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幾年前，推出最初的硬幣產品（ICO）似乎是籌集資金的直接方法。

A few years ago, the concept of Initial Coin Offerings (ICOs) being regulated by the European Union might have seemed far-fetched. Back then, companies across the globe were launching ICOs, a type of cryptocurrency crowdfunding, to raise capital.

幾年前，歐盟監管的初始硬幣產品（ICO）的概念似乎已經牽強。當時，全球公司正在推出ICO，一種加密貨幣眾籌，以籌集資金。

However, with the absence of clear regulations, the potential for scams and financial losses grew, especially as eager investors poured billions into these ventures.

但是，由於沒有明確的法規，造成騙局​​和財務損失的潛力越來越大，尤其是當渴望投資者向這些企業投入數十億美元時。

Enter MiCA, an abbreviation for Markets in Crypto-Assets, the European Union’s regulation aiming to bring order to the wild west of ICOs.

輸入MICA，這是加密資產市場中市場的縮寫，歐盟的法規旨在將秩序帶到ICO的野外。

Coming into effect in 2024, MiCA sets a regulatory framework for crypto-assets, intending to ensure that ICOs are conducted transparently and securely. But how does MiCA impact investors, startups, and the global crypto market?

MICA於2024年生效，為加密資源設定了監管框架，以確保ICO透明，安全地進行ICO。但是，雲母如何影響投資者，初創企業和全球加密市場？

Also Read: Best Crypto Scanners For Advanced Technical Analysis

另請閱讀：用於高級技術分析的最佳加密掃描儀

The Structure of MiCA (Markets in Crypto-Assets) Regulations

雲母的結構（加密資料中的市場）法規

The Markets in Crypto-Assets Regulation, or MiCA, is a new legal framework in the European Union designed to regulate the cryptocurrency and blockchain industry, including ICOs.

Crypto-Assets法規或云母的市場是歐盟的新法律框架，旨在規範包括ICO在內的加密貨幣和區塊鏈行業。

The goal of the regulation is to create a unified regulatory environment for crypto-assets in order to foster innovation while also protecting investors.

該法規的目的是為加密資源創建一個統一的監管環境，以促進創新，同時也保護投資者。

Since its partial implementation in 2024, MiCA has begun to reshape the European crypto landscape, bringing stability and trust to the table.

自2024年部分實施以來，雲母已開始重塑歐洲加密貨幣的景觀，從而使穩定和信任成為現實。

What is an ICO According to MiCA?

根據云母，什麼是ICO？

From the perspective of MiCA, an Initial Coin Offering (ICO) can be defined as the public sale of newly issued crypto-assets to investors in exchange for funds, which are typically stated as cryptocurrencies or fiat currency.

從MICA的角度來看，初始硬幣產品（ICO）可以定義為向投資者出售新發行的加密資產以換取資金，以換取資金，這些資金通常稱為加密貨幣或法定貨幣。

The regulation classifies ICOs into different categories based on the type of tokens being issued.

該法規根據所發行的代幣類型將ICO分類為不同的類別。

Types of ICOs Recognized by MiCA

雲母識別的ICO類型

According to the new legislation, there are several types of ICOs recognized by MiCA. Each category carries its own set of obligations and regulations.

根據新立法，雲母認可的ICO有幾種類型。每個類別都有自己的一套義務和法規。

The regulation distinguishes between two main types of tokens:

該法規區分了兩種主要令牌類型：

>>(i) e-money tokens and (ii) utility tokens.

>>（i）電子貨幣令牌和（ii）實用令牌。

E-money tokens are essentially stablecoins pegged to the value of fiat currency, such as the euro or dollar, aiming to provide a stable means of payment.

電子貨幣令牌本質上是固定的，符合法定貨幣的價值，例如歐元或美元，旨在提供穩定的付款方式。

On the other hand, utility tokens grant the holder specific rights to an underlying good or service offered by the issuer, such as access to a specific platform or privileges within a decentralized autonomous organization (DAO).

另一方面，公用事業令牌授予了發行人提供的基本商品或服務的持有人特定權利，例如訪問特定平台或分散自治組織（DAO）內的特定特權。

A third category, known as "transferable tokens," encompasses any crypto-asset other than an e-money token or a utility token. These tokens are typically used for investment purposes and provide the holder with an interest in the issuer's profits or losses.

第三類，稱為“可轉移令牌”，涵蓋除電子代幣或實用程序令牌以外的任何加密資產。這些令牌通常用於投資目的，並為持有人提供了發行人的利潤或損失的興趣。

The classification of tokens is crucial for determining the applicable regulations and obligations. For instance, issuers of e-money tokens will be subject to more stringent solvency and liquidity requirements compared to issuers of utility tokens.

令牌的分類對於確定適用的法規和義務至關重要。例如，與公用事業令牌發行人相比，電子貨幣令牌的發行人將受到更嚴格的償付能力和流動性要求。

Furthermore, MiCA introduces a category of "large-scale issuers," defined as those whose e-money tokens are held by an aggregate number of 125,000 users or more, or whose total token value in circulation exceeds 1 billion euros.

此外，MICA引入了“大規模發行人”類別，其定義為其電子貨幣令牌由125,000或更多用戶或流通量的總代幣價值總數超過10億歐元的人。

These large-scale issuers will be subject to even greater regulatory scrutiny and supervision.

這些大型發行人將受到更大的監管審查和監督。

Key Provisions of MiCA Impacting ICOs

雲母影響ICO的關鍵規定

The new MiCA (Markets in Crypto-Assets) Regulation from the European Union aims to bring a well-defined regulatory structure to Initial Coin Offerings (ICOs), focusing on investor protection and transparency.

來自歐盟的新雲母（加密資源市場中的市場）旨在為初始硬幣產品（ICO）帶來明確的監管結構（ICO），重點是投資者保護和透明度。

These provisions are expected to have a significant impact on how ICOs are conducted in Europe and how they are recognized globally.

預計這些規定將對ICO在歐洲的執行方式以及全球認可的方式產生重大影響。

2025 Market Impact: As MiCA comes into full effect, we can expect to see more structured and transparent ICOs, setting a new standard for crypto fundraising.

2025年市場影響：隨著雲母的全面生效，我們可以期望看到更多結構化和透明的ICO，為加密籌款的新標準樹立了新的標準。

Main Obligations for ICOs in MiCA

雲母ICO的主要義務

The regulation imposes strict obligations on ICO issuers to ensure transparency, investor protection, and financial stability. These obligations set clear expectations for companies looking to raise funds through ICOs in 2025 and beyond.

該法規對ICO發行人施加了嚴格的義務，以確保透明度，投資者保護和財務穩定性。這些義務對希望在2025年及以後通過ICO籌集資金的公司明確期望。

1. Whitepaper Compliance

1。白皮書合規性

Every ICO must be underpinned by a detailed whitepaper that needs to be approved by the relevant regulators before the launch of the token offering.

每個ICO都必須由詳細的白皮書支撐，該詳細的白皮書需要在啟動令牌產品之前得到相關監管機構的批准。

The content and structure of the whitepaper are crucial for ensuring transparency and investor protection.

白皮書的內容和結構對於確保透明度和投資者保護至關重要。

2. Registration & Licensing

2。註冊和許可

Issuers of e-money tokens, also known as stablecoins, will be required to register and obtain a license from the national competent authorities in the EU member state where they have their registered office.

電子貨幣令牌的發行人（也稱為StableCoins）將被要求註冊並從歐盟成員國的國家主管當局獲得許可，並在那裡擁有註冊辦公室。

This measure aims to ensure that only financially sound and stable issuers can offer stablecoins in the European market.

該措施旨在確保只有財務狀況良好和穩定的發行人才能在歐洲市場上提供穩定的發行人。

3. Transparency & Regular Reporting

3。透明度和常規報告

Issuers of e-money tokens will be subject to ongoing reporting requirements, including regular updates on the number of token holders and the total value of tokens in circulation.

電子貨幣令牌的發行人將遵守正在進行的報告要求，包括有關令牌持有人數量的定期更新和流通中令牌的總價值。

This measure aims to maintain transparency and allow authorities to monitor

該措施旨在保持透明度並允許當局監視