意大利准备加强对加密货币市场的监管，作为遵守欧盟加密资产市场 (MiCA) 监管框架的一部分

正如预期的那样，意大利正准备加强对加密货币市场的监管，作为遵守欧盟加密资产市场（MiCA）监管框架的一部分。

The Italian government is preparing to stiffen crypto market surveillance as part of the country's adherence to the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

意大利政府正准备加强加密货币市场监管，作为该国遵守欧盟加密资产市场（MiCA）监管框架的一部分。

Under the new regulations, Italy will heighten supervision of digital asset markets to counter and penalize insider trading and market manipulation schemes.

根据新规定，意大利将加强对数字资产市场的监管，以打击和处罚内幕交易和市场操纵行为。

The decree provides for sanctions ranging from 5,000 to 5 million euros (5,400-5.4 million dollars) based on the severity and extent of regulatory violations.

该法令根据违规的严重程度和范围规定了 5,000 至 500 万欧元（5,400-540 万美元）的制裁。

Initially approved in 2022, the EU's MiCA regulatory framework is presenting blockchain companies with difficult choices.

欧盟 MiCA 监管框架最初于 2022 年获得批准，给区块链公司带来了艰难的选择。

Decentralized finance (DeFi) protocols must decide whether to fully decentralize their networks or comply with the framework's anti-money laundering and identity verification (KYC) regulations.

去中心化金融（DeFi）协议必须决定是完全去中心化其网络还是遵守该框架的反洗钱和身份验证（KYC）法规。

Completely decentralized networks are exempt from MiCA reporting requirements. However, these protocols may struggle to meet MiCA's definition of a sufficiently decentralized network.

完全去中心化的网络不受 MiCA 报告要求的约束。然而，这些协议可能很难满足 MiCA 对充分去中心化网络的定义。

This is due to the use of foundations and other intermediaries that help moderate decentralized communities.

这是由于使用基金会和其他中介机构来帮助调节去中心化社区。

As a result, these DeFi protocols must either be fully decentralized or accept that users will need to submit verification data — a proposition that many network participants find unpalatable.

因此，这些 DeFi 协议要么必须完全去中心化，要么接受用户需要提交验证数据——这是许多网络参与者认为不可接受的提议。

Exchange business models shifting

交易所商业模式转变

Centralized exchange Binance recently informed its European customers that it was pivoting to a model that categorizes stablecoins as either authorized or unauthorized.

中心化交易所币安最近通知其欧洲客户，它正在转向一种将稳定币分类为授权或未经授权的模型。

The model aligns with the MiCA framework, and users are gradually being shifted onto the new system.

该模型与MiCA框架保持一致，用户正在逐步转移到新系统上。

“Binance is not removing these stablecoins from the spot markets. However, it will be limiting their availability to European users for certain products,” Richard Teng, CEO of the exchange giant, noted.

“币安不会将这些稳定币从现货市场上移除。然而，这将限制欧洲用户对某些产品的使用，”该交易所巨头首席执行官理查德·滕（Richard Teng）指出。

Similarly, Uphold, in a bid to remain compliant with the EU regulatory审查, announced the delisting of six stablecoins.

同样，为了遵守欧盟监管审查，Uphold 宣布下架六种稳定币。

These include Tether (USDT), Frax Protocol (FRAX), Pax Dollar (USDP), Dai (DAI), TrueUSD (TUSD), and Gemini Dollar (GUSD).

其中包括 Tether (USDT)、Frax Protocol (FRAX)、Pax Dollar (USDP)、Dai (DAI)、TrueUSD (TUSD) 和 Gemini Dollar (GUSD)。

Despite the increasing regulatory pressure in Europe, many experts believe that stablecoins have a promising future, arguing that they could potentially prevent debt crises caused by the excessive issuance of fiat currencies.

尽管欧洲的监管压力越来越大，但许多专家认为稳定币前景光明，认为它们有可能防止因法定货币过度发行而引发的债务危机。

Former United States House of Representatives Speaker Paul Ryan recently stated that stablecoins could help offset the weaknesses in the U.S. economy that are being driven by the debt-heavy U.S. dollar.

美国前众议院议长保罗·瑞安 (Paul Ryan) 最近表示，稳定币可以帮助抵消因美元债务沉重而导致的美国经济疲软。

Even Jeremy Allaire, CEO of stablecoin issuer Circle, has expressed optimism about the future of stablecoins, saying that he believes they will constitute 10% of the money supply over the next decade.

就连稳定币发行商 Circle 的首席执行官杰里米·阿莱尔 (Jeremy Allaire) 也对稳定币的未来表示乐观，称他相信稳定币将在未来十年内占货币供应量的 10%。

New rules for the stability and security of crypto-assets

加密资产稳定性和安全性的新规则

The European Banking Authority (EBA) has unveiled a comprehensive package of technical standards and guidelines in line with the Markets in Crypto-Assets (MiCA) regulation, providing clear guidance for asset-referenced tokens (ART) and electronic money tokens (EMT) across Europe.

欧洲银行管理局 (EBA) 公布了符合加密资产市场 (MiCA) 监管的一整套技术标准和指南，为资产参考代币 (ART) 和电子货币代币 (EMT) 提供明确的指导欧洲。

The package spans six key topics, covering aspects from stress test programs and asset reserves to recovery plans. According to MiCA, ARTs are tokens that are backed by assets such as commodities, real estate, or a diversified basket of assets.

该计划涵盖六个关键主题，涵盖从压力测试计划、资产储备到恢复计划等各个方面。根据 MiCA 的说法，ART 是由商品、房地产或多元化资产篮子等资产支持的代币。

Meanwhile, EMTs maintain a stable value as they are pegged to fiat currencies and used for payments, much like stablecoins.

与此同时，EMT 保持稳定的价值，因为它们与法定货币挂钩并用于支付，就像稳定币一样。

The authority outlined a set of guidelines for token issuers, emphasizing the need to maintain sufficient financial resources (own funds) to cover potential risks. It also establishes parameters to determine if an issuer presents a higher degree of risk, which would necessitate an increase in own funds reserves.

当局为代币发行人制定了一套指导方针，强调需要保持足够的财务资源（自有资金）来应对潜在风险。它还建立了参数来确定发行人是否存在较高程度的风险，这将需要增加自有资金储备。

The EBA guidelines stipulate the procedure and time frame within which issuers must adjust their funds to 3% of the average reserve of assets classified as significant.

EBA 指南规定了发行人必须将其资金调整至重大资产平均储备金 3% 的程序和时限。

The implementation plan must be submitted within 25 working days, and compliance must be achieved within a maximum of six months.

实施计划须在25个工作日内提交，且最长须在六个月内达标。