Kraken and Crypto.com开发稳定的稳定符合欧盟的云母法规

Kraken和Crypto.com是加密交易所，以响应欧盟的新监管框架来开发自己的稳定币。

Kraken and Crypto.com are developing their own stablecoins in response to the European Union’s new Markets in Crypto-Assets (MICA) regulatory framework, which has increased oversight on third-party issuers.

Kraken和Crypto.com正在开发自己的稳定币，以应对欧盟在加密资产（MICA）监管框架中的新市场，这增加了对第三方发行人的监督。

The move comes as the regulation, which took effect in January, introduces stricter compliance measures for stablecoin issuers operating in the European market.

此举是随着一月份生效的法规提出的，对在欧洲市场上运营的Stablecoin发行人提出了更严格的合规性措施。

Under MiCA, all stablecoins — legally referred to as “e-money tokens” (EMTs) and “asset-referenced tokens” (ARTs) — must obtain authorization from an EU-based financial regulator. Issuers must also demonstrate transparency in reserves, maintain stable backing with liquid assets, and comply with stringent consumer protection measures.

根据MICA，所有稳定的稳定者（合法地称为“电子货币令牌”（EMTS）和“资产参考令牌”（Arts）（艺术）都必须从欧盟的财务监管机构获得授权。发行人还必须证明储备金的透明度，维持液体资产的稳定支持，并遵守严格的消费者保护措施。

MiCA has already begun reshaping the European stablecoin landscape. Non-compliant stablecoins, including Tether’s USDT and PayPal’s PYUSD, have been forced off most exchanges operating in Europe because they do not meet the new requirements.

云母已经开始重塑欧洲稳定景观。不合规的Stablecoins，包括Tether的USDT和PayPal的Pyusd，由于不符合新要求而被迫摆脱在欧洲运作的大多数交易所。

The European Securities and Markets Authority (ESMA) has set a final March 2025 deadline for exchanges to delist all unauthorized stablecoins, further pressuring issuers to either secure compliance or exit the region.

欧洲证券和市场管理局（ESMA）已设定了2025年3月的最后截止日期，以交流，以使所有未经授权的STABLECOINS进行授课，进一步向发行人施加压力以确保合规或退出该地区。

Rather than rely on third-party stablecoin providers that may struggle to meet MiCA’s rules, Kraken and Crypto.com are proactively developing proprietary stablecoins to ensure regulatory compliance and maintain operational stability within the EU.

Kraken和Crypto.com并没有依靠可能难以满足MICA规则的第三方Stablecoin提供商，而是主动开发专有的稳定稳定性，以确保监管合规性并保持欧盟内的运营稳定性。

Kraken is reportedly planning to launch a US dollar-backed stablecoin through its Irish subsidiary, which would allow it to maintain its European presence without disruption.

据报道，Kraken计划通过其爱尔兰子公司推出一笔以美元支持的Stablecoin，这将使其能够在不中断的情况下维持其欧洲的存在。

Crypto.com is also developing its own stablecoin, although details about its fiat backing and issuance structure remain undisclosed. The company recently secured a MiCA license from Malta’s financial regulator, enabling it to operate across all European Economic Area (EEA) member states.

Crypto.com也正在开发自己的稳定币，尽管有关其菲亚特支持和发行结构的详细信息仍未公开。该公司最近从马耳他的金融监管机构获得了云母许可证，使其能够在所有欧洲经济区（EEA）成员国中运作。

The shift toward in-house stablecoins is a direct response to the tightening regulatory grip on digital assets in Europe. It ensures that exchanges retain control over their liquidity and transactions rather than relying on third-party stablecoin issuers that may face legal uncertainty.

向内部稳定的转变是对欧洲数字资产的紧缩抓地力的直接反应。它确保了交换对其流动性和交易的控制权，而不是依靠可能面临法律不确定性的第三方Stablecoin发行人。

Scramble to comply

争先恐后地遵守

MiCA is expected to set a global precedent for stablecoin regulation and will influence policies beyond the EU, including in the US and Asia.

预计云母有望为稳定法规树立全球先例，并将影响包括美国和亚洲在内的欧盟以外的政策。

The framework requires stablecoin issuers to hold fully backed reserves in high-quality liquid assets, provide clear disclosures about redemption mechanisms, and obtain direct authorization from an EU member state.

该框架要求Stablecoin发行人在高质量的液体资产中持有完全支持的储量，提供有关赎回机制的明确披露，并获得欧盟成员国的直接授权。

The regulation also introduces caps on large-scale stablecoins exceeding €200 million in daily transactions, aiming to mitigate systemic risks.

该法规还引入了超过超过2亿欧元的每日交易的大规模稳定股的上限，旨在减轻系统性风险。

With these requirements in place, many stablecoin issuers are struggling to meet compliance deadlines. While Circle has taken steps to align its USDC with MiCA, other issuers, including Tether, have yet to finalize regulatory approvals.

有了这些要求，许多Stablecoin发行人都在努力满足合规性截止日期。尽管Circle已采取措施将其USDC与MICA保持一致，但包括Tether在内的其他发行人尚未确定监管部门的批准。

Meanwhile, exchanges are positioning themselves within the new framework. KuCoin recently applied for a MiCA license in Austria, reflecting a broader shift among major platforms toward regulatory alignment.

同时，交流将自己定位在新框架中。 Kucoin最近在奥地利申请了云母许可证，反映了主要平台之间向监管一致性的更广泛的转变。