MiCA 监管导致欧洲加密货币市场即将发生重大变化

由于 MiCA 法规提出了严格的要求，包括对稳定币的要求，欧洲加密货币市场正处于重大变化的边缘。

The European cryptocurrency market is set to undergo significant changes with the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation, which will impose strict requirements on various aspects of the digital asset industry. One key area of focus for MiCA is stablecoins, with the new rules posing a particular threat to the continued presence of popular tokens like USDT and DAI on European platforms.

随着加密资产市场（MiCA）监管即将实施，欧洲加密货币市场将发生重大变化，这将对数字资产行业的各个方面提出严格的要求。 MiCA 关注的一个关键领域是稳定币，新规则对 USDT 和 DAI 等流行代币在欧洲平台上的持续存在构成了特殊威胁。

As the January 2025 deadline for the next phase of MiCA approaches, cryptocurrency exchange Coinbase has already taken preemptive measures. On December 13, 2024, the exchange quietly removed a range of popular stablecoins from its European platform, including USDT, DAI, PAX, PYUSD, GUSD, GYEN, and others. The move was prompted by the failure of these tokens to meet the exacting standards set forth by MiCA.

随着MiCA下一阶段2025年1月截止日期的临近，加密货币交易所Coinbase已经采取了先发制人的措施。 2024 年 12 月 13 日，该交易所悄悄从其欧洲平台下架了一系列流行的稳定币，包括 USDT、DAI、PAX、PYUSD、GUSD、GYEN 等。此举是由于这些代币未能满足 MiCA 规定的严格标准而引发的。

In their place will remain only those tokens that have secured the necessary certification, such as USDC and EURC. The issuer of these stablecoins, Circle, has already confirmed their compliance with the new EU rules.

取而代之的将是那些已获得必要认证的代币，例如 USDC 和 EURC。这些稳定币的发行人 Circle 已经确认遵守新的欧盟规则。

Among the other stablecoins seeking to enter the European market, Ripple's RLUSD has yet to receive approval, but the company is "actively exploring" avenues to legally do so. Meanwhile, French banking giant Societe Generale is joining forces with Bitpanda to create the EUR CoinVertible (EURCV) stablecoin, which will fully adhere to MiCA standards.

在寻求进入欧洲市场的其他稳定币中，Ripple 的 RLUSD 尚未获得批准，但该公司正在“积极探索”合法途径。与此同时，法国银行巨头法国兴业银行正在与 Bitpanda 联手创建 EUR CoinVertible (EURCV) 稳定币，该稳定币将完全遵守 MiCA 标准。

On the other hand, the largest issuer, Tether, appears to be digging in its heels, as the company maintains the bulk of its USDT reserves in US government bonds, repurchase agreements, and money market funds. Additionally, on November 27, Tether quietly dropped support for its euro-pegged stablecoin, EURt (EURT), across all blockchains.

另一方面，最大的发行人 Tether 似乎仍坚持不懈，因为该公司将大部分 USDT 储备保留在美国政府债券、回购协议和货币市场基金中。此外，11 月 27 日，Tether 在所有区块链上悄然放弃了对其与欧元挂钩的稳定币 EURt (EURT) 的支持。

Despite these setbacks, Tether is actively seeking workarounds to maintain its presence in the European market. For instance, the company has made an investment in Dutch firm Quantoz Payments, which is planning to launch USD/Euro-denominated tokens that will comply with MiCA regulations. Furthermore, on December 17, Tether announced an investment in StablR, a European stablecoin provider that was granted a Class 3 Electronic Money Institution (EMI) license by the Malta Financial Services Authority in July. At present, StablR offers EUR (EURR) and USD (USDR) stablecoins on the Ethereum and Solana blockchains, both of which are MiCA-approved. However, these tokens have very low capitalization.

尽管遇到这些挫折，Tether 仍在积极寻求解决方法，以维持其在欧洲市场的地位。例如，该公司投资了荷兰公司 Quantoz Payments，该公司计划推出符合 MiCA 法规的美元/欧元计价代币。此外，12 月 17 日，Tether 宣布投资欧洲稳定币提供商 StablR，该公司于 7 月获得马耳他金融服务管理局授予 3 级电子货币机构 (EMI) 许可证。目前，StablR 在以太坊和 Solana 区块链上提供欧元 (EURR) 和美元 (USDR) 稳定币，这两个稳定币均经过 MiCA 批准。然而，这些代币的资本化程度非常低。

While the stringent regulation of stablecoins in the EU is intended to bolster consumer protection, it could also have profoundly detrimental effects on the cryptocurrency market, potentially leading to monopolization, reduced liquidity, and capital outflows. On the flip side, users will undoubtedly benefit from enhanced guarantees and safeguards.

虽然欧盟对稳定币的严格监管旨在加强消费者保护，但它也可能对加密货币市场产生深远的不利影响，可能导致垄断、流动性减少和资本外流。另一方面，用户无疑将受益于增强的保证和保障。

A recent report from Kaiko and Dutch cryptocurrency exchange Bitvavo revealed that trading volumes in euro-pegged stablecoins are steadily increasing, and the tokens are indeed adapting to the new MiCA rules. The total monthly trading volume in euro stablecoins for November amounted to nearly $800 million.

Kaiko 和荷兰加密货币交易所 Bitvavo 最近的一份报告显示，与欧元挂钩的稳定币的交易量正在稳步增长，而且这些代币确实正在适应新的 MiCA 规则。 11 月份欧元稳定币的月交易总量接近 8 亿美元。