云母：欧盟的新加密法规会促进创新还是扼杀竞争？

就像仇恨或消失一样，加密资产（MICA）法规中的欧盟市场将重新定义欧洲的加密货币景观。

The European Union’s Markets in Crypto-Assets (MiCA) regulation is set to completely change the European cryptocurrency landscape following its initial phase in June, which introduced stablecoin-specific regulations. The full implementation in December will expand these requirements to encompass Crypto Asset Service Providers (CASPs).

欧盟在加密资产（MICA）法规中的市场将在6月的初始阶段彻底改变欧洲加密货币景观，该阶段引入了特定于Stablecoin的法规。 12月的完整实施将扩大这些要求，以包含加密资产服务提供商（CASP）。

MiCA introduces stringent measures, including enhanced authorization processes, detailed token issuance rules, and robust anti-money laundering (AML) protocols.

云母介绍了严格的措施，包括增强的授权流程，详细的令牌发行规则和强大的反洗钱洗钱（AML）协议。

As these measures roll out, the question arises: will MiCA foster a more secure and transparent market, or will it tip the scales in favor of larger, well-funded firms at the expense of smaller, innovative players?

随着这些措施的推出，问题出现了：云母会促进更安全和透明的市场，还是会以较大，资金丰富的公司为代价以较小，创新的参与者为代价，将尺度提高到秤上？

Comply or Die

遵守或死亡

For well-prepared CASPs, MiCA isn’t just a regulatory hurdle: it’s a strategic opportunity. Companies such as Circle, issuer of USD Coin (USDC), have exemplified this by obtaining an e-money license in France, ensuring early compliance with MiCA’s demands.

对于准备好的桶，云母不仅是一个监管障碍：这是一个战略机会。 USD Coin（USDC）的发行人Circle等公司通过在法国获得电子货币许可证来说明这一点，从而确保早期遵守MICA的要求。

Moves like this don’t just meet legal requirements; they also enhance credibility with regulators, investors, and users.

这样的举动不仅满足法律要求；它们还提高了监管机构，投资者和用户的信誉。

In the post-MiCA environment, compliance fosters trust, positioning early movers to dominate the regulated market. Larger, proactive firms will likely become preferred partners for institutional investors and enterprises wary of reputational risks in an increasingly scrutinized sector. The message is clear: in the new European crypto landscape, compliance is not just a cost of doing business: it’s a foundation for market leadership. But it’s relatively easy for big players to bite the bullet and comply. What about smaller upstarts who may lack the resources to appease the EU’s stringent regulators?

在米卡后环境中，合规性促进了信任，将早期推动者定位为主导受监管的市场。在日益严格的部门中，更大的，积极主动的公司可能会成为机构投资者和企业持谨慎态度的企业的首选合作伙伴。信息很明显：在新的欧洲加密货币景观中，合规性不仅是开展业务的成本：它是市场领导力的基础。但是，对于大玩家来说，咬着子弹并遵守相对容易。那些可能缺乏资源来安抚欧盟严格监管机构的较小的新贵呢？

Arthur Breitman, Co-Founder of Tezos, believes that “MiCA offers a registration regime for crypto asset issuers, which is disclosure based and therefore, could improve market transparency. The basic regime appears to be manageable for entrepreneurs and start-ups.”

Tezos的联合创始人Arthur Breitman认为，“ MICA为Crypto Asset发行人提供了注册制度，这是基于披露的，因此可以提高市场透明度。对于企业家和初创企业来说，基本制度似乎是可以管理的。”

Regarding more complex token issuers, such as stablecoin projects, Breitman adds that they “Will face a tougher regulatory burden,” explaining that overall, “The regulation of service providers such as crypto asset custodians, brokers, and exchanges will require compliance with a regime that is leaning towards TradFi standards.”

关于更复杂的令牌发行人，例如Stablecoin项目，Breitman补充说，他们“将面临更严重的监管负担”，总体上解释说：“总体而言，对服务提供商的监管提供商，例如加密资产保管人，经纪人，经纪人和交流都需要遵守制度的规定。那倾向于Tradfi标准。”

A Mountain for Smaller CASPs to Climb

一座山cass爬的山

For smaller CASPs, MiCA presents a more complex picture. Legal and compliance costs are a significant hurdle, requiring resources to hire compliance officers or external consultants to navigate the new framework. These firms often lack the financial capacity to absorb these expenses without compromising on other aspects of their business.

对于较小的桶，云母呈现出更复杂的图片。法律和合规成本是一个重大障碍，需要资源雇用合规人员或外部顾问来浏览新框架。这些公司通常缺乏收益这些费用的财务能力，而不会损害其业务的其他方面。

In addition, meeting the technical infrastructure requirements to align with MiCA standards requires substantial capital investment. This includes implementing robust systems for data security, transaction monitoring, and regulatory reporting.

此外，满足与云母标准保持一致的技术基础设施要求需要大量资本投资。这包括实施可靠的系统以进行数据安全，交易监控和监管报告。

The result of these challenges is likely to be problematic for smaller players. Some firms may find compliance costs unsustainable, leading them to exit the EU market entirely. Others may turn to mergers and acquisitions, seeking the cold embrace of larger, compliant firms as an exit strategy. Alternatively, some companies may relocate to jurisdictions with more lenient regulations, avoiding MiCA’s strict requirements but losing access to the lucrative European market.

这些挑战的结果对于较小的球员来说可能是有问题的。一些公司可能会发现合规成本不可持续，使他们完全退出了欧盟市场。其他人可能会转向合并和收购，寻求更大，合规的公司作为退出策略的冷漠拥抱。另外，一些公司可能会搬迁到具有更宽容的法规的司法管辖区，避免了云母的严格要求，但失去了获得利润丰厚的欧洲市场的机会。

Barbara Ippolito, Money Laundering Reporting Officer at Venga, comments, “It’s undeniable that compliance with MiCA demands significant resources - a cost that big players can absorb more easily. Yet, for smaller, innovative companies, this dual challenge can also serve as a catalyst for opportunity. History has shown that innovation often flourishes under pressure, and smaller firms can leverage their agility and focus to find creative solutions that align with regulatory expectations, while securing strategic advantages.”

Venga的洗钱报告官Barbara Ippolito评论说：“不可否认，遵守云母需要大量资源 - 这一成本很容易吸收。但是，对于较小的创新公司而言，这种双重挑战也可以作为机会的催化剂。历史表明，创新通常会在压力下蓬勃发展，而较小的公司可以利用其敏捷性，并专注于找到与监管期望保持一致的创造性解决方案，同时确保战略优势。”

Ippolito adds “Our approach is simple. Compliance isn’t a burden, it’s a foundation. By embedding regulatory adherence into our operational DNA, we’re not only meeting standards but also building trust with users and partners. This trust is the cornerstone of long-term success in an increasingly regulated crypto landscape.”

Ippolito补充说：“我们的方法很简单。合规性不是负担，而是基础。通过将监管依从性嵌入我们的运营DNA中，我们不仅符合标准，而且还与用户和合作伙伴建立信任。这种信任是在日益受监管的加密景观中长期成功的基石。”

New dynamics could streamline the market, but may also stifle innovation and reduce competition, which risks impairing the crypto sector’s growth. Without smaller players to challenge the status quo, the industry could lose its experimental edge. Algorithmic stablecoins are already a strict no-no in Europe thanks to MiCA – which isn’t such a bad thing given the fate of the first wave of algo stables.

新的动态可能会简化市场，但也可能扼杀创新并减少竞争，这有可能损害加密货币行业的增长。没有较小的球员来挑战现状，该行业可能会失去实验优势。多亏了云母，算法的稳定性稳定性已经在欧洲是一个严格的禁忌 - 考虑到第一波算Algo Stables的命运，这并不是一件坏事。

But without the freedom to move fast and break stuff – to boldly create new crypto-economic models that may crash and burn but may also inspire the next wave of transformative tech – MiCA risks sending startups scurrying to friendlier shores. Likely Asia or perhaps back to the U.S. under its incoming crypto-friendly administration.

但是，如果没有自由移动和破解东西的自由 - 大胆地创建了可能崩溃和燃烧的新加密经济模型，但也可能会激发下一波变革性的技术 - 云母风险将初创公司刺激到友好的海岸上。可能是亚洲的，或者可能在其传入的加密货币友好的政府下回到美国。