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ETH 欧洲或收紧稳定币监管规则
在针对欧盟咨询的回应中，欧洲中央银行体系（ESCB）支持扩大对与代币相关的收益禁令。欧洲央行（ECB）将目标锁定在与借贷、借款或质押相关的间接机制上。其核心目的是保持电子货币与存款之间的界限，而《加密资产市场法规》（MiCA）的修订则引发了关于欧洲市场规则的广泛讨论。该提案也直接涉及提供收益的平台。
要点概述
- 欧洲央行希望将对稳定币收益的禁令扩展至间接机制。
- 借贷、借款和质押等活动可能受到这些新限制的影响。
- 欧洲中央银行体系还提议审查欧洲关于稳定币储备的规则。
- 中央银行倾向于储备金能够迅速转换为流动性。
欧洲央行拟封堵间接收益渠道
欧洲中央银行体系（ESCB）首先支持维持对稳定币直接支付报酬的禁令。然而，在对欧盟委员会关于修订加密资产市场法规（MiCA）的咨询回应中，ESCB认为这一规则必须进一步延伸。MiCA应涵盖某些虽未以直接利息形式呈现、但能产生收益的活动。
The European Central Bank specifically mentioned cryptocurrency lending, borrowing and pledge services. According to the European Central Bank, these mechanisms could transform stablecoins into interest-bearing instruments. As a result, platforms may provide indirect rewards while circumventing the ban that applies to direct payments. To this end, the ESCB requires regulations to prohibit such structures.
This position is based on competition issues in the financial system. Central bank officials believe the gains could blur the line between electronic money and deposits. They are concerned that this will lead to differences in treatment between banking institutions and crypto platforms. Under this logic, MiCA should clearly distinguish between payment tokens and interest-bearing products.
Expand the scope of the ban to cover areas that are currently less covered
The ESCB hopes the ban goes beyond the scope of services that MiCA currently regulates. It also requires that activities such as lending, borrowing and pledges be taken into account when it comes to generating income through stablecoins. Such an approach would expand the scope of the rules and aim to crack down on arrangements that circumvent the direct remuneration ban.
The European Central Bank believes that stablecoins can be integrated into a multi-layered structure. At this point, the token ostensibly retains payment functions, while other services generate financial returns for the holder. For central banks, this organizational structure could weaken the effectiveness of existing rules. Therefore, MiCA revisions should look at these mechanisms as direct remuneration.
欧洲的辩论与美国关于稳定币奖励的讨论相呼应。八个美国银行集团已请求参议员加强《清晰法案》（Clarity Act）中提供的限制措施。他们认为，类似于利息的收益可能会与存款形成竞争。尽管该文本在一次程序性投票中以49票反对50票被否决，但其他条款也发挥了作用。
中央银行还希望重新审查储备金管理
MiCA的修订不仅关乎收益。ESCB还提议取消要求稳定币发行商将部分储备金存放在银行存款中的义务。目前，相关稳定币的这一比例至少为30%，而被视为重要的稳定币这一比例则升至60%。
中央银行提出了另一种基于可用流动性的机制。发行商应持有特定比例的储备金，这些储备金应在1至5个工作日内到期。这一变化将重点转向资产的流动性转换。ESCB认为，这种方法可以限制快速提款的风险。
该项目基于欧洲银行管理局的标准及其阈值。对于重要稳定币，这些规则规定40%的储备金需在一天内可动用，60%需在五个工作日内可动用。对于不太重要的稳定币，阈值分别为20%和30%。欧洲央行将这些水平视为流动性要求的起点。
未来取决于欧洲MiCA框架的修订。ESCB要求禁令同时涵盖直接和间接形式的报酬，并采用新的储备金方法。因此，MiCA可能在两个方向上演变：收益机制和流动性管理。欧洲央行 thus 将稳定币问题置于关于加密创新、支付与金融稳定性之间平衡的核心讨论之中。
