ESMA 滞后的加密货币监管：欧盟采用的障碍

由于资源限制，欧盟证券监管机构 ESMA 在跟上加密货币监管方面面临挑战。尽管加密货币的重要性与日俱增，并且需要强大的监管框架，但 ESMA 有限的预算和员工能力阻碍了其有效监督不断变化的加密货币格局的能力。这种延迟可能会导致欧盟在接受加密货币和区块链技术方面落后于其他市场。

ESMA's Regulatory Lag: A Roadblock to Crypto Adoption in the EU

ESMA 的监管滞后：欧盟采用加密货币的障碍

Is the European Union falling behind in the race to regulate cryptocurrencies? The European Securities and Markets Authority (ESMA), the bloc's financial watchdog, is facing significant challenges in keeping pace with the rapidly evolving crypto landscape.

欧盟在监管加密货币的竞赛中是否落后了？欧盟的金融监管机构欧洲证券和市场管理局（ESMA）在跟上快速发展的加密货币格局方面面临着重大挑战。

Resource Constraints: A Stifling Hand

资源限制：令人窒息的手

"Is ESMA Understaffed and Underfunded?"

“ESMA 是否人手不足且资金不足？”

ESMA's chairperson, Verena Ross, has acknowledged the agency's resource constraints as a major obstacle. With a limited staff of just 300 and a budget of €75.2 million, ESMA is struggling to keep up with its expanding mandate.

ESMA 主席维雷娜·罗斯 (Verena Ross) 承认该机构的资源限制是一个主要障碍。 ESMA 的员工有限，仅有 300 人，预算为 7520 万欧元，正在努力跟上其不断扩大的任务。

The consequences are tangible. ESMA has been forced to delay its assessment of the potential inclusion of crypto assets in Ucits funds, a popular investment vehicle for European retail investors. The deadline, originally set for October 2023, has now been pushed back to late 2024 or early 2025.

后果是显而易见的。 ESMA 被迫推迟对 Ucits 基金纳入加密资产的可能性进行评估，Ucits 基金是欧洲散户投资者受欢迎的投资工具。原定的截止日期为 2023 年 10 月，现已推迟至 2024 年底或 2025 年初。

Missed Opportunities and Capital Flight

错失机会和资本外逃

"Is Europe Missing Out on Crypto's Potential?"

“欧洲是否错过了加密货币的潜力？”

While the EU lags, other jurisdictions are embracing cryptocurrencies with open arms. The United States, for example, has seen a surge in Bitcoin exchange-traded funds (ETFs), with $11 billion in net inflows since January 2024.

虽然欧盟落后了，但其他司法管辖区正在张开双臂拥抱加密货币。例如，美国的比特币交易所交易基金（ETF）激增，自 2024 年 1 月以来净流入达 110 亿美元。

This regulatory agility has given U.S. investors easy access to the crypto market, in stark contrast to Europe's slow and restrictive approach. As a result, European capital is fleeing to more favorable jurisdictions overseas.

这种监管灵活性使美国投资者可以轻松进入加密货币市场，这与欧洲缓慢且限制性的做法形成鲜明对比。结果，欧洲资本正在逃往海外更有利的司法管辖区。

Lack of Harmonization: A Regulatory Quagmire

缺乏协调：监管泥潭

"Is Fragmentation Hampering Crypto Regulation in the EU?"

“碎片化是否阻碍了欧盟的加密货币监管？”

The EU's lack of harmonized crypto regulations is another major challenge. This patchwork approach has created inconsistencies across member states.

欧盟缺乏统一的加密货币法规是另一个重大挑战。这种拼凑的方法造成了成员国之间的不一致。

For instance, while Irish regulations prohibit Ucits funds from investing in crypto, Spain allows such exposure through exchange-traded products. This regulatory fragmentation makes it difficult for businesses to operate across borders and for investors to navigate the complex landscape.

例如，虽然爱尔兰法规禁止 Ucits 基金投资加密货币，但西班牙允许通过交易所交易产品进行此类投资。这种监管分散使得企业难以跨境运营，投资者也难以应对复杂的环境。

The Urgent Need for Action

迫切需要采取行动

"Is the EU Playing Catch-Up on Crypto?"

“欧盟正在追赶加密货币吗？”

The convergence of traditional finance and cryptocurrencies underscores the urgent need for a clear and cohesive regulatory framework in the EU. The rise of U.S.-based ETFs and the UK's receptiveness to similar offerings highlight the growing importance of this issue.

传统金融和加密货币的融合凸显了欧盟迫切需要一个明确且有凝聚力的监管框架。美国 ETF 的兴起以及英国对类似产品的接受度凸显了这个问题日益重要。

ESMA recognizes this interconnectedness and emphasizes the importance of getting the Ucits review right. However, without adequate resources, the agency is hamstrung in its efforts to keep pace with the rapidly evolving crypto market.

ESMA 认识到这种相互关联性，并强调正确进行 Ucits 审查的重要性。然而，由于没有足够的资源，该机构在跟上快速发展的加密货币市场的步伐方面受到了阻碍。

Rethinking ESMA's Role

重新思考 ESMA 的角色

"How Can ESMA Adapt to the Crypto Era?"

“ESMA 如何适应加密时代？”

To address ESMA's resource constraints, the EU needs to consider strategic staff allocation and potential retraining programs to specialize in crypto regulation. A phased rollout of the Markets in Crypto-Assets (MiCA) regulation could also ease the implementation burden for both ESMA and member states.

为了解决 ESMA 的资源限制，欧盟需要考虑战略性的人员分配和潜在的再培训计划，以专门从事加密货币监管。分阶段推出加密资产市场 (MiCA) 监管也可以减轻 ESMA 和成员国的实施负担。

A well-funded and empowered ESMA is crucial for fostering innovation, protecting investors, and ensuring that the EU remains competitive in the global digital asset landscape. Without addressing ESMA's resource challenges, the EU risks falling further behind in the race to regulate cryptocurrencies effectively.

资金充足且授权的 ESMA 对于促进创新、保护投资者以及确保欧盟在全球数字资产格局中保持竞争力至关重要。如果不解决 ESMA 的资源挑战，欧盟就有可能在有效监管加密货币的竞赛中进一步落后。