云母：如果加密资产既是分散又是稳定的，会发生什么？

欧洲的云母云母法规的第一次迭代明确避开了分散的金融，尽管当将许多所谓的分散实体置于显微镜之下时，可能被发现是集中的。

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.

欧洲的云母（加密资产市场）法规将于2024年生效，他们将在欧盟引入一个全面的加密货币法律框架。但是，关于云母如何应用于某些类型的加密资源，例如分散的稳定剂，仍然存在一些问题。

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.

稳定币是一种加密货币，它与法定货币（例如美元）的价值挂钩。这使它们比其他加密货币的波动性较小，并且还吸引了更广泛的用户。但是，稳定的人也是集中的，这意味着它们是由一个实体发行和控制的。

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.

云母包括稳定蛋白的规定，但这些规定主要集中于集中式稳定剂，也称为电子货币令牌（EMTS）或资产提交的代币（Arts）。适用于EMT和艺术的法律条款规定，发行人必须向公众或发行人列出其在交易所列出的法律条款。另外，加密交易所可以选择在发行人的许可下列出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.

如果有任何一种适用，则发行人必须是银行或欧盟受监管的电子货币发行人，并遵守储备金和其他要求。但是，有一个论点是，如果加密交易所选择未经发行人许可列出令牌，则与EMTS有关的部分不适用于发行人。这包括需要注册为电子货币提供商。

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.

对于Dai Stablecoin而言，这是天空律师BCAS的道路。但是，欧盟委员会建议ESMA（欧洲证券和市场管理局）加密交易所应仅列出受监管的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是最古老的稳定剂之一，它是分散的。它的治理机构Makerdao已被重新命名为Sky，最近代币持有人委托一份法律报告得出结论，云母电子货币代币条款不适用于它，欧盟交流可以列出它。

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，参与MICA起草的欧洲委员会的顾问断言，交流只能列出受监管的EMT和艺术，并补充说，如果有疑问，将由欧洲法院决定。

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

这给我们留下了一个问题：如果加密资产既是分散又是稳定的，那么在云母下会发生什么？

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.”

最近关于LinkedIn的辩论强调了这个问题，欧盟顾问彼得·克尔斯滕斯（Peter Kerstens）指出：“对立法者的意图没有任何疑问”，不应提供或列出不受监管的EMT或艺术以进行交易。但是，他补充说：“云母创造了一个法律小说/事实，即所有EMT/艺术都必须拥有发行人，他也是负责储备金的人/实体，并遵守储备金和赎回要求。立法者从未在分散/偏见的环境中考虑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.”

这种反应引起了一些批评，凯尔·芬洛（Keir Finlow）吹嘘说，这就像“说'立法者在试图调节汽车和飞机时从未考虑过一种运输形式，比一匹马更快。”

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.

还值得注意的是，DAI于2017年推出，该公司比USDC Stablecoin更古老，并且很长一段时间以来，DAI是市值中前三名的稳定币之一。

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

BCAS律师Jonathan Galea强调了这种情况已被考虑。云母引言（独奏）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.

如果加密资源没有可识别的发行人，则不应属于本法规的标题II，III或IV的范围。但是，该法规应涵盖加密资产服务提供商提供此类加密资产服务的服务的服务。

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).

标题III和IV分别涵盖了稳定的稳定性，或艺术和EMT。这可能意味着DAI和USDS Stablecoins不必遵守。但是，第二句话给交换或加密资产服务提供商（CASP）赋予了义务。

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

BCAS报告指出，要遵守本条款，交流必须：

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

云母中概述的适用性评估不太可能是一个挑战。

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

这里有两个主要问题。一种是交易所是否可以列出不受监管的稳定剂。另一个是分散的稳定稳定性如何通过差距掉落。

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.

如果这些问题最终出庭，则结果可能不是DAI/USD的扣篮。例如，BCAS的意见得出的结论是，天空网站不是向公众提供的报价，这可能会辩论。另外，最近对USD的标准普尔全球评估提出了有关权力下放程度的问题。

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.

问题在于，云母法规并未明确规定CASP不允许列出不受监管的稳定剂，即使这是意图。再次，ESMA必须问欧洲委员会这一事实强调了这一点。

This aspect doesn’t just impact DAI/USDS but

这方面不仅会影响dai/usds，还会影响