欧盟的加密货币 MiCA 冲击并未发生——适度监管

当MiCA被采用并逐步推出时，各大加密货币交易所和行业协会普遍对此表示欢迎。

The long-awaited MiCA rules for the crypto industry have finally come into force in the EU. Here's how they will affect investors like you, especially in terms of stablecoins, transactions, and privacy coins.

期待已久的加密货币行业 MiCA 规则终于在欧盟生效。以下是它们将如何影响像您这样的投资者，特别是在稳定币、交易和隐私币方面。

In spring 2023, the EU adopted the MiCA (Markets in Crypto-Assets) regulatory package and granted a transition period until the end of 2024. This should give crypto exchanges and other market participants sufficient time to review their offerings and adapt them to the new rules. Since the turn of the year, the implementation of MiCA has been mandatory in the EU member states, including Germany.

2023 年春季，欧盟通过了 MiCA（加密资产市场）监管方案，并给予了直至 2024 年底的过渡期。这应该让加密货币交易所和其他市场参与者有足够的时间来审查其产品并使其适应新的要求规则。自今年年初以来，包括德国在内的欧盟成员国已强制实施MiCA。

As an investor, MiCA has the following consequences for you:

作为投资者，MiCA 对您有以下影响：

Stablecoins: MiCA defines and regulates stablecoins for the first time. Their issuers had to obtain approval, prove reserves and, in some cases, deposit them with banks in the EU. As the market leader among stablecoins, Tether (USDT) has so far dispensed with this procedure. This is why leading crypto exchanges such as Coinbase have already delisted Tether in the EU.

稳定币：MiCA 首次定义和监管稳定币。它们的发行人必须获得批准、证明准备金，并在某些情况下将其存入欧盟的银行。作为稳定币市场的领导者，Tether (USDT) 迄今为止已经取消了这一程序。这就是为什么 Coinbase 等领先的加密货币交易所已经将 Tether 在欧盟下架。

Coinbase has also removed various other stablecoins such as Paxos (PAX), PayPal USD (PYUSD), Gemini Dollar (GUSD) and DAI from its portfolio. If you hold balances in stablecoins that do not have a MiCA license, you will now be forced to exchange them. For the moment, it is becoming apparent that the stablecoin USDC, which meets the conditions of MiCA, will become the standard in Europe.

Coinbase 还从其投资组合中删除了各种其他稳定币，例如 Paxos (PAX)、PayPal USD (PYUSD)、Gemini Dollar (GUSD) 和 DAI。如果您持有没有 MiCA 许可证的稳定币余额，您现在将被迫兑换它们。目前，符合 MiCA 条件的稳定币 USDC 将成为欧洲的标准已变得越来越明显。

Binance, the world’s largest crypto exchange, also wants to increasingly rely on USDC in the EU. The stablecoin, which is linked to the US dollar, is the responsibility of the FinTech Circle, and Coinbase is also involved. In the crypto scene, the importance of stablecoins that reflect the euro is expected to grow. Circle has EURC in its program.

全球最大的加密货币交易所币安也希望在欧盟越来越依赖 USDC。与美元挂钩的稳定币是FinTech圈子的责任，Coinbase也参与其中。在加密领域，反映欧元的稳定币的重要性预计将会增长。 Circle 的计划中有 EURC。

Transactions: MiCA forces crypto exchanges and related platforms to clearly identify customers, document their actions and report suspicious cases. The EU is concerned with preventing money laundering, terrorist financing, tax fraud and other illegal activities in which Bitcoin and Co. have repeatedly been caught. You may now find that the crypto exchange of your choice repeats or tightens the identity check. Problems can arise if you want to transfer crypto balances, including to hardware wallets. Here you can now see that crypto exchanges require detailed information about where the coins are going.

交易：MiCA 迫使加密货币交易所和相关平台清楚地识别客户、记录他们的行为并报告可疑案件。欧盟致力于防止洗钱、恐怖主义融资、税务欺诈和其他非法活动，而比特币及其公司已多次被抓获。您现在可能会发现您选择的加密货币交易所重复或加强了身份检查。如果您想转移加密货币余额（包括转移到硬件钱包），可能会出现问题。现在您可以在这里看到加密货币交易所需要有关硬币去向的详细信息。

Privacy Coins: Monero (XMR) and ZCash are the best-known cryptocurrencies that value anonymity in their basic concept. This has long made them a thorn in the side of authorities and the vast majority of large crypto exchanges have already stopped supporting Monero and other privacy coins in 2024. With MiCA, privacy coins are banned if centralized trading platforms cannot establish the owners’ transaction history. Alternative options for dealing with Monero remain decentralized crypto exchanges and direct trading.

隐私币：门罗币（XMR）和 ZCash 是最著名的加密货币，其基本概念重视匿名性。这长期以来让它们成为当局的眼中钉，绝大多数大型加密货币交易所已经在 2024 年停止支持门罗币和其他隐私币。有了 MiCA，如果中心化交易平台无法建立所有者的交易历史，隐私币就会被禁止。处理门罗币的替代选择仍然是去中心化加密货币交易所和直接交易。

Decentralized finance: MiCA does not directly address the growth sector of DeFi. The EU has so far limited itself to regulating the crypto industry where there are clear points of contact. For the time being, DeFi with flagships such as Uniswap will not be hindered in the EU. It remains to be seen whether national supervisory authorities will try to apply MiCA to DeFi.

去中心化金融：MiCA 并不直接针对 DeFi 的增长领域。到目前为止，欧盟仅限于对有明确联系点的加密货币行业进行监管。目前来看，以 Uniswap 等旗舰为代表的 DeFi 在欧盟不会受到阻碍。国家监管部门是否会尝试将 MiCA 应用于 DeFi，还有待观察。

Banks: MiCA provides traditional banks like Sparkasse with a clear legal basis for the crypto sector, from trading to storage. This makes it more likely that more financial institutions in Germany will include Bitcoin and Co. in their range of products. Experience shows that potential customers like you will then carefully check fee policies and exchange rates, which are usually less attractive than those on crypto exchanges.

银行：MiCA 为 Sparkasse 等传统银行提供了加密货币领域从交易到存储的明确法律基础。这使得德国更多的金融机构更有可能将比特币和 Co.纳入其产品范围。经验表明，像您这样的潜在客户会仔细检查费用政策和汇率，这些政策和汇率通常不如加密货币交易所的吸引力。

NFTs: MiCA does not normally want to regulate digital collectibles and other applications of NFTs, so there is no need for you to take any action here for now.

NFT：MiCA 通常不想监管 NFT 的数字收藏品和其他应用，因此您暂时无需在此采取任何行动。

White papers: MiCA requires that cryptocurrency issuers submit a white paper that contains information about the project, reserves, possible inflation and other important factors. The area of ​​energy consumption should also be covered in the crypto white papers. Investors like you should benefit from the white paper requirement in that at least new cryptocurrencies get a kind of “stock exchange prospectus” and you can base your decisions on more information.

白皮书：MiCA 要求加密货币发行人提交一份白皮书，其中包含有关项目、储备、可能的通货膨胀和其他重要因素的信息。能源消耗领域也应该包含在加密货币白皮书中。像您这样的投资者应该受益于白皮书的要求，因为至少新的加密货币会获得一种“证券交易所招股说明书”，并且您可以根据更多信息做出决策。

Conclusion: MiCA shock for crypto in the EU does not occur – moderate regulation

结论：欧盟的加密货币 MiCA 冲击不会发生——适度监管

When MiCA was adopted and gradually introduced, major crypto exchanges and industry associations generally welcomed the package. A situation like in the USA was avoided, where the SEC acted seemingly arbitrarily for years and initiated dozens of lawsuits against the crypto industry. Now that President Donald Trump is striving for transparent and practical regulation of cryptocurrencies and exchanges in the USA, his team is certainly looking to MiCA as inspiration.

当MiCA被采用并逐步推出时，各大加密货币交易所和行业协会普遍对此表示欢迎。避免了像美国那样的情况，美国证券交易委员会多年来看似任意行事，并对加密行业发起了数十起诉讼。现在，唐纳德·特朗普总统正在努力对美国的加密货币和交易所进行透明且实用的监管，他的团队肯定会以 MiCA 为灵感。

If you live in the EU, you will now mainly experience the effects of MiCA when dealing with stablecoins and, under certain circumstances, transactions. Be prepared for a

如果您居住在欧盟，您现在将主要在处理稳定币以及在某些情况下进行交易时体验到 MiCA 的影响。做好准备