MiCA 稳定币规则生效，但随着转型期的到来，加密行业持谨慎态度

代币发行者和加密平台将需要适应繁重的支付许可证、准备金要求以及丢失不合规的代币。

The European Union began drafting digital finance legislation four years ago to regulate crypto markets.

欧盟四年前开始起草数字金融立法来监管加密货币市场。

Now on Sunday, the Markets in Crypto-Assets regulation’s stablecoin rules will come into effect.

周日，加密资产市场监管的稳定币规则将生效。

Even as this first tranche of MiCA rules marks a historic milestone, the crypto industry is concerned as a transformational period gets underway.

尽管 MiCA 规则的第一部分标志着一个历史性的里程碑，但加密行业仍对转型时期的到来感到担忧。

Token issuers and crypto platforms will need to adjust to onerous payments licenses, reserve requirements, and losing tokens that don’t comply.

代币发行者和加密平台将需要适应繁重的支付许可证、准备金要求以及丢失不合规的代币。

“These factors could lead to short-term instability and market confusion as the ecosystem adapts to the new regulatory environment,” said Laura Chaput, head of regulatory compliance at Keyrock, a market maker.

做市商 Keyrock 监管合规主管 Laura Chaput 表示：“随着生态系统适应新的监管环境，这些因素可能会导致短期不稳定和市场混乱。”

Here’s a handy rundown on the state of play in MiCA, plus how industry and regulators are dealing with six key points:

以下是 MiCA 现状的简要概述，以及行业和监管机构如何处理六个关键点：

Tight deadline

紧迫的截止日期

The European Banking Authority is tasked with ironing out the implementation details for MiCA’s stablecoin rules.

欧洲银行管理局的任务是确定 MiCA 稳定币规则的实施细节。

However, the EBA only issued their final guidance on June 13.

然而，EBA 直到 6 月 13 日才发布了最终指导意见。

The tight timing is “the biggest pressure point” for the industry, Jón Egilsson, chair and co-founder of e-money issuer Monerium, told DL News.

电子货币发行商 Monerium 董事长兼联合创始人 Jón Egilsson 告诉 DL News，时间紧迫是该行业“最大的压力点”。

An EBA spokesperson told DL News that the agency finalized and published all of the technical standards it was responsible for before its given deadline on June 30.

EBA 发言人告诉 DL News，该机构在 6 月 30 日规定的截止日期之前最终确定并发布了其负责的所有技术标准。

It also continues to prepare for its supervisory tasks ahead, the spokesperson said.

该发言人表示，它还将继续为未来的监管任务做准备。

Delistings

下架

Stablecoins that don’t comply with MiCA rules will be phased out from the EU.

不符合 MiCA 规则的稳定币将被欧盟淘汰。

The delistings risk causing market disruption, reduce options and liquidity issues, Chaput said.

查普特表示，退市可能会导致市场混乱、选择权减少和流动性问题。

Bitstamp will delist Tether’s euro stablecoin, the exchange said on Wednesday. OKX delisted Tether for EU users in March.

Bitstamp 周三表示，该交易所将下架 Tether 的欧元稳定币。 OKX 于 3 月份为欧盟用户下架了 Tether。

Binance said it would restrict unauthorized stablecoins for EU users in some of its services, and Kraken said it is reviewing potential delistings.

币安表示，将在其部分服务中限制欧盟用户未经授权的稳定币，Kraken 表示正在审查潜在的下架情况。

E-money license

电子货币牌照

MiCA defines e-money tokens as electronic money. This drags in another European regulation, known as the Payment Service Directive.

MiCA 将电子货币代币定义为电子货币。这拖累了另一项欧洲法规，即支付服务指令。

This law’s second iteration — hence the sobriquet PSD2 — has been enforced since 2016 and forces platforms handling e-money to comply with onerous requirements — more so than crypto asset platforms.

该法律的第二次迭代（因此被称为 PSD2）自 2016 年起开始执行，并迫使处理电子货币的平台遵守繁重的要求——比加密资产平台更严格。

Getting a license could take years.

获得许可证可能需要数年时间。

“We do not know with certainty if stablecoins are electronic money,” Victor Charpiat, lawyer at Kramer Levin Naftalis & Frankel LLP. “That has a major impact on their tax and accounting treatment.”

Kramer Levin Naftalis & Frankel LLP 律师 Victor Charpiat 表示：“我们不确定稳定币是否是电子货币。” “这对其税务和会计处理产生重大影响。”

Charpiat raised concerns that the provision was not formally clarified by regulators, and as few crypto firms hold a license under PSD2, businesses will lose clients.

Charpiat 担心监管机构尚未正式澄清该条款，而且由于很少有加密货币公司持有 PSD2 的许可证，企业将失去客户。

“Many digital asset service providers will potentially breach the law as from next Monday, and there is no way to be certain because there is no clarification,” he said.

他表示：“从下周一开始，许多数字资产服务提供商可能会违反法律，但由于没有任何澄清，因此无法确定。”

Regulators at the EBA said that they called on the industry to prepare “on a timely basis” for MiCA once it became law one year ago, and provided tools to ask questions.

EBA 监管机构表示，一旦 MiCA 一年前成为法律，他们呼吁业界“及时”为 MiCA 做好准备，并提供提问工具。

Whether a platform needs a payment service license for e-money token transactions depends on its activities, said the EBA spokesperson. “They would be licenced by case-by-case assessment.”

EBA 发言人表示，平台是否需要电子货币代币交易的支付服务许可证取决于其活动。 “他们将通过具体情况评估来获得许可。”

Permissionless networks

无需许可的网络

Some crypto asset service providers operating and interacting with permissionless networks will not be able to comply with requirements under PSD2, said Tommaso Astazi, head of regulatory affairs at Blockchain For Europe trade association.

欧洲区块链贸易协会监管事务主管 Tommaso Astazi 表示，一些在无需许可的网络上运营和交互的加密资产服务提供商将无法遵守 PSD2 的要求。

For example, the law requires payment platforms to safeguards funds received for the execution of payment transactions.

例如，法律要求支付平台保护执行支付交易所收到的资金。

When users use self-hosted wallets or transfer on DeFi platforms across different blockchains, firms might not be able to custody the assets the way PSD2 says they should, Astazi said.

Astazi 表示，当用户使用自托管钱包或在不同区块链的 DeFi 平台上进行转账时，公司可能无法按照 PSD2 所说的方式托管资产。

Caps on non-euro stablecoins

非欧元稳定币的上限

Issuers of non-euro denominated stablecoins or stablecoins backed by several assets are capped.

非欧元计价的稳定币或由多种资产支持的稳定币的发行人受到限制。

These issuers need to stick to a volume of €200 million a day or one million transactions when the token is used as a “means of exchange,” according to MiCA.

MiCA 表示，当代币用作“交换手段”时，这些发行人需要坚持每天 2 亿欧元的交易量或 100 万笔交易。

“The imposition of volume limitations on US dollar-backed stablecoins could drive a shift towards euro-backed alternatives, impacting the dynamics of the stablecoin market,” Chaput said.

查普特表示：“对美元支持的稳定币实施数量限制可能会推动转向欧元支持的替代品，从而影响稳定币市场的动态。”

There are significant exceptions to the thresholds, the EBA clarified in their implementation reports, putting some industry concerns to rest.

EBA 在其实施报告中澄清，这些门槛存在重大例外情况，从而消除了一些行业担忧。

They don’t count when the stablecoin is used for trading, as collateral for transactions with financial instruments, or used to settle a derivative.

当稳定币用于交易、作为金融工具交易的抵押品或用于结算衍生品时，它们不计算在内。

Issuers can also overlook the thresholds if it has “reasonable grounds” to assume the transaction is not to pay for goods or services, according to the EBA report.

EBA 报告称，如果发行人有“合理理由”假设交易不是为了支付商品或服务，那么发行人也可以忽略这些门槛。

Local reserves

地方储备

MiCA requires stablecoin issuers to hold 30% of the reserves in cash in EU bank accounts, or 60% for significant e-money tokens.

MiCA 要求稳定币发行人在欧盟银行账户中持有 30% 的现金储备，或者对于重要的电子货币代币持有 60% 的现金储备。

These reserves need to be split in several local banks to mitigate concentration risk.

这些准备金需要分散到几家当地银行，以降低集中风险。