想象一下，您是一个具有开创性想法的企业家

几年前，推出最初的硬币产品（ICO）似乎是筹集资金的直接方法。

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.

几年前，欧盟监管的初始硬币产品（ICO）的概念似乎已经牵强。当时，全球公司正在推出ICO，一种加密货币众筹，以筹集资金。

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，由于没有明确的法规，造成骗局​​和财务损失的潜力越来越大，尤其是当渴望投资者向这些企业投入数十亿美元时。

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

输入MICA，这是加密资产市场中市场的缩写，欧盟的法规旨在将秩序带到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于2024年生效，为加密资源设定了监管框架，以确保ICO透明，安全地进行ICO。但是，云母如何影响投资者，初创企业和全球加密市场？

Also Read: Best Crypto Scanners For Advanced Technical Analysis

另请阅读：用于高级技术分析的最佳加密扫描仪

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

云母的结构（加密资料中的市场）法规

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法规或云母的市场是欧盟的新法律框架，旨在规范包括ICO在内的加密货币和区块链行业。

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

该法规的目的是为加密资源创建一个统一的监管环境，以促进创新，同时也保护投资者。

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

自2024年部分实施以来，云母已开始重塑欧洲加密货币的景观，从而使稳定和信任成为现实。

What is an ICO According to MiCA?

根据云母，什么是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.

从MICA的角度来看，初始硬币产品（ICO）可以定义为向投资者出售新发行的加密资产以换取资金，以换取资金，这些资金通常称为加密货币或法定货币。

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

该法规根据所发行的代币类型将ICO分类为不同的类别。

Types of ICOs Recognized by MiCA

云母识别的ICO类型

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

根据新立法，云母认可的ICO有几种类型。每个类别都有自己的一套义务和法规。

The regulation distinguishes between two main types of tokens:

该法规区分了两种主要令牌类型：

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

>>（i）电子货币令牌和（ii）实用令牌。

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.

电子货币令牌本质上是固定的，符合法定货币的价值，例如欧元或美元，旨在提供稳定的付款方式。

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，公用事业令牌授予了发行人提供的基本商品或服务的持有人特定权利，例如访问特定平台或分散自治组织（DAO）内的特定特权。

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.

第三类，称为“可转移令牌”，涵盖除电子代币或实用程序令牌以外的任何加密资产。这些令牌通常用于投资目的，并为持有人提供了发行人的利润或损失的兴趣。

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.

令牌的分类对于确定适用的法规和义务至关重要。例如，与公用事业令牌发行人相比，电子货币令牌的发行人将受到更严格的偿付能力和流动性要求。

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“大规模发行人”类别，其定义为其电子货币令牌由125,000或更多用户或流通量的总代币价值总数超过10亿欧元的人。

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

这些大型发行人将受到更大的监管审查和监督。

Key Provisions of MiCA Impacting ICOs

云母影响ICO的关键规定

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.

来自欧盟的新云母（加密资源市场中的市场）旨在为初始硬币产品（ICO）带来明确的监管结构（ICO），重点是投资者保护和透明度。

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

预计这些规定将对ICO在欧洲的执行方式以及全球认可的方式产生重大影响。

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年市场影响：随着云母的全面生效，我们可以期望看到更多结构化和透明的ICO，为加密筹款的新标准树立了新的标准。

Main Obligations for ICOs in MiCA

云母ICO的主要义务

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.

该法规对ICO发行人施加了严格的义务，以确保透明度，投资者保护和财务稳定性。这些义务对希望在2025年及以后通过ICO筹集资金的公司明确期望。

1. Whitepaper Compliance

1。白皮书合规性

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.

每个ICO都必须由详细的白皮书支撑，该详细的白皮书需要在启动令牌产品之前得到相关监管机构的批准。

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

白皮书的内容和结构对于确保透明度和投资者保护至关重要。

2. Registration & Licensing

2。注册和许可

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.

电子货币令牌的发行人（也称为StableCoins）将被要求注册并从欧盟成员国的国家主管当局获得许可，并在那里拥有注册办公室。

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

该措施旨在确保只有财务状况良好和稳定的发行人才能在欧洲市场上提供稳定的发行人。

3. Transparency & Regular Reporting

3。透明度和常规报告

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.

电子货币令牌的发行人将遵守正在进行的报告要求，包括有关令牌持有人数量的定期更新和流通中令牌的总价值。

This measure aims to maintain transparency and allow authorities to monitor

该措施旨在保持透明度并允许当局监视