欧盟将在加密货币监管方面迈出重大一步，但此举引起了行业参与者的担忧

这一举措被一些人誉为提高透明度和加强打击金融滥用行为的举措，但引发了行业参与者的强烈担忧。

The European Union is preparing to implement significant crypto regulations with the upcoming enforcement of the MiCA (Markets in Crypto-Assets) rules on December 30, 2024. While the initiative aims to enhance transparency and combat financial abuses, it has sparked intense concerns among industry players. Notably, the regulation mandates the removal of USDT, the most widely used stablecoin globally, from regulated platforms within the EU. This decision threatens to disrupt the equilibrium of European markets and could impact their attractiveness on the world stage.

欧盟正准备实施重要的加密法规，即将于 2024 年 12 月 30 日实施 MiCA（加密资产市场）规则。虽然该举措旨在提高透明度并打击金融滥用行为，但引发了业界的强烈担忧玩家。值得注意的是，该法规要求从欧盟境内的受监管平台中移除全球使用最广泛的稳定币 USDT。这一决定可能会破坏欧洲市场的平衡，并可能影响其在世界舞台上的吸引力。

The MiCA rules impose strict obligations on stablecoin issuers, including obtaining an electronic money license, maintaining substantial reserves, and undergoing rigorous supervision of associated transactions. These measures are designed to minimize the risks of financial fraud. However, Tether Limited has not been issued a license, which directly leads to the removal of USDT from the equation.

MiCA规则对稳定币发行人施加了严格的义务，包括获得电子货币许可证、维持大量储备以及对关联交易进行严格监管。这些措施旨在最大限度地降低财务欺诈的风险。然而，Tether Limited 尚未获得牌照，这直接导致 USDT 被剔除。

The absence of USDT raises concerns because of its pivotal role in crypto trading. "A vast majority of crypto transactions rely on USDT, especially due to its ease of use and low costs," said Pascal St-Jean, CEO of 3iQ Corp. Removing this stablecoin, which serves as the cornerstone for trading pairs worldwide, risks severely disrupting liquidity in European markets.

USDT 的缺失引起了人们的担忧，因为它在加密货币交易中发挥着关键作用。 3iQ Corp 首席执行官 Pascal St-Jean 表示：“绝大多数加密货币交易都依赖 USDT，特别是因为它易于使用且成本低廉。”删除这种作为全球交易对基石的稳定币存在严重风险扰乱欧洲市场的流动性。

Early signs of this disruption are already evident. For instance, OKX, a platform that has already removed USDT in Europe, has observed a shift towards fiat currencies and other stablecoins. Despite this transition, these alternative solutions fail to fully compensate for the void left by USDT. The fragmentation of transactions, coupled with increased costs for investors, intensifies concerns about market fluidity and the region's competitiveness.

这种破坏的早期迹象已经很明显。例如，OKX 是一个已经在欧洲移除 USDT 的平台，该平台观察到了向法定货币和其他稳定币的转变。尽管发生了这种转变，这些替代解决方案仍无法完全弥补 USDT 留下的空白。交易的分散，加上投资者成本的增加，加剧了人们对市场流动性和该地区竞争力的担忧。

While Europe takes a strict approach towards cryptos, other regions are leaning towards more permissive strategies. In the United States, the recent election of Donald Trump and his pro-crypto policy statements have rekindled investor enthusiasm. This contrast illustrates a clear divergence in geopolitical priorities. While America aims to boost innovation and adoption, Europe emphasizes control and compliance.

虽然欧洲对加密货币采取严格的态度，但其他地区则倾向于采取更宽松的策略。在美国，唐纳德·特朗普最近的当选及其支持加密货币的政策声明重新点燃了投资者的热情。这种对比说明了地缘政治优先事项的明显分歧。美国的目标是促进创新和采用，而欧洲则强调控制和合规性。

The figures reflect this critical dynamic. Moreover, venture capital investments in European crypto startups have dropped to their lowest level in four years, reflecting investors’ distrust of a regulatory environment deemed too oppressive. Additionally, MiCA, despite its ambitious goal of regulating the market, could inadvertently encourage operators to migrate to more flexible jurisdictions. This potential talent and capital flight would further weaken an ecosystem already strained by uncertainty and lack of funding.

这些数字反映了这一关键动态。此外，对欧洲加密初创公司的风险资本投资已降至四年来的最低水平，反映出投资者对被视为过于压迫的监管环境的不信任。此外，尽管 MiCA 有着规范市场的雄心勃勃的目标，但它可能会无意中鼓励运营商迁移到更灵活的司法管辖区。这种潜在的人才和资本外逃将进一步削弱已经因不确定性和缺乏资金而紧张的生态系统。

Beyond the immediate impacts on the markets, this debate provokes a fundamental question: how can Europe reconcile regulation and innovation without compromising its competitiveness? The balance to be struck is delicate. While transparency and stability are essential to strengthen trust in cryptos, imposing overly rigid rules risks stifling technological advancements and limiting the region's attractiveness to entrepreneurs and investors. This dilemma places Europe in a risky position, the consequences of which could permanently reshape its place in the global digital ecosystem.

除了对市场的直接影响之外，这场辩论还引发了一个基本问题：欧洲如何在不损害其竞争力的情况下协调监管和创新？要达到的平衡是微妙的。虽然透明度和稳定性对于加强对加密货币的信任至关重要，但施加过于严格的规则可能会抑制技术进步并限制该地区对企业家和投资者的吸引力。这种困境将欧洲置于危险境地，其后果可能会永久重塑其在全球数字生态系统中的地位。