雲母承諾清晰，但是隨著實施開始時，裂縫正在顯示

歐盟在加密資產管理中的市場（更名為MICA）現在處於關鍵實施階段。

The European Union's Markets in Crypto-Assets regulation, better known as MiCA, is now in its critical implementation phase. Designed to unify crypto regulation across all 27 EU member states, MiCA promises clarity, consumer protection and long-term market stability. But as implementation begins, cracks are already showing.

歐盟在加密資產管理中的市場（更名為MICA）現在處於關鍵實施階段。 MICA旨在統一所有27個歐盟成員國的加密監管，並承諾清晰，消費者保護和長期市場穩定。但是隨著實施的開始，裂縫已經顯示出來。

In this week’s episode of Byte-Sized Insight, we delve into the key provisions of MiCA now in force, particularly around stablecoins, and why some of the largest players in the market are refusing to comply.

在本週的字節大小見解中，我們深入研究了現在有效的雲母的關鍵規定，尤其是在Stablecoins附近，以及為什麼市場上一些最大的球員拒絕遵守。

As of January 2025, crypto asset service providers (CASPs) began acquiring licenses to operate legally within the EU. A transitional or “grandfathering” period allows existing firms up to 18 months, depending on the member state, to comply. Still, with deadlines approaching, firms are being forced to act quickly.

截至2025年1月，加密資產服務提供商（CASP）開始獲取許可證以在歐盟內合法運作。過渡期或“祖父”期限允許最多18個月的現有公司遵守會員國。儘管如此，隨著截止日期的臨近，公司被迫迅速採取行動。

Stablecoins at bay

在海灣的穩定幣

One of MiCA’s earliest and most controversial provisions concerns stablecoins. The law dictates that no stablecoin can be offered to EU users unless its issuer is authorized in the EU and publishes a regulator-approved white paper.

MICA最早，最有爭議的規定之一就是穩定的。該法律規定，除非其發行人獲得歐盟並發布了監管機構批准的白皮書，否則不得向歐盟用戶提供穩定的用戶。

Strict rules around asset reserves, governance, conflict of interest and marketing are also part of the package. Issuers are even banned from offering interest on tokens, removing a common incentive for adoption.

關於資產儲備，治理，利益衝突和營銷衝突的嚴格規則也是該計劃的一部分。甚至禁止發行人提供令牌利息，從而消除了採用的共同動力。

The world’s most-used stablecoin — Tether's USDt (USDT) — has already announced it won’t seek MiCA compliance, which means exchanges may soon be forced to delist it across the EU. This has major implications for liquidity, retail access and DeFi activity in the region.

世界上最常用的Stablecoin（USDT）已經宣布不會尋求雲母合規性，這意味著交流很快可能會被迫在整個歐盟中將其推遲。這對該地區的流動性，零售獲取和DEFI活動具有重大影響。

Tether CEO Paolo Ardoino spoke further on the topic with Cointelegraph's Gareth Jenkinson at Token 2049:

Tether CEO Paolo Ardoino在Token 2049與Cointelegraph的Gareth Jenkinson進一步談論了這個話題：

Compliance is key

合規性是關鍵

On the flip side, other firms are actively securing the necessary licenses. BitGo, a crypto custody firm, recently obtained a MiCA-aligned license in Germany, positioning itself to serve institutional players across Europe.

另一方面，其他公司正在積極獲得必要的許可。加密貨幣公司Bitgo最近在德國獲得了與MICA一致的許可證，並將自己定位為為歐洲的機構參與者提供服務。

Brett Reeves, head of Go Network and European Sales at BitGo, discussed the importance of the license and BitGo's broader strategy for the European market with Cointelegraph.

BITGO的GO Network和歐洲銷售負責人Brett Reeves討論了許可證和Bitgo與Cointelegraph更廣泛的戰略對歐洲市場的重要性。

We also spoke with Erwin Voloder, head of policy at the European Blockchain Association, who highlighted the importance of consistent national-level interpretation and better guidance from regulators to prevent fragmentation.

我們還與歐洲區塊鏈協會政策主管Erwin Voloder進行了交談，他強調了一致的國家層面解釋和監管機構提供更好的指導以防止分裂的重要性。

Listen to the full episode of Byte-Sized Insight for the complete interviews on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!

收聽Byte尺寸Insight的完整劇集，以在Cointelegraph的播客頁面，Apple Podcasts或Spotify上進行完整的採訪。而且，不要忘記查看Cointelegraph的其他演出陣容！