巴塞尔加密标准再次成为社交媒体X的焦点，因为围绕全球数字资产法规的对话正在塑造。

谈话始于加密爱好者和Emurgo首席运营官Nikhil Joshi。他将自己的帖子标记为“为什么巴塞尔加密统治在东南亚很重要”。

Crypto enthusiast and EMURGO Chief Operating Officer (COO) Nikhil Joshi has put the Basel Crypto standard on the agenda again on social media X as conversations around global digital assets regulation continue to shape up.

加密爱好者兼Emurgo首席运营官（COO）Nikhil Joshi在社交媒体X上再次将巴塞尔加密货币标准置于议程上，因为围绕全球数字资产监管的对话不断发展。

Tying his post on X as “Why Basel Crypto Rules Matter in Southeast Asia,” Joshi began by highlighting the integration of the Basel Committee on Banking Supervision’s rules on direct exposure to cryptocurrencies.

乔希（Joshi）将他的帖子绑在X上是“为什么巴塞尔加密规则在东南亚重要”，首先强调了巴塞尔银行监督委员会关于直接暴露加密货币的规则的整合。

The thinking behind the capital requirements imposed on banks for their holdings in digital assets is straightforward.

对银行在数字资产中持有的资本要求背后的思想很简单。

This rule, dubbed the Basel Crypto Standard, was first revised and amended on July 17, 2024. However, according to Joshi’s post on X, it will become effective this year.

该规则被称为巴塞尔加密货币标准，首次修订并于2024年7月17日修订。但是，根据乔希（Joshi）在X上的帖子，该帖子将于今年生效。

He also pointed out the growing adoption of the rules among regulators worldwide.

他还指出了在全球监管机构中越来越多地通过了规则。

Banks must consider the characteristics of digital assets and category them based on these features.

银行必须考虑数字资产的特征，并根据这些功能对其进行分类。

The first group, which includes assets that meet specific conditions, will receive more favorable capital treatment than the second.

第一组包括符合特定条件的资产，将获得比第二款更有利的资本处理。

This is because assets in Group 2 are perceived as “higher risk” tokens, and those in Group 1 are perceived as safer assets.

这是因为第2组中的资产被认为是“更高的风险”令牌，而第1组中的资产被认为是安全的资产。

Per Joshi’s post, tokenized real-world assets (RWAs) or stablecoins are examples of assets in Group 1.

根据乔希（Joshi）的帖子，标记现实世界中的资产（RWAS）或稳定币是第1组资产的示例。

BTC, ETH, and “most unbacked tokens ” are the riskier assets in Group 2, although they can be considered slightly better if they meet hedging and risk criteria.

BTC，ETH和“最无抵抗的令牌”是第2组风险的资产，尽管如果符合对冲和风险标准，它们可以认为稍好一些。

For more context on the specific conditions of assets in Group 1, they should be tokenized traditional assets or have an effective stabilization mechanism linked to a traditional asset.

有关第1组资产的特定条件的更多背景，它们应该是令牌化的传统资产，或具有与传统资产有关的有效稳定机制。

They must also have clear, legally enforceable rights and obligations and sufficient risk mitigation mechanisms and be centrally cleared, eliminating default risk.

他们还必须具有明确的，合法可执行的权利和义务和足够的风险缓解机制，并在中央清除，以消除违约风险。

Growing Adoption and Ties to Top Digital Currencies

越来越多地采用并与顶级数字货币联系

In Asia, particularly in Singapore, where crypto innovation has seen vast acceptance, regulators are beginning to favor this Basel rule.

在亚洲，尤其是在新加坡，加密货币创新已获得广泛接受，监管机构开始偏爱这一巴塞尔统治。

The Monetary Authority of Singapore (MAS), the nation’s Central Bank, is taking crucial steps to ensure that banks and crypto entities in the region are aligned with these rules.

美国中央银行新加坡货币当局正在采取至关重要的步骤，以确保该地区的银行和加密实体与这些规则保持一致。

It is only a matter of time before regulators in Malaysia, Indonesia, Thailand, and the Philippines follow suit.

马来西亚，印度尼西亚，泰国和菲律宾的监管机构效仿只是时间问题。

This expansion hinges on the crypto industry’s growth in these countries.

这种扩展取决于加密货币行业在这些国家的增长。

Invariably, the mainstream adoption of the Basel rule may negatively impact the performance of BTC and ETH Exchange-Traded Funds (ETFs).

巴塞尔规则的主流采用总是会对BTC和ETH交易所交易基金（ETF）的绩效产生负面影响。

Since issuers may need to meet the laid-down tokenization standard, achieving it might become too tedious in the region.

由于发行人可能需要达到奠基的代币化标准，因此在该地区实现它可能变得太乏味了。

Also, it may alter how stablecoins and tokenized assets are offered and held in the region.

此外，它可能会改变该地区的稳态和令牌资产的方式。

Crypto Regulatory Trends and Expectations

加密监管趋势和期望

Globally, regulators are moving to implement a robust regulatory framework for the burgeoning crypto sector.

在全球范围内，监管机构正在为新兴的加密货币部门实施强大的监管框架。

While some of these rules have been quite lenient, especially after Donald Trump assumed office, others are unfavorable.

尽管其中一些规则非常宽容，尤其是在唐纳德·特朗普（Donald Trump）上任之后，但其他规则不利。

However, things are changing as regulatory bodies like the DOJ have dismantled their crypto enforcement units.

但是，随着司法部等监管机构拆除了加密执法部门，情况正在发生变化。

A few months ago, SEC Commissioner Hester Peirce called for clearer crypto regulation in the country.

几个月前，SEC专员Hester Peirce呼吁该国进行更清晰的加密法规。

The commissioner hammered on “Operation Chokepoint 2.0” during an interview, pointing out its adverse effects on the financial system.

专员在面试中对“ Chokepoint 2.0行动”进行了锤击，并指出了其对金融体系的不利影响。

Operation Chokepoint 2.0 is touted as a government initiative designed to debank crypto firms.

Chokepoint 2.0行动被吹捧为旨在撤销加密公司的政府倡议。

Though believed to be an old practice, American cryptocurrency exchange Coinbase claims that it is purportedly still happening in the emergent crypto industry.

尽管被认为是一种古老的做法，但美国加密货币交易所Coinbase声称，据称它在新兴的加密货币行业仍在发生。

In the coming months, the crypto landscape is expected to improve significantly, possibly to the point of getting several altcoin ETF filings approved by the SEC.

在接下来的几个月中，预计加密景观将有所改善，可能会获得SEC批准的几个Altcoin ETF文件。