USDT 和 MiCA

正如 ESMA 官方声明所强调的，资产参考代币（ART）和电子货币代币（EMT）是受 MiCA 监管的活动。

The European Securities and Markets Authority (ESMA) announced measures for crypto exchanges operating in the European Union (EU) on Friday.

欧洲证券和市场管理局（ESMA）周五宣布了针对在欧盟（EU）运营的加密货币交易所的措施。

According to the statement, exchanges are required to apply restrictions on certain cryptocurrencies, including USDT, for EU citizens.

根据声明，交易所必须对欧盟公民的某些加密货币（包括 USDT）实施限制。

The measures are being taken to align services with the Markets in Crypto Assets (MiCA) Regulation, which came into effect recently.

正在采取这些措施，以使服务与最近生效的加密资产市场（MiCA）法规保持一致。

The statement highlights that asset-referenced tokens (ARTs) and e-money tokens (EMTs) are activities regulated by MiCA.

该声明强调，资产参考代币（ART）和电子货币代币（EMT）是受 MiCA 监管的活动。

In theory, USDT should be classified as an e-money token, but Tether is not recognized by the EU as an issuer of e-money (electronic money).

理论上来说，USDT应该被归类为电子货币代币，但Tether并不被欧盟认可为电子货币（电子货币）的发行者。

Therefore, formally, USDT cannot fall into the category of e-money tokens, since these can only be issued by recognized issuers of electronic money.

因此，从形式上来说，USDT不能属于电子货币代币的范畴，因为它们只能由认可的电子货币发行人发行。

However, if it does not fall into the category of e-money tokens, it can fully qualify as asset-referenced tokens, which are tokens that represent on-chain external assets (in this case USD).

然而，如果它不属于电子货币代币的范畴，那么它完全有资​​格成为资产参考代币，即代表链上外部资产（在本例中为美元）的代币。

Therefore, on one hand, the European regulations on e-money tokens should not be applicable to USDT, but on the other hand, those on asset-referenced tokens should be applicable. In other words, the statements of ESMA also apply to USDT.

因此，一方面，欧洲有关电子货币代币的法规不应适用于USDT，但另一方面，有关资产参考代币的法规应适用。也就是说，ESMA的声明也适用于USDT。

It's important to note that these measures only apply to the countries of the EU, since the MiCA is an EU regulation valid only within the European Union.

值得注意的是，这些措施仅适用于欧盟国家，因为 MiCA 是一项仅在欧盟内部有效的欧盟法规。

For precision, the exchanges will be required to apply it only to users who are residents in EU countries.

为了精确起见，交易所将被要求仅将其应用于欧盟国家居民的用户。

It will be up to the exchanges to ensure that the new MiCA regulations are applied to their users who are residents in the EU, while ESMA can only warn, and then at most monitor.

交易所将负责确保新的 MiCA 法规适用于欧盟居民用户，而 ESMA 只能发出警告，最多进行监控。

The official statements from ESMA state that the so-called CASP (providers of services related to cryptocurrencies) operating in the EU should promptly take measures to align their services with MiCA.

ESMA 的官方声明指出，在欧盟运营的所谓 CASP（加密货币相关服务提供商）应立即采取措施，使其服务与 MiCA 保持一致。

This means that CASPs should stop making available for trading all cryptos that belong to the ART group, and those that belong to EMT but for which the issuer is not authorized by the EU (EMT non-compliant with MiCA).

这意味着 CASP 应停止提供属于 ART 组的所有加密货币以及属于 EMT 但发行人未经欧盟授权的加密货币（EMT 不符合 MiCA）。

ESMA expects that the restrictions on existing services will be completed by the end of January 2025, but that sales services can be maintained until the end of the first quarter of 2025.

ESMA预计对现有服务的限制将于2025年1月结束，但销售服务可以维持到2025年第一季度末。

Furthermore, it suggests that CASPs launch communication campaigns aimed at EU investors to inform them of these things, and requests that they implement procedures and initiatives to facilitate the liquidation of these crypto.

此外，它建议 CASP 发起针对欧盟投资者的沟通活动，告知他们这些事情，并要求他们实施程序和举措，以促进这些加密货币的清算。

In theory, the MiCA regulations would have already come into force, but the restrictions do not appear to have been applied yet.

理论上，MiCA 法规已经生效，但这些限制似乎尚未实施。

The timelines suggested by ESMA do not seem to be binding, but appear more like estimates or forecasts by the authority. However, they also mean that after the indicated dates, the supervisory authority could start conducting checks to verify that they have been applied.

ESMA建议的时间表似乎不具有约束力，但看起来更像是当局的估计或预测。然而，它们也意味着在指定日期之后，监管机构可以开始进行检查以验证它们是否已得到应用。

The first restrictions concern purchases and all those services that do not involve sales. These restrictions, according to what has been stated by ESMA, are expected to be applied by January 31.

第一个限制涉及购买和所有不涉及销售的服务。根据 ESMA 的说法，这些限制预计将于 1 月 31 日实施。

Therefore, in theory, from the first of February, crypto exchanges should prevent their customers who are residents in the EU from purchasing USDT and using them for any product or instrument that does not foresee their sale.

因此，从理论上讲，从 2 月 1 日起，加密货币交易所应阻止其欧盟居民客户购买 USDT 并将其用于任何无法预见其销售的产品或工具。

Furthermore, starting from the first of April, they should also prohibit its sale.

而且，从四月一号开始，他们也应该禁止销售。

It should be remembered that these impositions only concern centralized exchanges, while they do not apply to DEX or non-custodial wallets, also because they are anonymous and do not require the user to declare and prove their residence.

应该记住，这些强制措施仅涉及中心化交易所，而不适用于 DEX 或非托管钱包，这也是因为它们是匿名的，不需要用户声明和证明其居住地。

The first possible solution for EU users is to move USDT, and other tokens that will be delisted, to non-custodial wallets. It is recommended to transfer them to non-custodial wallets that allow decentralized swaps, so that you can freely exchange your USDT at any time, for example into USDC (USDC is an EMT compliant with MiCA, so it will not be delisted).

对于欧盟用户来说，第一个可能的解决方案是将 USDT 和其他将被下架的代币转移到非托管钱包。建议将其转移到允许去中心化兑换的非托管钱包，以便您可以随时自由兑换您的USDT，例如兑换成USDC（USDC是符合MiCA的EMT，因此不会下架）。

The second is to wait for the individual exchanges to inform their users about the procedures they offer for the exchange.

第二是等待各个交易所告知其用户他们提供的交易所程序。

The third is to hope that in the meantime USDT becomes MiCA compliant (but time is running out). It should be noted that Tether is also a partner of some companies that issue MiCA-compliant dollar stablecoins (such as USDQ), therefore it is also possible that Tether itself somehow provides some tool to convert USDT into tokens that will not be delisted in the EU.

第三是希望同时USDT能够兼容MiCA（但时间已经不多了）。需要注意的是，Tether 也是一些发行符合 MiCA 的美元稳定币（如 USDQ）的公司的合作伙伴，因此 Tether 本身也有可能以某种方式提供了一些工具，将 USDT 转换为不会在交易所下架的代币。欧盟。