MiCA监管：Coinbase在欧洲下架USDT，币安和Crypto.com保持支持

随着 MiCA 法规（加密资产市场）即将生效，欧盟正处于历史性变革的边缘

The European Union is set to witness a historic transformation with the imminent entry into force of the MiCA regulation (Markets in Crypto-Assets), a pivotal legislation aimed at regulating cryptocurrencies and enhancing market transparency. Among its wide-ranging implications, the fate of the USDT stablecoin, issued by Tether, poses a particularly pressing question. This token, which serves as a linchpin in crypto transactions around the world, could face a ban or restrictions in Europe if authorities deem it does not meet MiCA’s requirements. However, as the December 30, 2024 deadline approaches, no clear directive has been officially communicated. This situation has prompted varied responses among major exchange platforms.

随着 MiCA 法规（加密资产市场）即将生效，欧盟将见证一场历史性转变，这是一项旨在监管加密货币和提高市场透明度的关键立法。在其广泛的影响中，Tether 发行的 USDT 稳定币的命运提出了一个特别紧迫的问题。该代币是全球加密货币交易的关键，如果当局认为它不符合 MiCA 的要求，它可能会在欧洲面临禁令或限制。然而，随着 2024 年 12 月 30 日截止日期的临近，官方尚未传达明确的指令。这种情况引起了各大交易平台的不同反应。

Coinbase takes the lead in the face of regulatory uncertainty

面对监管不确定性，Coinbase 处于领先地位

In early December 2024, the American exchange Coinbase made a decision that quickly stirred the crypto ecosystem. In a notable announcement, the platform confirmed the removal of USDT from its services in Europe, citing compliance requirements related to the MiCA regulation (Markets in Crypto-Assets). This measure was described as “precautionary” by Juan Ignacio Ibañez, a member of the technical committee of the MiCA alliance, who stated: “No regulator has explicitly stated that USDT is non-compliant, but that does not mean it is compliant.” Such a comment published on the social network X (formerly Twitter) on December 27 illustrates the gray areas that persist around the interpretation of the new standards.

2024 年 12 月初，美国交易所 Coinbase 做出了一个迅速搅动加密生态系统的决定。在一份值得注意的公告中，该平台确认从其在欧洲的服务中删除 USDT，理由是与 MiCA 法规（加密资产市场）相关的合规要求。 MiCA联盟技术委员会成员Juan Ignacio Ibañez将这一措施形容为“预防性”，他表示：“没有监管机构明确表示USDT不合规，但这并不意味着它合规。” 12 月 27 日在社交网络 X（前身为 Twitter）上发布的这样一条评论说明了围绕新标准的解释仍然存在的灰色地带。

Despite this cautious stance, other major exchange platforms, such as Binance and Crypto.com, have chosen to keep USDT available on their European markets. This strategic divergence reflects a lack of consensus among key industry players. Moreover, some believe that the MiCA regulation still allows time to clarify the rules, while others, like Coinbase, prefer to anticipate and minimize the risks of non-compliance. This debate sheds light on a broader reality. The absence of clear directives from European regulators leaves an uncertainty that could ultimately hinder the smooth adoption of the new rules.

尽管持谨慎态度，其他主要交易平台（例如 Binance 和 Crypto.com）仍选择在欧洲市场上保留 USDT。这种战略分歧反映出主要行业参与者之间缺乏共识。此外，一些人认为 MiCA 法规仍然留有时间来澄清规则，而 Coinbase 等其他人则更愿意预测并尽量减少不合规的风险。这场辩论揭示了更广泛的现实。欧洲监管机构缺乏明确指令带来了不确定性，最终可能会阻碍新规则的顺利通过。

MiCA, a transitional phase with multiple implications

MiCA，具有多重含义的过渡阶段

The MiCA regulation, although legally applicable from December 30, 2024, includes a transition period designed to facilitate its adoption. This mechanism, known as the “grandfathering” clause, allows crypto service providers to continue their activities under existing national regulations, even without formal authorization under MiCA. However, this transitional period is not applied uniformly. It varies by country. For instance, it extends up to 18 months in France but is limited to only 6 months in other states, such as the Netherlands. This disparity reflects the divergent approaches of the EU members regarding crypto regulation.

MiCA 法规虽然从 2024 年 12 月 30 日起合法适用，但包括一个旨在促进其采用的过渡期。这种机制被称为“祖父”条款，允许加密服务提供商在现有国家法规下继续其活动，即使没有 MiCA 的正式授权。然而，这一过渡期的适用并不统一。因国家/地区而异。例如，在法国，该期限最长可达 18 个月，但在荷兰等其他国家，期限仅为 6 个月。这种差异反映了欧盟成员国在加密货币监管方面的不同做法。

The consequences of this transition are significant. On one hand, it offers welcome flexibility to market players, allowing them to gradually adapt to new requirements. On the other hand, this temporary coexistence of regimes creates uneven levels of protection for users, making the ecosystem more complex to navigate. Regarding stablecoins like USDT, the lack of a clear position from European regulators maintains a climate of uncertainty. This situation could erode investor confidence but also slow down innovation in a sector already marked by rapid evolution. Juan Ignacio Ibañez, member of the technical committee of the MiCA alliance, warns: “Waiting without acting in the face of MiCA requirements could prove risky in the long term for platforms.” This message underscores the urgency for market players to take proactive measures, even in a still unclear framework.

这一转变的后果是重大的。一方面，它为市场参与者提供了受欢迎的灵活性，使他们能够逐步适应新的要求。另一方面，这种暂时共存的制度给用户带来了不均匀的保护水平，使生态系统的导航变得更加复杂。对于 USDT 等稳定币，欧洲监管机构缺乏明确立场，导致不确定性气氛持续存在。这种情况可能会削弱投资者的信心，但也会减缓这个已经快速发展的行业的创新速度。 MiCA 联盟技术委员会成员胡安·伊格纳西奥·伊巴涅斯 (Juan Ignacio Ibañez) 警告说：“面对 MiCA 要求，等待而不采取行动，从长远来看，对于平台来说可能存在风险。”这一信息强调了市场参与者采取积极措施的紧迫性，即使是在框架尚不明确的情况下。

In this context, the future of USDT in Europe appears uncertain. While some players hope for further clarifications from regulators, others fear that this transitional period will only serve to delay an inevitable wave of delistings. Moreover, the success of this transition will largely depend on the ability of member states and European institutions to provide clear and cohesive guidance.

在此背景下，USDT在欧洲的未来显得充满不确定性。虽然一些参与者希望监管机构进一步澄清，但另一些参与者担心这个过渡期只会推迟不可避免的退市浪潮。此外，这一过渡的成功将在很大程度上取决于成员国和欧洲机构提供明确且有凝聚力的指导的能力。

The regulatory uncertainty surrounding USDT further highlights the capital challenge faced by the European Union: finding a proper balance between promoting technological innovation and imposing strict regulation. Although the MiCA regulation promises to enhance user security and strengthen the stability of crypto markets, its gradual implementation raises questions about the ability of businesses and investors to adapt. In this regard, the fate of this stablecoin could become a key indicator for assessing the success of this regulatory transition and the credibility of European efforts to regulate a constantly evolving sector.

USDT的监管不确定性进一步凸显了欧盟面临的资本挑战：在促进技术创新和严格监管之间找到适当的平衡。尽管 MiCA 法规承诺增强用户安全并加强加密货币市场的稳定性，但其逐步实施引发了企业和投资者适应能力的质疑。在这方面，这种稳定币的命运可能成为评估这一监管转型是否成功以及欧洲监管不断发展的行业的努力的可信度的关键指标。