欧洲 Coinbase 用户对新的加密货币法规表示失望

在欧洲 Coinbase 交易所宣布将停止稳定币美元代币 (USDC) 的收益计划后，欧洲用户对该地区不断演变的加密货币法规表示失望。

Coinbase users in Europe are facing the brunt of the region’s evolving crypto regulations, with the latest setback being the exchange’s announcement that it will discontinue its yield program for the stablecoin USD Coin (USDC).

欧洲的 Coinbase 用户正面临着该地区不断发展的加密货币法规的冲击，最新的挫折是该交易所宣布将停止稳定币美元硬币 (USDC) 的收益计划。

The decision, which was communicated to affected users via email on November 28, is a direct consequence of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

该决定于 11 月 28 日通过电子邮件传达给受影响的用户，这是欧盟加密资产市场 (MiCA) 监管框架的直接后果。

As a result, the USDC rewards program will conclude on December 1 for customers residing within the European Economic Area (EEA), which encompasses all EU member states, Iceland, Norway, and Liechtenstein.

因此，USDC 针对居住在欧洲经济区 (EEA)（包括所有欧盟成员国、冰岛、挪威和列支敦士登）的客户的奖励计划将于 12 月 1 日结束。

According to the email, users who are still eligible for the program will continue to accrue rewards until November 30.

根据该电子邮件，仍有资格参与该计划的用户将继续获得奖励，直至 11 月 30 日。

The announcement was swiftly met with criticism within the crypto community. Paul Berg, CEO of crypto infrastructure provider Sablier, took to X (formerly Twitter) to express his wry observation:

该公告很快遭到加密货币社区的批评。加密基础设施提供商 Sablier 的首席执行官 Paul Berg 在 X（前身为 Twitter）上表达了他的讽刺观察：

“Very grateful to the EU for protecting me against earning a yield on my USDC holdings on Coinbase. It's funny how often regulations prevent companies from doing things that are unarguably pro-consumer.”

“非常感谢欧盟保护我免于从我在 Coinbase 上持有的 USDC 中赚取收益。有趣的是，法规经常阻止公司做毫无争议的有利于消费者的事情。”

As a backdrop, MiCA aims to bolster consumer protection and promote financial stability in the rapidly evolving digital asset landscape.

在此背景下，MiCA 旨在在快速发展的数字资产格局中加强消费者保护并促进金融稳定。

The framework delineates specific requirements for stablecoin issuers, distinguishing between asset-referenced tokens (backed by a basket of assets) and e-money tokens (pegged to a single fiat currency, such as USDC).

该框架规定了稳定币发行人的具体要求，区分资产参考代币（由一篮子资产支持）和电子货币代币（与单一法定货币挂钩，例如 USDC）。

Crucially, issuers of stablecoins must maintain sufficient reserves to facilitate redemption at any time. They are also subject to operational and prudential standards, which include robust governance structures and transparent reporting.

至关重要的是，稳定币发行者必须保持足够的准备金以方便随时赎回。它们还受到运营和审慎标准的约束，其中包括健全的治理结构和透明的报告。

While these regulations are designed to safeguard the financial system, some provisions have created operational hurdles for crypto firms.

虽然这些法规旨在保护金融体系，但一些规定为加密货币公司造成了运营障碍。

One such clause, which is outlined in Article 58 of MiCA, explicitly prohibits interest payments or yields on asset-referenced tokens based on the duration of ownership, effectively rendering yield programs like Coinbase’s USDC rewards incompatible with the regulatory framework.

MiCA 第 58 条概述了这样的一项条款，明确禁止根据所有权期限对资产参考代币支付利息或收益，这实际上使 Coinbase 的 USDC 奖励等收益计划与监管框架不相容。

The provision in question states:

该条文规定：

“To reduce the risk that asset-referenced tokens are used as a store of value, issuers of asset-referenced tokens and crypto-asset service providers, when providing crypto-asset services related to asset-referenced tokens, should not grant interest to holders of asset-referenced tokens related to the length of time during which such holders are holding those asset-referenced tokens.”

“为降低资产参考代币被用作价值储存的风险，资产参考代币发行者和加密资产服务提供商在提供与资产参考代币相关的加密资产服务时，不应向持有者授予利息资产参考代币的数量与这些持有者持有这些资产参考代币的时间长度有关。”

The implementation of MiCA is being undertaken in phases, with the initial stage focusing on stablecoins, crypto-asset service providers, and trading platforms.

MiCA的实施分阶段进行，初始阶段重点关注稳定币、加密资产服务提供商和交易平台。

Coinbase’s decision to halt its USDC yield program in the EEA is a direct consequence of the operational challenges posed by MiCA’s provisions, particularly the prohibition on interest payments for asset-referenced tokens.

Coinbase 决定停止在 EEA 的 USDC 收益计划，是 MiCA 条款带来的运营挑战的直接后果，特别是禁止资产参考代币支付利息。

The broader implications of this move will become evident as crypto firms navigate the evolving regulatory landscape in Europe, striking a balance between consumer protection and operational sustainability.

随着加密货币公司应对欧洲不断变化的监管环境，在消费者保护和运营可持续性之间取得平衡，这一举措的更广泛影响将变得显而易见。