欧盟加密货币监管促使加密货币交易所、稳定币发行人做出回应

作为对 MiCA 的回应，总部位于加州的 Coinbase COIN 将下架不符合 MiCA 的未经授权的稳定币。

The European Union (EU) has taken a significant step in regulating the cryptocurrency industry with the Markets in Crypto Assets (MiCA) regulation, which came into effect on June 30. This regulation aims to create a unified framework for digital asset markets throughout the EU.

欧盟 (EU) 在监管加密货币行业方面迈出了重要一步，加密资产市场 (MiCA) 法规于 6 月 30 日生效。该法规旨在为整个欧盟的数字资产市场创建统一的框架。

One of the key aspects of MiCA is its focus on stablecoins, which are cryptocurrencies pegged to a fiat currency like the US dollar or euro. Stablecoin issuers are now required to obtain an Electronic Money Institution (EMI) license to operate within the EU.

MiCA 的关键方面之一是其对稳定币的关注，稳定币是与美元或欧元等法定货币挂钩的加密货币。稳定币发行人现在需要获得电子货币机构（EMI）许可证才能在欧盟境内运营。

This license entails stringent compliance requirements, including maintaining a minimum of 30% of their funds in bank deposits for stablecoins with a fixed reference to a fiat currency, known as E-money Tokens. For "significant" stablecoins, at least 60% of fiat reserves must be distributed across multiple institutions.

该许可证需要严格的合规要求，包括将至少 30% 的资金保留在稳定币的银行存款中，并以法定货币（称为电子货币代币）为固定参照。对于“重要”的稳定币，至少 60% 的法定储备必须分布在多个机构。

In response to MiCA, major cryptocurrency exchanges like Coinbase (NASDAQ:COIN) and Binance have adjusted their offerings to comply with the new regulations. Coinbase will reportedly delist unauthorized stablecoins that do not meet MiCA's requirements.

为了回应 MiCA，Coinbase（纳斯达克股票代码：COIN）和 Binance 等主要加密货币交易所已经调整了其产品以符合新规定。据报道，Coinbase 将下架不符合 MiCA 要求的未经授权的稳定币。

Binance, on the other hand, has stated that it will not immediately delist any unauthorized stablecoins on the spot but will limit their availability for European users.

另一方面，币安表示不会立即下架任何未经授权的稳定币，但会限制其对欧洲用户的可用性。

Among the stablecoin issuers, PayPal (NASDAQ:PYPL) has obtained a Luxembourg EU banking license, enabling it to issue its own regulated stablecoin, PayPal USD (PYUSD).

在稳定币发行机构中，PayPal（纳斯达克股票代码：PYPL）已获得卢森堡欧盟银行牌照，使其能够发行自己受监管的稳定币PayPal USD（PYUSD）。

Meanwhile, Circle, the issuer of USDC and EURC stablecoins, has secured an EMI license from France's banking regulator. USDC has outperformed USDT year-to-date by over 10%.

与此同时，USDC和EURC稳定币的发行人Circle已获得法国银行监管机构的EMI牌照。今年迄今，USDC 的表现优于 USDT 10% 以上。

MiCA places a strong emphasis on consumer protection, requiring digital asset operators to obtain a license in an EEA member state to operate across the EU.

MiCA 非常重视消费者保护，要求数字资产运营商在欧洲经济区成员国获得许可证才能在欧盟范围内运营。

Stablecoin issuers must disclose detailed information about their reserve assets and adhere to liquidity, capital standards, and consumer protection measures.

稳定币发行人必须披露有关其储备资产的详细信息，并遵守流动性、资本标准和消费者保护措施。

For instance, stablecoins must be backed by a liquid reserve with a 1/1 ratio and partly by deposits.

例如，稳定币必须由 1/1 比率的流动储备和部分存款支持。

Additionally, MiCA mandates the publication of white papers detailing potential risks and impacts for crypto-assets, along with detailed disclosures of reserve assets.

此外，MiCA 要求发布白皮书，详细说明加密资产的潜在风险和影响，以及储备资产的详细披露。

The regulation also imposes usage caps on foreign currency EMTs, such as USDC and USDT, limiting them to 1 million daily transactions or €200 million in daily transaction value within the EU.

该法规还对 USDC 和 USDT 等外币 EMT 设定了使用上限，将其在欧盟境内的每日交易量限制为 100 万笔或每日交易价值 2 亿欧元。

While MiCA's measures could facilitate broader adoption and integration of crypto into traditional financial systems, the EU crypto regulation introduces complexities that may hinder smaller market players due to increased operational costs and compliance burdens.

虽然 MiCA 的措施可以促进加密货币更广泛地采用和融入传统金融系统，但欧盟加密货币监管带来了复杂性，可能会因运营成本和合规负担增加而阻碍较小的市场参与者。

Tether, the issuer of USDT stablecoin, has criticized MiCA, claiming that it "could not only render the job of a stablecoin issuer extremely complex but also make EU-licensed stablecoins extremely vulnerable and riskier to operate."

USDT 稳定币的发行人 Tether 批评 MiCA，声称它“不仅会使稳定币发行人的工作变得极其复杂，而且还会使欧盟许可的稳定币极其脆弱且运营风险更大。”

Tether has not yet secured the EMI license but "is developing a technology-based solution" "to serve the necessities of the European market."

Tether 尚未获得 EMI 许可证，但“正在开发一种基于技术的解决方案”，“以满足欧洲市场的需求”。

In contrast to the EU's unified approach, the US regulatory landscape for cryptocurrencies remains fragmented, with different states and federal agencies imposing varying rules.

与欧盟的统一方法相反，美国的加密货币监管格局仍然分散，不同的州和联邦机构实施不同的规则。

The US has yet to implement a comprehensive framework, with discussions around stablecoin regulation and central bank digital currencies (CBDCs) still ongoing. This disparate regulatory environment creates uncertainties for crypto businesses operating across jurisdictions.

美国尚未实施全面的框架，围绕稳定币监管和央行数字货币（CBDC）的讨论仍在进行中。这种不同的监管环境给跨司法管辖区运营的加密货币业务带来了不确定性。

However, the regulatory approach in 2023 has resulted in an increase in euro-dominated trading volumes at a faster pace than the dollar. Notably, the euro leads the dollar in cryptocurrency trading as only 1% of transactions were completed using stablecoins versus 90% in the US.

然而，2023 年的监管措施导致以欧元为主的交易量增长速度快于美元。值得注意的是，欧元在加密货币交易中领先于美元，因为只有 1% 的交易是使用稳定币完成的，而美国这一比例为 90%。

The market size of European cryptocurrency exchanges is set to grow to $14.3 billion this year and reach 218.6 million users by next year, presenting a significant opportunity for major crypto players.

欧洲加密货币交易所的市场规模今年将增长至 143 亿美元，明年用户数量将达到 2.186 亿，这为主要加密货币参与者提供了重大机遇。

Coinbase's international business, which includes Europe, contributed approximately 17% of its total revenue in Q1 2024. By aligning with MiCA, Coinbase can leverage its regulatory approach within Europe and potentially increase its regional revenue share through derivatives in Europe.

Coinbase 的国际业务（包括欧洲）在 2024 年第一季度贡献了其总收入的约 17%。通过与 MiCA 合作，Coinbase 可以利用其在欧洲的监管方式，并有可能通过欧洲的衍生品增加其区域收入份额。

Coinbase’s strong foundation with USDC, Circle's MiCA-compliant stablecoin, positions the company to benefit from the regulatory environment in Europe.

Coinbase 与 Circle 符合 MiCA 的稳定币 USDC 建立了坚实的基础，使该公司能够从欧洲的监管环境中受益。

The world's biggest tech companies have been waiting for regulatory clarity to integrate crypto. With MiCA, "they’re all hoping that it happens in the U.S. as well," Armstrong said. "We're bullish on this."

全球最大的科技公司一直在等待监管的明确性以整合加密货币。对于 MiCA，“他们都希望这也能在美国发生，”阿姆斯特朗说。 “我们看好这一点。”