由于稳定币监管即将出台，OKX 在欧洲下架 USDT 货币对

主要加密货币交易所 OKX 已为欧盟和欧洲经济区用户下架了 Tether 的 USDT 稳定币交易对。此举恰逢欧盟致力于实施全面的加密资产监管框架 MiCA。根据 MiCA，只有某些机构才会被授权发行稳定币，而 USDT 的合规状况仍存在不确定性。 USDC 的发行人 Circle 已采取措施实现 MiCA 合规性，这使其在受监管的欧洲市场中具有竞争优势。 OKX 上 USDT 交易对的下架凸显了 MiCA 对欧洲稳定币格局的潜在影响。

OKX Delists USDT Pairs in Europe, Signaling Regulatory Challenges for Stablecoins

OKX 在欧洲下架 USDT 货币对，标志着稳定币面临监管挑战

In a significant development, OKX, one of the world's leading cryptocurrency exchanges, has delisted trading pairs involving Tether's USDT stablecoin for users in the European Union (EU) and the European Economic Area (EEA). This move has sparked discussions about the impending regulatory challenges facing stablecoins in the region.

作为一项重大进展，全球领先的加密货币交易所之一 OKX 已为欧盟 (EU) 和欧洲经济区 (EEA) 的用户下架了涉及 Tether 的 USDT 稳定币的交易对。此举引发了有关该地区稳定币即将面临的监管挑战的讨论。

OKX's Strategic Pivot to Euro Liquidity

OKX 的战略重点是欧元流动性

While OKX users in the EU can no longer trade USDT against cryptocurrencies on the platform, they can still deposit, withdraw, buy, sell, and convert the stablecoin through over-the-counter (OTC) trading. OKX has explained that this decision is part of a strategic shift to increase euro-denominated liquidity and position itself as the preferred platform for euros-to-crypto spot trading.

虽然欧盟的 OKX 用户无法再在平台上用 USDT 兑换加密货币，但他们仍然可以通过场外 (OTC) 交易存入、提取、购买、出售和兑换稳定币。 OKX 解释说，这一决定是战略转变的一部分，旨在增加以欧元计价的流动性，并将自己定位为欧元对加密货币现货交易的首选平台。

This measure does not completely eliminate the use of USDT on OKX for EU users, but it does limit its functionality within the platform.

这一措施并没有完全消除欧盟用户在 OKX 上使用 USDT 的行为，但确实限制了其在平台内的功能。

Regulatory Concerns and the EU's MiCA Framework

监管问题和欧盟 MiCA 框架

The timing of OKX's decision coincides with the European Union's efforts to establish a comprehensive regulatory framework for digital assets, known as MiCA (Markets in Crypto-Assets). MiCA is expected to be fully operational by the end of 2024, with regulations specifically targeting stablecoins set to go into effect as early as June 2024.

OKX 做出决定的时机恰逢欧盟努力建立数字资产综合监管框架，即 MiCA（加密资产市场）。 MiCA 预计将于 2024 年底全面投入运营，专门针对稳定币的法规最早将于 2024 年 6 月生效。

Under MiCA, only Electronic Money Institutions and credit institutions will be authorized to issue stablecoins. This aligns with the existing EU Electronic Money Directive (EMD).

根据 MiCA，只有电子货币机构和信贷机构将被授权发行稳定币。这与现有的欧盟电子货币指令 (EMD) 一致。

Implications for USDT and MiCA

对 USDT 和 MiCA 的影响

This development raises questions about Tether's ability to comply with MiCA's issuer requirements. Speculation has emerged that this uncertainty may have played a role in OKX's delisting decision.

这一进展引发了人们对 Tether 是否有能力遵守 MiCA 发行人要求的质疑。有猜测称，这种不确定性可能在 OKX 的退市决定中发挥了作用。

Circle, the issuer of the second-largest stablecoin USDC, has already taken steps towards MiCA compliance. It has secured conditional registration for digital asset services in France and applied for an EMI license in the EU, giving it a competitive advantage in the regulated European market.

第二大稳定币 USDC 的发行人 Circle 已经采取措施实现 MiCA 合规性。它已在法国获得了数字资产服务的有条件注册，并在欧盟申请了EMI许可证，使其在受监管的欧洲市场中具有竞争优势。

MiCA's Potential Impact

MiCA 的潜在影响

The introduction of MiCA regulations is expected to have a significant impact on the European stablecoin landscape. Key consequences include:

MiCA 法规的推出预计将对欧洲稳定币格局产生重大影响。主要后果包括：

• Stricter Oversight: Issuers will face more stringent regulations, leading to a more controlled and transparent stablecoin ecosystem.
• Increased Legitimacy: Compliance with MiCA could enhance the trust associated with regulated stablecoins.
• Market Shift: Stablecoins issued by non-compliant entities may face restrictions or bans, potentially driving a market shift towards MiCA-compliant options like USDC.

Uncertainties Remain

更严格的监管：发行人将面临更严格的监管，从而形成更加受控和透明的稳定币生态系统。增加合法性：遵守 MiCA 可以增强与受监管稳定币相关的信任。市场转变：不合规实体发行的稳定币可能面临限制或禁令，可能会推动市场转向符合 MiCA 的选项，如 USDC。不确定性仍然存在

Despite the delisting of USDT pairs on OKX, several uncertainties remain:

尽管 OKX 下架 USDT 交易对，但仍存在一些不确定性：

• OKX's Official Stance: OKX has yet to provide a clear and official explanation for the delisting.
• Tether's Response: Tether has not commented on the situation, leaving questions about their compliance strategy unanswered.
• Long-Term Impact of MiCA: The full implications of MiCA on the broader European crypto market and the future of stablecoins within the region are still unclear.

Conclusion

OKX 官方立场：OKX 尚未就下架问题提供明确、官方的解释。Tether 回应：Tether 尚未对此事发表评论，有关其合规策略的问题也未得到解答。MiCA 的长期影响：MiCA 对用户的全面影响更广泛的欧洲加密货币市场和该地区稳定币的未来仍不清楚。结论

The delisting of USDT pairs on OKX for EU users highlights the evolving regulatory environment surrounding stablecoins. As the EU moves towards implementing MiCA, stricter regulations and potential limitations for non-compliant stablecoins can be anticipated. This could reshape the European crypto market and potentially favor stablecoins issued by entities that actively pursue MiCA compliance.

OKX 上针对欧盟用户的 USDT 交易对下架凸显了围绕稳定币不断变化的监管环境。随着欧盟逐步实施 MiCA，预计会对不合规的稳定币实施更严格的监管和潜在限制。这可能会重塑欧洲加密货币市场，并可能有利于积极追求 MiCA 合规性的实体发行的稳定币。