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Following欧盟委员会启动针对MiCA加密资产框架修订的定向咨询
此次审查距离《加密资产市场法规》（MiCA）正式成为法律已过去三年。这一时间节点恰逢美国在代币化领域采取激进的监管举措。
欧盟委员会已启动一项定向咨询，旨在修订其《加密资产市场法规》（即MiCA）。该框架自成为法律已有三年之久，而在整个欧盟区域内全面生效也已近两年。作为主要经济体 bloc 采纳的首个综合性加密资产监管框架，MiCA 的通过曾被广泛视为欧盟在为加密行业提供法律清晰度方面领先于美国的有力证据。
此次咨询旨在收集业界参与者及监管机构认为需要调整的具体领域的意见。尽管委员会尚未在征求反馈之前公布拟议变更的完整清单，但当前实施中常见的摩擦点包括：不同成员国监管机构对许可标准的应用不一致。护照机制原本旨在消除这一差距，但近期关于某大型交易所希腊许可流程的报道表明，实践中这一差距可能依然存在。
Given the latest developments on the other side of the Atlantic, the timing of this review is particularly interesting. In recent weeks, the United States has made frequent moves in the field of crypto-related regulation: the Securities and Exchange Commission (SEC)'s new exemption for tokenized stocks and the Commodity Futures Trading Commission (CFTC)'s expanded no-action relief measures have been introduced one after another, just a few days apart. At the same time, the broader CLARITY Act remains stalled in the Senate. The contrast-a comprehensive EU framework that has been in operation for three years and in urgent need of revision versus a fragmented but currently fast-moving U.S. regulatory approach-has intensified widespread debate within European policy circles about whether MiCA's early advantages are beginning to fade.
The current industry response to this review has been mixed. Some companies welcomed the opportunity to address specific issues they encountered during implementation, while others were concerned that reopening the framework revision prematurely could introduce new uncertainties in a market that has just adapted to MiCA's original requirements. The consultation process typically takes months to propose formal legislative changes, so any resulting MiCA revisions may not take effect until 2027 at the earliest.
自该框架生效以来，欧盟各成员国的国家监管机构在执行 MiCA 的许可和监督标准时严格程度各不相同。这一差距偶尔允许企业从相对宽松的监管机构获得许可，然后通过“护照机制”在整个欧盟范围内通行，而其他成员国对同一申请的评价可能截然不同。一致性地填补这一差距预计将是委员会审查中最难解决的问题之一，因为这触及了各个国家监管机构的权限问题，而非委员会可以单方面简单重写的一条单一规则。
