在2025年，欧盟（EU）中稳定菌的监管景观正在发生巨大的转变。

多年以来，稳定币（与法定货币这样的传统资产挂钩）一直在很大程度上不受监管的环境中运行

In the heart of the European Union (EU), a monumental regulatory shift is unfolding in 2025, specifically targeting stablecoins. For years, these cryptocurrencies, pegged to traditional assets like fiat currencies, operated in a largely unregulated environment, sparking both opportunities and risks.

在欧洲联盟（EU）的中心，2025年的巨大监管转变正在发生，特别针对稳定剂。多年来，这些加密货币与传统资产（如法定货币）挂钩，在很大程度上不受监管的环境中运营，引发了机会和风险。

Enter MiCA (Markets in Crypto-Assets Regulation), an ambitious framework designed to bring clarity, consumer protection, and financial stability to the crypto world. Imagine a financial system where a digital euro-backed stablecoin is as safe and stable as a euro in a bank—this is the future MiCA aims to build.

输入云母（Crypto-Assets监管中的市场），这是一个雄心勃勃的框架，旨在为加密货币世界带来清晰，消费者保护和金融稳定性。想象一个金融体系，金融体系是，数字欧元支持的Stablecoin像银行中的欧元一样安全且稳定 - 这是未来的云母元素旨在建造。

As implementation approaches, stablecoin issuers and investors are turning their attention to the practicalities of MiCA and its impact. How will it affect existing stablecoins? What compliance hurdles must issuers overcome? And, perhaps most importantly, what do the numbers say?

随着实施的方法，Stablecoin发行人和投资者将注意力转向云母的实用性及其影响。它将如何影响现有的Stablecoins？发行人必须克服哪些合规障碍？而且，也许最重要的是，数字怎么说？

Overview of MiCA and Its Impact on Stablecoins

云母的概述及其对稳定币的影响

The European Commission has developed a landmark regulatory framework called Markets in Crypto-Assets Regulation (MiCA) to oversee crypto-assets, issuers, and service providers in the EU. While MiCA covers a broad range of digital assets, including bitcoin and ether, its top priority is on stablecoins, classified as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs).

欧盟委员会已经开发了一个具有里程碑意义的监管框架，称为Crypto-Assets法规（MICA）的市场，以监督欧盟的加密资产，发行人和服务提供商。尽管MICA涵盖了包括比特币和以太在内的广泛数字资产，但其首要任务是在Stablecoins上，被归类为资产引用的令牌（艺术）或电子货币令牌（EMTS）。

Regulation of Stablecoin Crypto Assets in MiCA

云母中的稳定加密资产的调节

Stablecoin issuers must comply with strict regulatory requirements to ensure financial stability and consumer protection. The framework introduces minimum reserve requirements for stablecoins, varying by token type and issuer category. It also mandates specific reporting obligations and anti-money laundering (AML) checks for issuers.

Stablecoin发行人必须遵守严格的监管要求，以确保财务稳定和消费者保护。该框架引入了稳定币的最低储备要求，该框架的类型和发行人类别有所不同。它还要求发行人的特定报告义务和反洗钱（AML）支票。

Key Regulatory Requirements for Stablecoins Under MiCA

云母下的稳定霉素的关键监管要求

The Markets in Crypto-Assets Regulation (MiCA) imposes strict compliance measures for stablecoin issuers, aiming to ensure financial stability, transparency, and consumer protection. The regulatory framework classifies stablecoins as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs) and enforces stringent oversight on both.

Crypto-Assets法规（MICA）中的市场对Stablecoin发行人施加了严格的合规措施，旨在确保财务稳定，透明度和消费者保护。监管框架将Stablecoins归类为资产引用的代币（艺术）或电子货币令牌（EMTS），并对两者进行严格的监督。

E-Money Tokens (EMTs) are stablecoins pegged to a single fiat currency (e.g., the euro, US dollar, or British pound) and must be fully redeemable on demand at face value. MiCA imposes higher regulatory scrutiny on EMTs compared to Asset-Referenced Tokens (ARTs) due to their potential impact on the financial system.

e货币令牌（EMTS）被固定在单一法定货币（例如欧元，美元或英镑）上，并且必须完全按需按需兑换。与资产参考的令牌（ART）相比，云母对EMT进行了更高的监管审查，因为它们对金融体系的潜在影响。

How EMT Regulations Will Reshape the Market in 2025

EMT法规将如何在2025年重塑市场

The European Union's (EU) new crypto regulations, known as Markets in Crypto-Assets Regulation (MiCA), are set to come into effect in 2025, imposing stricter rules on stablecoins compared to other crypto assets. The regulations classify stablecoins as either e-money tokens or asset-referenced tokens, with e-money tokens being subject to greater regulatory oversight.

欧盟（欧盟）的新加密法规，被称为加密资产管理法规（MICA）的市场，将于2025年生效，与其他加密资产相比，对Stablecoins施加了更严格的规则。该法规将Stablecoins归类为电子货币令牌或资产引用的代币，而电子货币令牌则受到更大的监管监督。

The regulations also introduce minimum reserve requirements for stablecoins, varying by token type and issuer category. For instance, high-net-worth issuers of e-money tokens must fully back their tokens with zero-yield liquid assets like government bonds and maintain a reserve common to all tokens issued by the same issuer.

该法规还介绍了稳定币的最低储备要求，该法规由代币类型和发行人类别有所不同。例如，电子货币令牌的高净值发行人必须以零收益的流动资产（例如政府债券）的零来支持其令牌，并维护同一发行人发行的所有代币的储备。

Moreover, stablecoin issuers will be subject to specific reporting obligations and anti-money laundering (AML) checks, with the relevant national competent authority responsible for supervision. Issuers will be required to report any material changes in their activities or status to the competent authority and cooperate with any investigations or requests for information.

此外，Stablecoin发行人将遵守特定的报告义务和反洗钱（AML）支票，相关的国家主管机构负责监督。发行人将被要求向主管当局报告其活动或状况的任何重大变化，并与任何调查或信息请求合作。

The regulatory framework also imposes restrictions on stablecoin transactions, with the total value of transactions by a single natural person limited to €100 per day or €125,000 per year. These measures aim to prevent financial instability and promote consumer protection in the evolving crypto ecosystem.

监管框架还对稳定交易施加了限制，单个自然人的总价值限制为每天100欧元或每年125,000欧元。这些措施旨在防止金融不稳定并促进不断发展的加密生态系统中的消费者保护。

The European Union (EU) is set to introduce some of the world's toughest crypto regulations with its Markets in Crypto-Assets Regulation (MiCA) legislation, which is expected to come into effect in 2025. While the focus has been on the potential ban on proof-of-work mining and the introduction of a new type of regulated crypto service provider, MiCA also includes provisions for stablecoins.

欧盟（EU）将通过其在加密资产管理法规（MICA）立法中引入一些世界上最艰难的加密法规，预计该法规将在2025年生效。虽然重点是潜在禁止工作证明采矿的禁令，并引入了新型的受监管的密码服务提供者，MICA还包括STABLECOININS，还包括STABLECOINS。

Stablecoins, which are cryptocurrencies pegged to traditional assets like fiat currencies, have been a subject of concern for regulators due to their potential to destabilize the financial system if not properly supervised. To mitigate these risks, MiCA imposes strict compliance measures on stablecoin issuers, aiming to ensure financial stability, transparency, and consumer protection.

稳定币是与法定货币这样的传统资产挂钩的加密货币，由于监管机构的潜力不正确，因此对监管机构的潜力一直引起关注。为了减轻这些风险，云母对稳定发行人采取了严格的合规措施，旨在确保财务稳定，透明度和消费者保护。

The regulatory framework classifies stablecoins as either Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs), each category subject to different regulatory requirements. ARTs are pegged to the value of one or more financial instruments, commodities, or a basket of such instruments or commodities, while EMTs are pegged to the value of a single fiat currency, such as the euro, US dollar, or British pound.

监管框架将Stablecoins归类为资产引用的令牌（艺术）或电子货币令牌（EMTS），每个类别都遵守不同的监管要求。艺术固定在一种或多种金融工具，商品或一篮此类工具或商品的价值上，而EMT则与单一法定货币（例如欧元，美元或英镑）的价值挂钩。

The legal entities authorized to issue ARTs or EMTs will be subject to specific

被授权发行艺术或EMT的法律实体将受到特定的约束