Tether USDT 在欧洲的命运：所有人都在关注 MiCA 的最后期限

欧盟的加密货币法规将在几天内全面生效，但 Tether 的 USDt 稳定币仍存在很大的不确定性。

The European Union’s cryptocurrency regulations, Markets in Crypto Assets (MiCA), are set to take full effect on December 30, 2024, leaving just a matter of days before they become fully enforceable. However, there is still a significant amount of uncertainty surrounding the fate of Tether’s USDt stablecoin in the EU.

欧盟的加密货币法规《加密资产市场》(MiCA) 将于 2024 年 12 月 30 日全面生效，距离全面实施仅剩几天的时间。然而，Tether 的 USDt 稳定币在欧盟的命运仍然存在很大的不确定性。

United States crypto exchange Coinbase notably delisted Tether’s USDt (USDT) in mid-December, citing compliance with MiCA’s stablecoin provisions. After Coinbase’s USDT delisting, the stablecoin has continued trading across the EU, with many exchanges apparently awaiting more clarity from European authorities on USDT’s compliance with MiCA.

美国加密货币交易所 Coinbase 于 12 月中旬将 Tether 的 USDt (USDT) 摘牌，理由是遵守 MiCA 的稳定币条款。在 Coinbase 的 USDT 下架后，该稳定币仍在欧盟各地继续交易，许多交易所显然在等待欧洲当局进一步明确 USDT 是否符合 MiCA。

According to a member of the MiCA Crypto Alliance, EU regulators have not said whether USDt is compliant with MiCA, but this doesn’t mean the stablecoin is not seen as non-compliant in Europe.

据 MiCA 加密货币联盟成员表示，欧盟监管机构尚未表示 USDt 是否符合 MiCA，但这并不意味着该稳定币在欧洲不被视为不合规。

“No regulators have explicitly stated that USDT isn’t compliant, but this does not mean that it is,” Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, told Cointelegraph.

MiCA 加密货币联盟技术委员会成员 Juan Ignacio Ibañez 告诉 Cointelegraph：“没有监管机构明确表示 USDT 不合规，但这并不意味着它不合规。”

Ibañez was referring to European crypto exchanges like Binance EU or Crypto.com continuing to offer trading in USDT, despite Coinbase’s recent delisting of the stablecoin. He noted that there are no apparent reasons for other crypto exchanges to also delist USDT on the same date as Coinbase.

Ibañez 指的是 Binance EU 或 Crypto.com 等欧洲加密货币交易所继续提供 USDT 交易，尽管 Coinbase 最近下架了稳定币。他指出，没有明显的理由让其他加密货币交易所也与 Coinbase 同一天下架 USDT。

“Coinbase’s decision may reflect a proactive approach to avoid last-minute compliance risks or regulatory uncertainty, a precautionary approach,” he said.

他表示：“Coinbase 的决定可能反映出一种积极主动的做法，以避免最后一刻的合规风险或监管不确定性，这是一种预防措施。”

As the EU's MiCA is expected to enter full force on Dec. 30, he added that USDT delistings in the EU are still likely to come.

由于欧盟MiCA预计将于12月30日全面生效，他补充道，USDT在欧盟下架仍有可能到来。

“The ‘wait-and-see’ approach doesn’t make much sense relative to other MiCA requirements,” Ibañez said, suggesting that it could entail too much regulatory risk.

“相对于其他 MiCA 要求，‘观望’方法没有多大意义，”Ibañez 表示，这表明它可能会带来太多监管风险。

While some publications like Bloomberg have reported that European crypto exchanges must delist Tether’s USDt by December 30, European regulators have not given such guidance by the time of writing.

尽管彭博社等一些出版物报道称，欧洲加密货币交易所必须在 12 月 30 日之前将 Tether 的 USDt 下架，但截至撰写本文时，欧洲监管机构尚未给出此类指导。

In October 2024, the European Securities and Markets Authority (ESMA) — a key supervisor of MiCA compliance — declined to tell Cointelegraph whether USDt was seen as a restricted stablecoin under MiCA.

2024 年 10 月，欧洲证券和市场管理局（ESMA）——MiCA 合规性的主要监管机构——拒绝告诉 Cointelegraph，USDt 是否被视为 MiCA 下的受限制稳定币。

A spokesperson at ESMA then said that the regulator was working with market participants and other stakeholders to address stablecoin-related issues presented in MiCA.

ESMA 发言人随后表示，监管机构正在与市场参与者和其他利益相关者合作，解决 MiCA 中提出的与稳定币相关的问题。

ESMA did not immediately respond to a request for comment regarding the status of USDt under MiCA. As of December 27, USDT trading continues on many crypto exchanges operating in Europe, including Binance EU and Crypto.com, Cointelegraph has learned. The exchanges did not comment on whether they plan to delist USDT in the EU in the near future.

ESMA 没有立即回应有关 MiCA 下 USDt 状态的置评请求。 Cointelegraph 获悉，截至 12 月 27 日，USDT 交易仍在欧洲运营的许多加密货币交易所继续进行，包括 Binance EU 和 Crypto.com。交易所并未就是否计划近期在欧盟下架 USDT 发表评论。

MiCA’s implementation phase ends on December 30, 2024, but there is also a transitional 18-month phase in MiCA’s total 36-month timeline.

MiCA的实施阶段于2024年12月30日结束，但MiCA总共36个月的时间表中还有一个18个月的过渡阶段。

According to official information from ESMA, EU member states will have the option of implementing “transitional measures” that would allow entities already providing crypto asset services under applicable law in their jurisdictions to continue doing so during the transitional phase of MiCA.

根据 ESMA 的官方信息，欧盟成员国将可以选择实施“过渡措施”，允许已经在其管辖范围内根据适用法律提供加密资产服务的实体在 MiCA 过渡阶段继续这样做。

Among MiCA transitional measures, ESMA mentioned the “grandfathering” clause. The clause allows entities providing crypto asset services in accordance with national applicable laws before Dec. 30, 2024, to continue to do so until July 1, 2026, or until they are granted or refused a MiCA authorization.

在 MiCA 过渡措施中，ESMA 提到了“祖父条款”。该条款允许在 2024 年 12 月 30 日之前根据国家适用法律提供加密资产服务的实体继续这样做，直到 2026 年 7 月 1 日，或者直到他们被授予或拒绝 MiCA 授权。

The other transitional measure is a simplified authorization procedure, which targets entities already authorized under national applicable law on Dec. 30 to provide crypto asset services, it said.

另一项过渡措施是简化授权程序，针对的是 12 月 30 日已根据国家适用法律获得授权提供加密资产服务的实体。

“During the transitional phase, a mix of regimes will coexist across member states, which may result in disparate levels of protection for consumers of crypto-asset services,” ESMA noted.

ESMA 指出：“在过渡阶段，成员国之间将共存多种制度，这可能会导致对加密资产服务消费者的保护水平不同。”

The regulator also provided a list of grandfathering periods decided by member states under MiCA. According to the document, 10 member states and European Economic Area countries  — including France and Estonia — will have an 18-month grandfathering period.

监管机构还提供了一份由成员国根据 MiCA 决定的祖父期限清单。根据该文件，包括法国和爱沙尼亚在内的 10 个成员国和欧洲经济区国家将享有 18 个月的祖父期。

Eight other EU jurisdictions, such as Austria, Greece and Spain, will have a 12-month transition period, while six more — like the Netherlands — will have a six-month grandfathering period.

奥地利、希腊和西班牙等其他 8 个欧盟司法管辖区将有 12 个月的过渡期，而荷兰等另外 6 个司法管辖区将有 6 个月的祖父期。