雲母：如果加密資產既是分散又是穩定的，會發生什麼？

歐洲的雲母雲母法規的第一次迭代明確避開了分散的金融，儘管當將許多所謂的分散實體置於顯微鏡之下時，可能被發現是集中的。

Europe’s MiCA (Markets in Crypto Assets) regulations are set to come into effect in 2024, and they will introduce a comprehensive legal framework for cryptocurrencies in the European Union. However, there are still some questions about how MiCA will apply to certain types of crypto-assets, such as decentralized stablecoins.

歐洲的雲母（加密資產市場）法規將於2024年生效，他們將在歐盟引入一個全面的加密貨幣法律框架。但是，關於雲母如何應用於某些類型的加密資源，例如分散的穩定劑，仍然存在一些問題。

Stablecoins are a type of cryptocurrency that is pegged to the value of a fiat currency, such as the US dollar. This makes them less volatile than other cryptocurrencies, and it also attracts a wider range of users. However, stablecoins are also centralized, which means that they are issued and controlled by a single entity.

穩定幣是一種加密貨幣，它與法定貨幣（例如美元）的價值掛鉤。這使它們比其他加密貨幣的波動性較小，並且還吸引了更廣泛的用戶。但是，穩定的人也是集中的，這意味著它們是由一個實體發行和控制的。

MiCA includes provisions for stablecoins, but these provisions are mainly focused on centralized stablecoins, also known as e-money tokens (EMTs) or asset-referenced tokens (ARTs). The legal clauses that apply to EMTs and ARTs stipulate that they must be offered to the public by the issuer or where the issuer lists it on an exchange. Alternatively, a crypto exchange can choose to list the EMT itself with permission from the issuer.

雲母包括穩定蛋白的規定，但這些規定主要集中於集中式穩定劑，也稱為電子貨幣令牌（EMTS）或資產提交的代幣（Arts）。適用於EMT和藝術的法律條款規定，發行人必須向公眾或發行人列出其在交易所列出的法律條款。另外，加密交易所可以選擇在發行人的許可下列出EMT本身。

If any of these apply, the issuer must be a bank or an EU regulated e-money issuer and comply with reserve and other requirements. However, there’s an argument that if the crypto exchange chooses to list the token without permission from the issuer, then the section relating to the EMTs does not apply to the issuer. That includes the need to register as an e-money provider.

如果有任何一種適用，則發行人必須是銀行或歐盟受監管的電子貨幣發行人，並遵守儲備金和其他要求。但是，有一個論點是，如果加密交易所選擇未經發行人許可列出令牌，則與EMTS有關的部分不適用於發行人。這包括需要註冊為電子貨幣提供商。

This is the path taken by the Sky lawyer, BCAS, in the case of the DAI stablecoin. However, the European Commission advised ESMA (European Securities and Markets Authority) that crypto exchanges should only list regulated EMTs.

對於Dai Stablecoin而言，這是天空律師BCAS的道路。但是，歐盟委員會建議ESMA（歐洲證券和市場管理局）加密交易所應僅列出受監管的EMT。

The DAI is one of the oldest stablecoins, and it is decentralized. Its governance body, MakerDAO, has been rebranded to Sky, and recently token holders commissioned a legal report that concluded that the MiCA e-money token clauses do not apply to it, and EU exchanges can list it.

DAI是最古老的穩定劑之一，它是分散的。它的治理機構Makerdao已被重新命名為Sky，最近代幣持有人委託一份法律報告得出結論，雲母電子貨幣代幣條款不適用於它，歐盟交流可以列出它。

However, an advisor to the European Commission who was involved in MiCA’s drafting has asserted that exchanges can only list regulated EMTs and ARTs, adding that it would be up to the European courts to decide, if in doubt.

但是，參與MICA起草的歐洲委員會的顧問斷言，交流只能列出受監管的EMT和藝術，並補充說，如果有疑問，將由歐洲法院決定。

This leaves us with a question: what happens under MiCA if a crypto-asset is both decentralized and a stablecoin?

這給我們留下了一個問題：如果加密資產既是分散又是穩定的，那麼在雲母下會發生什麼？

A recent debate on LinkedIn highlighted this issue, with EU advisor Peter Kerstens stating that “there can not be any doubt about the legislator’s intentions,” that unregulated EMTs or ARTs should not be offered or listed for trading. However, he added that “Mica creates a legal fiction/fact that all EMT/ARTs must have an issuer, who is also the person/entity responsible for the reserve and complying with reserve and redemption requirements. The legislator never contemplated an EMT/ART in a decentralised/defi context.”

最近關於LinkedIn的辯論強調了這個問題，歐盟顧問彼得·克爾斯滕斯（Peter Kerstens）指出：“對立法者的意圖沒有任何疑問”，不應提供或列出不受監管的EMT或藝術以進行交易。但是，他補充說：“雲母創造了一個法律小說/事實，即所有EMT/藝術都必須擁有發行人，他也是負責儲備金的人/實體，並遵守儲備金和贖回要求。立法者從未在分散/偏見的環境中考慮EMT/ART。”

This response attracted some criticism, with Keir Finlow-Blow noting that it’s “like saying ‘The legislator never contemplated a form of transport that could go faster than a horse’ when trying to regulate cars and airplanes.”

這種反應引起了一些批評，凱爾·芬洛（Keir Finlow）吹噓說，這就像“說'立法者在試圖調節汽車和飛機時從未考慮過一種運輸形式，比一匹馬更快。”

It’s also worth noting that the DAI was launched in 2017, which is older than the USDC stablecoin, and for a long time the DAI was amongst the top three stablecoins in market capitalization.

還值得注意的是，DAI於2017年推出，該公司比USDC Stablecoin更古老，並且很長一段時間以來，DAI是市值中前三名的穩定幣之一。

BCAS lawyer Jonathan Galea highlighted that this situation had been considered. The MiCA introduction (recital) states:

BCAS律師Jonathan Galea強調了這種情況已被考慮。雲母引言（獨奏）指出：

Where crypto-assets have no identifiable issuer, they should not fall within the scope of Title II, III or IV of this Regulation. Crypto-asset service providers providing services in respect of such crypto-assets should, however, be covered by this Regulation.

如果加密資源沒有可識別的發行人，則不應屬於本法規的標題II，III或IV的範圍。但是，該法規應涵蓋加密資產服務提供商提供此類加密資產服務的服務的服務。

Titles III and IV cover stablecoins, or ARTs and EMTs respectively. This might mean the DAI and USDS stablecoins don’t have to comply. However, the second sentence puts an obligation on exchanges or crypto-asset service providers (CASPs).

標題III和IV分別涵蓋了穩定的穩定性，或藝術和EMT。這可能意味著DAI和USDS Stablecoins不必遵守。但是，第二句話給交換或加密資產服務提供商（CASP）賦予了義務。

The BCAS report notes that to comply with this clause, exchanges must:

BCAS報告指出，要遵守本條款，交流必須：

The suitability assessment as outlined in MiCA is unlikely to be a challenge.

雲母中概述的適用性評估不太可能是一個挑戰。

There are two main issues here. One is whether exchanges can list unregulated stablecoins. The other is how decentralized stablecoins fall through the gap.

這裡有兩個主要問題。一種是交易所是否可以列出不受監管的穩定劑。另一個是分散的穩定穩定性如何通過差距掉落。

If these issues were to end up in court, the result might not be a slam dunk for DAI/USDS. For example, the BCAS opinion concludes that the Sky website is not an offer to the public, which could be debated. Plus, a recent S&P Global assessment of USDS raised questions about the degree of governance decentralization.

如果這些問題最終出庭，則結果可能不是DAI/USD的扣籃。例如，BCAS的意見得出的結論是，天空網站不是向公眾提供的報價，這可能會辯論。另外，最近對USD的標準普爾全球評估提出了有關權力下放程度的問題。

The problem is that the MiCA regulation doesn’t explicitly state that CASPs are not allowed to list unregulated stablecoins, even if that was the intent. Again, the fact that ESMA had to ask the European Commission underlines this point.

問題在於，雲母法規並未明確規定CASP不允許列出不受監管的穩定劑，即使這是意圖。再次，ESMA必須問歐洲委員會這一事實強調了這一點。

This aspect doesn’t just impact DAI/USDS but

這方面不僅會影響dai/usds，還會影響