欧洲 DeFi 监管：对加密货币和传统金融的影响

即将出台的欧洲去中心化金融（DeFi）协议法规可能会给加密原生项目带来挑战，同时鼓励传统金融机构进入加密领域。欧洲加密倡议执行董事 Marina Markezic 表示，监管可能会放宽传统参与者的准入门槛，并要求加密原生项目更严格的许可和合规性。欧盟旨在定义 DeFi 的监管范围，承认从完全去中心化到具有不同程度控制的系统的范围。

European Crypto Regulations: Implications for DeFi and Traditional Finance

欧洲加密货币法规：对 DeFi 和传统金融的影响

Brussels, Belgium - Proposed regulations for decentralized finance (DeFi) protocols in Europe are poised to create significant challenges for crypto-native projects while potentially paving the way for licensed traditional financial institutions (TFIs) to enter the cryptocurrency market. This is the assessment of Marina Markezic, Executive Director of the European Crypto Initiative (ECI).

比利时布鲁塞尔 - 欧洲去中心化金融 (DeFi) 协议的拟议法规将为加密原生项目带来重大挑战，同时可能为获得许可的传统金融机构 (TFI) 进入加密货币市场铺平道路。这是欧洲加密货币倡议（ECI）执行董事 Marina Markezic 的评价。

In an exclusive interview with Cointelegraph, Markezic delved into the implications of the European Commission's upcoming DeFi report, anticipated for release on December 30, 2024. The report will delve into the feasibility of specific regulations for the DeFi ecosystem within the framework of the Markets in Crypto-Assets (MiCA) regulation.

在接受 Cointelegraph 独家采访时，Markezic 深入探讨了欧盟委员会即将于 2024 年 12 月 30 日发布的 DeFi 报告的影响。该报告将深入探讨在欧洲市场框架内对 DeFi 生态系统进行具体监管的可行性。加密资产 (MiCA) 监管。

Facilitating TFI Entry, Hindered Innovation

促进TFI进入，阻碍创新

"We believe that this regulation will encourage traditional players to enter the crypto space," remarked Markezic regarding the expected impacts. She noted that banks are already exploring the issuance of stablecoins, a crypto asset pegged to a stable currency like the US dollar.

“我们相信这项规定将鼓励传统参与者进入加密货币领域，”Markezic 在谈到预期影响时说道。她指出，银行已经在探索发行稳定币，这是一种与美元等稳定货币挂钩的加密资产。

However, she cautioned that the impending regulatory landscape "will make it harder for all crypto native projects to get licensed and be compliant." This could give TFIs an advantage in navigating regulatory complexities.

然而，她警告说，即将到来的监管环境“将使所有加密原生项目更难获得许可和合规。”这可以使 TFI 在应对监管复杂性方面具有优势。

Defining Decentralization: A Spectrum of Control

定义权力下放：控制范围

The EU report seeks to clarify how decentralized systems should be regulated, particularly those without a clear issuer or service provider, such as decentralized exchanges (DEXs). A key outcome will be the establishment of initial definitions for decentralization from a regulatory standpoint.

欧盟报告试图阐明如何监管去中心化系统，特别是那些没有明确发行者或服务提供商的系统，例如去中心化交易所（DEX）。一个关键成果将是从监管角度建立权力下放的初步定义。

Markezic argues that "DeFi is not a black and white scenario but rather exists along a spectrum." This spectrum encompasses varying degrees of control and management, ranging from fully autonomous systems with no human intervention to systems with varying levels of oversight.

Markezic 认为，“DeFi 并不是一个非黑即白的场景，而是存在于一个范围内。”该范围涵盖不同程度的控制和管理，从无需人工干预的完全自主系统到具有不同监督级别的系统。

Advocating for Standards over Rigid Rules

Legal experts emphasize the need for clear standards rather than stringent rules for DeFi regulation. "It is crucial to align on what constitutes DeFi," asserted Sascha Drobnjak, former head of legal and compliance at the Elusiv protocol. "Rigid rules pose challenges for enforcing regulations in a system without a tangible actor."

Drobnjak believes that regulations based on principles and standards provide greater adaptability to future technological innovations.

DeFi: Disrupting Traditional Finance

DeFi refers to financial services built on public blockchains, primarily Ethereum. It replicates services offered by banks and financial institutions, such as lending, borrowing, trading, and insurance, but operates without intermediaries.

Europe's DeFi market is projected to experience significant growth in the coming years. Statista forecasts revenue generation of approximately $6.69 billion in 2024, with a compound annual growth rate of 9.67% between 2024 and 2028, reaching $9.68 billion by 2028.

Conclusion

结论

Upcoming DeFi regulations in Europe present a complex and evolving landscape. While they may facilitate the entry of TFIs into the crypto space, they could also impose barriers to innovative crypto native projects. The regulatory landscape will continue to shape the future of DeFi in Europe, with the EU report serving as a crucial step in defining the regulatory framework for this burgeoning sector.

欧洲即将出台的 DeFi 法规呈现出一个复杂且不断变化的格局。虽然它们可能会促进 TFI 进入加密领域，但它们也可能对创新的加密原生项目造成障碍。监管格局将继续塑造欧洲 DeFi 的未来，欧盟报告是定义这一新兴行业监管框架的关键一步。