所的措施。

According to the statement, exchanges are required to apply restrictions on certain cryptocurrencies, including USDT, for EU citizens.

根據聲明，交易所必須對歐盟公民的某些加密貨幣（包括 USDT）實施限制。

The measures are being taken to align services with the Markets in Crypto Assets (MiCA) Regulation, which came into effect recently.

正在採取這些措施，以使服務與最近生效的加密資產市場（MiCA）法規保持一致。

The statement highlights that asset-referenced tokens (ARTs) and e-money tokens (EMTs) are activities regulated by MiCA.

該聲明強調，資產參考代幣（ART）和電子貨幣代幣（EMT）是受 MiCA 監管的活動。

In theory, USDT should be classified as an e-money token, but Tether is not recognized by the EU as an issuer of e-money (electronic money).

理論上來說，USDT應該被歸類為電子貨幣代幣，但Tether並不被歐盟認可為電子貨幣（電子貨幣）的發行者。

Therefore, formally, USDT cannot fall into the category of e-money tokens, since these can only be issued by recognized issuers of electronic money.

因此，從形式上來說，USDT不能屬於電子貨幣代幣的範疇，因為它們只能由認可的電子貨幣發行人發行。

However, if it does not fall into the category of e-money tokens, it can fully qualify as asset-referenced tokens, which are tokens that represent on-chain external assets (in this case USD).

然而，如果它不屬於電子貨幣代幣的範疇，那麼它完全有資格成為資產參考代幣，即代表鏈上外部資產（在本例中為美元）的代幣。

Therefore, on one hand, the European regulations on e-money tokens should not be applicable to USDT, but on the other hand, those on asset-referenced tokens should be applicable. In other words, the statements of ESMA also apply to USDT.

因此，一方面，歐洲有關電子貨幣代幣的法規不應適用於USDT，但另一方面，有關資產參考代幣的法規應適用。也就是說，ESMA的聲明也適用於USDT。

It's important to note that these measures only apply to the countries of the EU, since the MiCA is an EU regulation valid only within the European Union.

值得注意的是，這些措施僅適用於歐盟國家，因為 MiCA 是一項僅在歐盟內部有效的歐盟法規。

For precision, the exchanges will be required to apply it only to users who are residents in EU countries.

為了精確起見，交易所將被要求僅應用於歐盟國家居民的用戶。

It will be up to the exchanges to ensure that the new MiCA regulations are applied to their users who are residents in the EU, while ESMA can only warn, and then at most monitor.

交易所將負責確保新的 MiCA 法規適用於歐盟居民用戶，而 ESMA 只能發出警告，最多進行監控。

The official statements from ESMA state that the so-called CASP (providers of services related to cryptocurrencies) operating in the EU should promptly take measures to align their services with MiCA.

ESMA 的官方聲明指出，在歐盟營運的所謂 CASP（加密貨幣相關服務提供者）應立即採取措施，使其服務與 MiCA 保持一致。

This means that CASPs should stop making available for trading all cryptos that belong to the ART group, and those that belong to EMT but for which the issuer is not authorized by the EU (EMT non-compliant with MiCA).

這意味著 CASP 應停止提供屬於 ART 組的所有加密貨幣以及屬於 EMT 但發行人未經歐盟授權的加密貨幣（EMT 不符合 MiCA）。

ESMA expects that the restrictions on existing services will be completed by the end of January 2025, but that sales services can be maintained until the end of the first quarter of 2025.

ESMA預計對現有服務的限制將於2025年1月結束，但銷售服務可以維持到2025年第一季末。

Furthermore, it suggests that CASPs launch communication campaigns aimed at EU investors to inform them of these things, and requests that they implement procedures and initiatives to facilitate the liquidation of these crypto.

此外，它建議 CASP 發起針對歐盟投資者的溝通活動，告知他們這些事情，並要求他們實施程序和舉措，以促進這些加密貨幣的清算。

In theory, the MiCA regulations would have already come into force, but the restrictions do not appear to have been applied yet.

理論上，MiCA 法規已經生效，但這些限制似乎尚未實施。

The timelines suggested by ESMA do not seem to be binding, but appear more like estimates or forecasts by the authority. However, they also mean that after the indicated dates, the supervisory authority could start conducting checks to verify that they have been applied.

ESMA建議的時間表似乎不具有約束力，但看起來更像是當局的估計或預測。然而，它們也意味著在指定日期之後，監管機構可以開始進行檢查以驗證它們是否已被應用。

The first restrictions concern purchases and all those services that do not involve sales. These restrictions, according to what has been stated by ESMA, are expected to be applied by January 31.

第一個限制涉及購買和所有不涉及銷售的服務。根據 ESMA 的說法，這些限制預計將於 1 月 31 日實施。

Therefore, in theory, from the first of February, crypto exchanges should prevent their customers who are residents in the EU from purchasing USDT and using them for any product or instrument that does not foresee their sale.

因此，從理論上講，從 2 月 1 日起，加密貨幣交易所應阻止其歐盟居民客戶購買 USDT 並將其用於任何無法預見其銷售的產品或工具。

Furthermore, starting from the first of April, they should also prohibit its sale.

而且，從四月一號開始，他們也應該禁止銷售。

It should be remembered that these impositions only concern centralized exchanges, while they do not apply to DEX or non-custodial wallets, also because they are anonymous and do not require the user to declare and prove their residence.

應該記住，這些強制措施僅涉及中心化交易所，而不適用於 DEX 或非託管錢包，這也是因為它們是匿名的，不需要用戶聲明和證明其居住地。

The first possible solution for EU users is to move USDT, and other tokens that will be delisted, to non-custodial wallets. It is recommended to transfer them to non-custodial wallets that allow decentralized swaps, so that you can freely exchange your USDT at any time, for example into USDC (USDC is an EMT compliant with MiCA, so it will not be delisted).

對於歐盟用戶來說，第一個可能的解決方案是將 USDT 和其他將被下架的代幣轉移到非託管錢包。建議將其轉移到允許去中心化兌換的非託管錢包，以便您可以隨時自由兌換您的USDT，例如兌換成USDC（USDC是符合MiCA的EMT，因此不會下架）。

The second is to wait for the individual exchanges to inform their users about the procedures they offer for the exchange.

第二是等待各個交易所告知其用戶他們提供的交易所程式。

The third is to hope that in the meantime USDT becomes MiCA compliant (but time is running out). It should be noted that Tether is also a partner of some companies that issue MiCA-compliant dollar stablecoins (such as USDQ), therefore it is also possible that Tether itself somehow provides some tool to convert USDT into tokens that will not be delisted in the EU.

第三是希望同時USDT能夠相容於MiCA（但時間已經不多了）。需要注意的是，Tether 也是一些發行符合MiCA 的美元穩定幣（如USDQ）的公司的合作夥伴，因此Tether 本身也有可能以某種方式提供了一些工具，將USDT 轉換為不會在交易所下架的代幣。