云母承诺清晰，但是随着实施开始时，裂缝正在显示

欧盟在加密资产管理中的市场（更名为MICA）现在处于关键实施阶段。

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.

欧盟在加密资产管理中的市场（更名为MICA）现在处于关键实施阶段。 MICA旨在统一所有27个欧盟成员国的加密监管，并承诺清晰，消费者保护和长期市场稳定。但是随着实施的开始，裂缝已经显示出来。

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.

在本周的字节大小见解中，我们深入研究了现在有效的云母的关键规定，尤其是在Stablecoins附近，以及为什么市场上一些最大的球员拒绝遵守。

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，加密资产服务提供商（CASP）开始获取许可证以在欧盟内合法运作。过渡期或“祖父”期限允许最多18个月的现有公司遵守会员国。尽管如此，随着截止日期的临近，公司被迫迅速采取行动。

Stablecoins at bay

在海湾的稳定币

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，最有争议的规定之一就是稳定的。该法律规定，除非其发行人获得欧盟并发布了监管机构批准的白皮书，否则不得向欧盟用户提供稳定的用户。

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.

关于资产储备，治理，利益冲突和营销冲突的严格规则也是该计划的一部分。甚至禁止发行人提供令牌利息，从而消除了采用的共同动力。

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

相关：加密货币行业的下一个“催化剂”法规 - Aptos负责人

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）已经宣布不会寻求云母合规性，这意味着交流很快可能会被迫在整个欧盟中将其推迟。这对该地区的流动性，零售获取和DEFI活动具有重大影响。

Tether CEO Paolo Ardoino told Cointelegraph's Gareth Jenkinson at Token 2049:

Tether首席执行官Paolo Ardoino在2049年告诉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."

“我们宁愿专注于司法管辖区，我们可以继续创新并为用户提供最佳的服务。欧洲是绳索的关键市场，我们致力于与监管机构互动，以确保我们的产品和服务满足当地需求。”

Compliance is key

合规性是关键

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，其他公司正在积极获得必要的许可。 Crypto监护公司Bitgo最近在德国获得了与云母一致的许可证，将自己定位为为欧洲的机构参与者提供服务。

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网络和欧洲销售负责人Brett Reeves告诉Cointelegraph该许可不仅涉及合规性，而且还与该公司与欧洲不断发展的监管环境的长期战略保持一致。

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.

我们还与欧洲区块链协会政策主管Erwin Voloder进行了交谈，他强调了一致的国家一级解释的重要性，并从监管机构提供了进一步的指导，以防止MICA规定分裂。

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的播客页面，Apple Podcasts或Spotify上全面浏览字节大小的见解的完整剧集。而且，不要忘记查看Cointelegraph的其他演出阵容！

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

杂志：法律小组：Crypto想推翻银行，现在正在Stablecoin战斗中