Ethena Labs离开德国，丢弃MACAR许可追求

Ethena Labs已正式退出了德国，不再寻求MACAR许可。该退出是在将Stablecoin操作转移到其离岸实体的几周后。

Ethena Labs has pulled out of Germany and is no longer seeking MiCAR licensing, the issuer of USDe stablecoin disclosed. The exit, which comes weeks after shifting stablecoin operations to its British Virgin Islands (BVI) entity, signals industry discomfort around Europe's strict crypto regulations.

USDE Stablecoin的发行人透露，Ethena Labs已退出德国，不再寻求Micar许可。该出口是在将Stablecoin运营转移到其英属维尔京群岛（BVI）实体几周后，这表明欧洲严格的加密法规中的行业不适。

Why Did Ethena Labs Exit Germany and Drop MiCAR License?

Ethena Labs为什么退出德国并删除MACAR许可证？

Ethena Labs为什么退出德国并删除MACAR许可证？

The issuer of USDe stablecoin has reached an agreement with BaFin, the country’s financial regulator to shut down its German subsidiary, Ethena GmbH.

USDE Stablecoin的发行人已与该国的金融监管机构Bafin达成协议，以关闭其德国子公司Ethena GmbH。

In a recent post on X, Ethena disclosed that since March 21, no minting or redemption of USDe took place through its German entity. Instead, Ethena (BVI) Limited has assumed full operational control, processing all activity without disruption.

埃塞纳（Ethena）在最近的一篇关于X的文章中透露，自3月21日以来，USDE没有通过其德国实体进行造币或赎回。取而代之的是，Ethena（BVI）有限公司已经采用了完全的操作控制，处理所有活动而不会中断。

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In its official statement, the crypto firm clarified that all previously whitelisted users in Germany have been seamlessly onboarded to the BVI-based platform at their request, leaving Ethena GmbH with no direct customers or ongoing operations.

这家加密货币公司在其官方声明中澄清说，德国所有以前的白名单用户都按照他们的要求无缝地登机到基于BVI的平台上，而Ethena GmbH则没有直接客户或正在进行的操作。

While Ethena offered no specific reason, market observers point to MiCAR’s strict compliance demands as a key deterrent for firms that prioritize speed, flexibility, and privacy.

尽管Ethena没有提供具体的原因，但市场观察家指出，Micar严格的合规性要求是对优先级速度，灵活性和隐私优先级的公司的关键威慑。

How Strict is Europe’s MiCAR Regulation Proving to Be?

欧洲的质量法规被证明是多么严格？

欧洲的质量法规被证明是多么严格？

Ethena’s exit aligns with a broader trend of crypto firms reassessing their European strategy as MiCAR enforcement nears. The difficulty in meeting MiCAR’s requirements was also highlighted by Circle executive Patrick Hansen, citing ESMA figures as of April 14, reported only 11 stablecoin issuers and 15 crypto-asset service providers (CASPs) had received MiCA licenses across the entire European Economic Area (EEA).

Ethena的退出与加密货币公司的更广泛趋势相吻合，因为MICAR执法临近，重新评估其欧洲战略。 Circle执行帕特里克·汉森（Patrick Hansen）也强调了满足MICAR要求的困难，截至4月14日，ESMA数字报告说，只有11名Stablecoin发行人和15个加密资产服务提供商（CASP）在整个欧洲经济领域（EEA）获得了云母许可证。

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Hansen emphasized that without a MiCA license, crypto firms cannot offer their services across the 30 countries in the European Economic Area (EEA).

汉森强调，如果没有云母许可证，加密货币公司就无法在欧洲经济区（EEA）的30个国家 /地区提供服务。

In more signs of increasing enforcement, Italy’s financial authority, CONSOB, was also seen adding 15 names to its list of non-compliant entities, under the new framework.

在更大的执法迹象中，在新框架下，也看到意大利的财务权力Consob在其不合规实体列表中添加了15个名称。

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