欧盟MiCA法案解读，虚拟货币托管服务如何合规？

欧盟加密资产市场监管法案（MiCA）是“迄今为止最全面的数字资产监管框架之一”。

The total market value of stablecoins has increased by 2.46% in the past week and is now reported at US$182.489 billion, according to DefiLlama data. Among them, the total market value of USDT increased by 0.07% and is now reported at US$114.518 billion, with a market share of 69.82%.

根据 DefiLlama 数据，稳定币总市值在过去一周增长了 2.46%，目前为 1824.89 亿美元。其中，USDT总市值上涨0.07%，现报1145.18亿美元，市场份额为69.82%。

The issuance of stablecoins has become an important growth point in the cryptocurrency market. With the coming into effect of the EU Crypto-Asset Market Regulation Act (MiCA), which is "one of the most comprehensive digital asset regulatory frameworks to date", Coinbase has announced that it will remove USDT for European users by the end of the year, and other exchanges have also taken related actions. This article will sort out MiCA's regulatory framework for EU stablecoin issuers and provide compliance references for companies and individuals entering the EU crypto market.

稳定币的发行已成为加密货币市场的重要增长点。随着“迄今为止最全面的数字资产监管框架之一”的欧盟加密资产市场监管法案（MiCA）的生效，Coinbase 宣布将在 2019 年底前对欧洲用户下架 USDT。今年，其他交易所也采取了相关行动。本文将梳理 MiCA 针对欧盟稳定币发行方的监管框架，为进入欧盟加密货币市场的企业和个人提供合规参考。

In Mankiw Blockchain, we have already had a basic introduction to MiCA (see: Interpretation of the EU MiCA Act, how can virtual currency custody services comply with the law? | Mankiw Web3 Legal Education ).

在曼昆区块链中，我们已经对MiCA进行了基本的介绍（参见：欧盟MiCA法案解读，虚拟货币托管服务如何才能合规？ | 曼昆Web3法律教育）。

It is worth noting that due to space limitations, we cannot cover all compliance provisions in the Act. Instead, we select important parts and conduct preliminary explanation and analysis based on the literal meaning of the provisions. Such explanation cannot fully reflect the entire content of the regulations and is for readers' reference only.

值得注意的是，由于篇幅限制，我们无法涵盖该法案中的所有合规条款。而是根据条款的字面意思选取重要部分进行初步解释和分析。该解释不能完全反映规定的全部内容，仅供读者参考。

1. What is a stablecoin? Definition and classification of MiCA

1.什么是稳定币？ MiCA的定义和分类

Stablecoins are cryptocurrencies whose value is pegged to assets such as fiat currencies, commodities, and cryptocurrencies. They are designed to take advantage of the advantages of cryptocurrencies while minimizing price volatility.

稳定币是一种加密货币，其价值与法定货币、大宗商品和加密货币等资产挂钩。它们旨在利用加密货币的优势，同时最大限度地减少价格波动。

Currently, in the regulatory framework of the EU's Markets in Crypto-Assets regulation (MiCA), stablecoins are mainly divided into Electronic Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs) .

目前，在欧盟加密资产市场监管（MiCA）的监管框架中，稳定币主要分为电子货币代币（EMT）和资产参考代币（ART）。

EMTs refer to currencies that maintain a stable value by being pegged to an official currency. EMTs are very much like the incarnation of real-world fiat currencies in the Web3 field, and can be likened to CBDCs (central bank digital currencies) that can be issued by non-state agencies:

EMT 是指通过与官方货币挂钩来保持稳定价值的货币。 EMT 非常类似于现实世界法定货币在 Web3 领域的化身，可以比喻为可由非国家机构发行的 CBDC（央行数字货币）：

'Electronic money token' or 'e-money token' means a type of crypto-asset that purports to maintain a stable value by referring the value of one official currency.

“电子货币代币”或“电子货币代币”是指一种旨在通过参考一种官方货币的价值来维持稳定价值的加密资产。

ARTs, like EMTs, aims to maintain stable value, but it does so in a different way: it does so by pegging to multiple assets, which may include multiple currencies, rights, etc.:

ART 与 EMT 一样，旨在维持稳定的价值，但其实现方式不同：它通过挂钩多种资产来实现这一点，其中可能包括多种货币、权利等：

'Asset-referenced token' means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies.

“资产参考代币”是指一种非电子货币代币的加密资产，旨在通过参考另一种价值或权利或其组合（包括一种或多种官方货币）来维持稳定的价值。

This structure theoretically disperses risks, but due to the diversification of underlying assets, it requires relatively stricter supervision. Compared with traditional fiat currencies, which are pegged to gold or backed by government credit, ARTs adopt a similar "portfolio" approach, which is more flexible. It can disperse risks through multiple configurations of underlying assets, or choose a certain asset to maintain stability. It can be said that ARTs provide more options for the design and innovation of stablecoins.

这种结构理论上分散了风险，但由于底层资产的多元化，需要相对严格的监管。与传统的与黄金挂钩或由政府信用支持的法定货币相比，ART 采用类似的“投资组合”方式，更加灵活。它可以通过底层资产的多种配置来分散风险，或者选择某种资产来维持稳定。可以说，ART为稳定币的设计和创新提供了更多选择。

II. Overview of the key points of regulation of stablecoin issuers

二.稳定币发行人监管要点概览

The main content of the MiCA Act is the various issuance and trading rules for the two stablecoins, ARTs and EMTs. Among them, Articles 16 to 47 (a total of 31 articles) are regulations for ARTs, and Articles 48 to 58 (a total of 10 articles) are regulations for EMTs. MiCA's regulations are more detailed for ARTs, a more diversified stablecoin. For the sake of simplicity, we will summarize the key points based on ARTs. If ARTs or EMTs are emphasized separately, we will reflect it in the name. If it only refers to "stablecoins", both ARTs and EMTs are included. According to the provisions of each chapter of MiCA, there are four more important compliance points, which are:

MiCA法案的主要内容是ART和EMT两种稳定币的各种发行和交易规则。其中，第十六条至第四十七条（共31条）为针对ART的规定，第48条至第58条（共10条）为针对EMT的规定。 MiCA对于ART这种更加多元化的稳定币的监管更加详细。为了简单起见，我们将根据ART来总结要点。如果单独强调ART或EMT，我们会在名称中体现出来。如果仅指“稳定币”，则 ART 和 EMT 都包括在内。根据MiCA各章的规定，还有四个比较重要的合规点，分别是：

1. Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading

1. 授权向公众提供资产参考代币并寻求其交易许可

2. Obligations of issuers of asset-referenced tokens

2. 资产参考代币发行人的义务

3. Regulatory reserves of stablecoin issuers (Reserve of assets)

3. 稳定币发行机构的监管准备金（资产准备金）

4. Identification of “significant” stablecoins (Significant asset-referenced tokens)

4.“重要”稳定币的识别（重要资产参考代币）

3. Seeking authorization for the public issuance and trading of ARTs

3. 寻求ART公开发行和交易的授权

Qualifications

资格

In relation to the issuance of ARTs , a person may not publicly offer ARTs in the EU, or seek to be admitted to trading, unless that person is authorised as an issuer of ARTs and :

关于 ART 的发行，任何人不得在欧盟公开发行 ART，或寻求获准进行交易，除非该人被授权为 ART 发行人，并且：

a) legal persons established in the Union and authorised by the competent authorities of their Member States in accordance with Article 21

a) 在联盟内设立并由其成员国主管当局根据第 21 条授权的法人