Crypto.com从2025年1月31日开始

该决定与新的欧洲加密法规，云母有关，并与USDT的发行人Tether未经欧盟认可的事实有关

Crypto.com has announced that starting from January 31, some services on the platform will be interrupted for residents in the EU.

Crypto.com宣布，从1月31日开始，该平台上的一些服务将为欧盟的居民中断。

The exchange does not specify exactly which services, except for the staking of ETH and SOL, but it does state which are the tokens whose services will be interrupted.

该交易所并未确切地指定除了ETH和SOL的积分，但它确实指出了该服务将被中断的令牌。

Such tokens are: USDT, DAI, PYUSD (PayPal USD), PAX (Pax Dollar), PAXG (Pax Gold), WBTC (Wrapped Bitcoin), LCRO (Liquid CRO) and XSGD.

这样的令牌是：USDT，DAI，PYUSD（PayPal USD），Pax（Pax Dollar），Paxg（Pax Gold），WBTC（包装比特币），LCRO（液体CRO）和XSGD。

However, the communication makes explicit reference to the purchases of these tokens, without saying anything about the sale or withdrawal.

但是，通讯明确地引用了这些代币的购买，而无需说出有关销售或提款的任何言论。

The new MiCA regulation officially came into force last year. However, there is still a certain period of time to align.

新的云母法规去年正式生效。但是，仍然有一段时间的一段时间。

A recent official communication from ESMA (European Securities and Markets Authority) indeed states that services related to unauthorized tokens will be suspended in the EU starting from January 31, while there should be time until March 31 to sell or withdraw them.

ESMA（欧洲证券和市场管理局）最近进行的正式沟通确实指出，与未经授权的代币有关的服务将从1月31日开始在欧盟中止，而应该有时间到3月31日出售或撤回。

A previous official communication from ESMA even stated that there was time until July 2026.

ESMA的先前正式沟通甚至说，有时间到2026年7月。

Therefore, there is still no clarity on the matter. What is known is that Crypto.com has decided to follow the guidelines outlined in the latest communication from ESMA.

因此，此事仍然没有明确的清晰度。众所周知，Crypto.com决定遵循ESMA最新通信中概述的指南。

The consequence is that starting from January 31, 2025, on the Crypto.com exchange, it will no longer be possible to purchase tokens like USDT, and it will probably not even be possible to exchange them with other cryptocurrencies. However, it should remain possible to sell them, for example in dollars, or in euros, or in other authorized stablecoins, and withdraw them.

结果是，从2025年1月31日开始，在Crypto.com交易所上，将不再有可能购买像USDT这样的令牌，甚至可能不可能与其他加密货币交换。但是，应该仍然有可能出售它们，例如美元，欧元或其他授权的破坏者，然后撤回它们。

The key point, as reported in the latest communication from ESMA, is that the new European crypto regulation prohibits centralized exchanges from providing services involving asset-referenced tokens (ART) and the e-money money token (EMT) non compliant.

正如ESMA的最新通信中报道的那样，关键点是，新的欧洲加密法规禁止集中式交易所提供涉及资产引用的令牌（ART）和E-Noth Money Token（EMT）不合规的服务。

The ART are tokens collateralized in other assets, such as PAXG and DAI, while the EMT are the stablecoins collateralized and convertible into fiat currencies, such as USDT.

该艺术是在其他资产（例如Paxg和dai）中的代币，而EMT则是稳定的抵押品，可转换为菲亚特货币（例如USDT）。

The fact is that to fall into the category of EMT compliant with MiCA, the token issuer must be recognized by the EU as an authorized issuer of electronic money (e-money). Tether, which issues USDT, is not, therefore USDT in the EU cannot be considered an EMT compliant.

事实是，要属于符合MICA的EMT类别，欧盟必须将代币发行人确认为电子资金授权发行人（E-No-No-None）。发行USDT的Tether不是，因此在欧盟中的USDT不能被视为符合EMT的标准。

The same applies to ART, and since DAI is issued and managed by decentralized smart contracts, there is no single issuing or managing entity that can request and obtain recognition from the EU.

同样适用于艺术，并且由于DAI由分散的智能合约发行和管理，因此没有单一的发行或管理实体可以要求并从欧盟获得认可。

All this explains why residents of the European Union are no longer allowed to use stablecoins like USDT or DAI on centralized crypto exchanges. However, they remain usable on non-custodial wallets and DEXs (decentralized exchanges).

所有这些都解释了为什么不再允许欧盟居民在集中的加密交易所中使用像USDT或DAI这样的稳定​​币。但是，它们仍然可以在非监测钱包和DEX（分散交换）上使用。

First of all, it must be said that for now Crypto.com is the only exchange known to have announced the suspension of services related to USDT in the EU. However, in recent months other exchanges had also suspended some services.

首先，必须说，目前Crypto.com是唯一已知宣布暂停与USDT相关的服务的交易所。但是，最近几个月，其他交易所也暂停了一些服务。

Furthermore, in order to sell or withdraw USDT, DAI, and the other tokens not authorized in the EU, there should still be time until March 31.

此外，为了出售或撤回USDT，DAI和其他未授权的代币，直到3月31日，仍应有时间。

Finally, such limitations concern only centralized exchanges, and probably not even all of them, given that there are some that operate abroad and do not comply with EU regulations.

最后，考虑到有些人在国外运作并且不遵守欧盟法规，这种限制仅涉及集中交易所，甚至可能并非全部。

European users will be able to continue using USDT, DAI, and other non-compliant tokens with MiCA on their non-custodial wallets, which are anonymous and do not require residence verification, and on decentralized exchanges that from this point of view function exactly like non-custodial wallets.

欧洲用户将能够继续使用USDT，DAI和其他与云母的非统一令牌在其非习惯钱包上，它们是匿名的，不需要居住验证，并且从分散的交易所上，从这个角度来看，这些交流的功能与完全完全相同。非习惯钱包。

Those who wish to continue using stablecoins on centralized exchanges in the EU can convert all their stablecoins into compliant tokens, such as USDC, or wait and hope that USDT will eventually become compliant.

那些希望继续在欧盟中的集中交流上使用稳定的人可以将其所有稳定币转换为合规的代币，例如USDC，或者拭目以待，并希望USDT最终会合规。

The problem is that the company Tether does not seem to have any intention of becoming compliant with the MiCA.

问题在于，公司的束缚似乎没有任何意图符合云母。

The company indeed considers it dangerous to carry out all the necessary procedures to be recognized by the EU as an electronic money issuer, because among other things this would entail the need to move the collateral from US bonds to cash held in European banks.

该公司确实认为，执行所有必要的程序将欧盟承认为电子货币发行人是危险的，因为除其他外，这将需要将抵押品从美国的债券转移到欧洲银行持有的现金。

As demonstrated by the case of USDC in March 2023, the collateral (USD) held at banks involves a certain level of risk, because if the bank where it is held closes or fails, the stablecoin issuer loses access to the collateral, effectively creating a gap.

正如2023年3月的USDC案例所证明的那样，在银行举行的抵押品（USD）涉及一定程度的风险，因为如果持有或失败的银行将关闭或失败，Stablecoin发行人将失去抵押品的访问权限，有效地创建了一个差距。

Tether itself had a somewhat similar problem when in 2018 some of its funds were frozen due to the implication of the bank where it held part of the collateral in a judicial investigation.

由于银行在司法调查中占据了部分抵押品的含义，系特特本身也有类似的问题，当时它的一些资金被冻结了。

With US bonds, the risks from this point of view are lower, therefore Tether has decided not to convert its holdings in US bonds into cash, also because thanks to these it obtains an excellent profit.

有了美国的债券，从这种角度来看，风险较低，因此Tether决定不将其在美国债券的持股转换为现金，这也是因为由于这些债券获得了良好的利润。