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 states 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。

Related: Stablecoin regulation next ‘catalyst’ for crypto industry — Aptos head

相關：加密貨幣行業的下一個“催化劑”法規 - Aptos負責人

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 told Cointelegraph's Gareth Jenkinson at Token 2049:

Tether首席執行官Paolo Ardoino在2049年告訴Cointelegraph的Gareth Jenkinson：

"We prefer to focus on jurisdictions where we can continue to innovate and provide the best possible service to our users. Europe is a key market for Tether, and we are committed to engaging with regulators to ensure that our products and services meet local needs."

“我們寧願專注於司法管轄區，我們可以繼續創新並為用戶提供最佳的服務。歐洲是繩索的關鍵市場，我們致力於與監管機構互動，以確保我們的產品和服務滿足當地需求。”

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, has 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。 Crypto監護公司Bitgo最近在德國獲得了與雲母一致的許可證，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, told Cointelegraph the license is not just about compliance, but also the firm's long-term strategic alignment with Europe's evolving regulatory landscape.

BITGO的GO網絡和歐洲銷售負責人Brett Reeves告訴Cointelegraph該許可不僅涉及合規性，而且還與該公司與歐洲不斷發展的監管環境的長期戰略保持一致。

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

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一級解釋的重要性，並從監管機構提供了進一步的指導，以防止MICA規定分裂。

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

在Cointelegraph的播客頁面，Apple Podcasts或Spotify上全面瀏覽字節大小的見解的完整劇集。而且，不要忘記查看Cointelegraph的其他演出陣容！

Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

雜誌：法律小組：Crypto想推翻銀行，現在正在Stablecoin戰鬥中