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Following欧盟证券监管机构要求交易所和托管机构在三个月内下架未经MiCA授权的稳定币
欧洲证券和市场管理局（ESMA）已指示欧盟范围内的加密企业停止提供针对未获得《加密资产市场法规》（MiCA）授权稳定币的服务。据报告，相关企业被给予三个月的窗口期来逐步终止这些服务。
作为欧盟的加密资产监管框架，MiCA为所谓的“电子货币代币”和“资产参考代币”制定了具体规则。旨在欧盟区内合法运营的稳定币发行方必须获得国家监管机构的授权。随着MiCA的相关条款于2024年生效，发行方此前已获得申请批准的时间。
这一最新指令标志着欧盟当局正从过渡期转向积极执法阶段。仍在列表上或支持未经授权稳定币的加密交易所、托管机构及其他服务提供商，现在面临明确的最后期限，必须移除或限制相关服务。这三个月的时间表给企业带来了压力，迫使其迅速审查其代币产品。
稳定币在加密交易中占据核心地位，是资金在不同交易所间转移及交易结算的主要媒介。任何影响欧盟境内稳定币访问的措施，都可能波及该地区交易者的流动性。未能合规的企业将面临监管行动的风险，包括在更广泛的MiCA体系下可能受到的罚款或运营许可证吊销。
The order also reflects the EU's broader strategy of using MiCA to strengthen regulation of tokens similar to traditional payment instruments. Regulators have expressed concern that unauthorized stablecoins could pose risks to financial stability and consumer protection if not bound by regulatory structures. By requiring authorization, the EU aims to ensure that stablecoin issuers meet reserve, redemption and transparency standards comparable to e-money institutions.
Crypto companies currently operating in multiple jurisdictions are facing the task of harmonizing EU requirements with rules in other regions. Some stablecoins widely used outside Europe may not seek MiCA authorization, creating a potential gap between global liquidity and products that comply with EU regulations. Market participants will pay close attention to which issuers will be approved before the deadline and which decisions to exit the European market.
Market Impact
This order may prompt exchanges in the EU to remove or restrict trading pairs involving stablecoins that lack MiCA authorization. Traders within the block may see reduced access to certain tokens, and trading volume may shift towards euro-denominated or MiCA-compliant alternatives in the coming months.
Companies with EU operations may speed up the compliance review process to meet the three-month deadline. The entire crypto industry may also be concerned about whether similar enforcement models emerge in other jurisdictions that pursue similar stablecoin regulation.
The directive highlights the EU's intention to implement MiCA's stablecoin provisions in practice rather than just on paper, with the consequences of which will gradually emerge over the next three months.
FAQs
What is MiCA?
MiCA (Crypto Asset Markets Regulation) is the EU framework for regulating crypto assets, which includes specific rules for issuers of stablecoins.
What does ESMA order crypto companies to do?
ESMA has reportedly told EU crypto companies to stop providing services related to stablecoins that lack MiCA authorization and set a three-month deadline to phase out these services.
Why is stablecoin authorization under MiCA important?
MiCA requires stablecoin issuers to meet reserve, redemption and transparency standards, allowing regulators to exercise oversight similar to traditional payment and e-money providers.
How does this affect crypto traders in the EU?
Traders may see certain stablecoins removed from EU-based exchanges, which may prompt activity to shift towards tokens already authorized by MiCA.
