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近十年来,内存块链技术与WEB 3.0 概念相结合,取得了巨大进步,为我们的日常生活带来了革命性的变化。它们不仅推动了比特币和以太坊等加密货币的成长,还向我们介绍了数位资产、代币、智能合约、NFT 和ICO 等突破性概念。
内存块链:金融革命
事实上,内存块链创新的连锁反应每天都在日益显现,特别是在金融领域。大量的现代支付系统和投资机制与数位资产和加密货币有着错综复杂的连接。内存块链提供了一种强化且透明的交易管理方法,否定了中心化中介机构的作用,并为去中心化金融(DeFi)和数位交易平台等下一代金融突破奠定了基础。
虚拟资产监理:平衡创新与投资人安全
引导区块链和加密货币监管进程是一项复杂且不断发展的任务。目前的法律框架和监管指南难以跟上虚拟资产、金融科技和金融创新领域快速发展的步伐。全球监管机构正努力应对平衡投资者安全与培育创新的挑战。不同国家采取不同的策略:有些国家倾向全面禁止(如中国),有些国家则强调严格监管(如美国),还有少数国家在全国支持加密货币(如萨尔瓦多)
欧盟的加密货币监管
欧盟为协调数位资产监管环境所做的开创性努力
直到最近,欧盟内部还没有针对加密货币和数位资产的统一监管结构。这使得每个欧盟国家都必须为新兴的加密货币产业独立制定规则和法规,导致内存块链技术和加密货币投资政策的拼凑。
5AMLD:迈向欧洲一体化监管的飞跃
为了弥合这一监管差距并保护消费者和投资者,欧盟开始了创建标准化监管框架的旅程。2019年,他们推出了第五号反洗钱指令(5AMLD)。该指令扩大了AML/CFT 法规的范围,将加密货币交易所、交易平台和托管钱包提供者纳入其中。因此,加密服务实体被要求实施稳健的客户识别流程、交易监控,并加强反洗钱活动。
欧盟国家:在严格控制和弹性策略之间进行选择
然而,5AMLD 并没有完全协调欧盟国家对加密货币产业的立场。一些司法管辖区在监管机构的推动下采取了更严格的监管(德国联邦金融监管局(BaFin)、爱沙尼亚金融情报机构(FIU))。同时,其他人则倾向于宽松的监管环境(立陶宛的FNTT),或只是强制要求发布基本通知以启动加密货币领域的活动(捷克共和国的FAU、波兰的KAS)。
MiCa:为有凝聚力的加密货币治理制定路线
鉴于分散的方法与欧盟的基本精神相矛盾,并引入了潜在的AML/CFT 漏洞,欧盟委员会于2019年着手起草MiCa 指令,即加密资产市场,设想统一的监管足迹对于所有欧盟成员国。
云母指令
加密资产市场监管:欧洲加密货币监管的新篇章
2023/1114加密资产市场(MiCa)法规是根据指令2015/849(第4号AML 指令,4AMLD)和2018/843(第5号AML 指令,5AMLD)以及《金融行动》提供的指南制定的特别工作组(FATF)。该指令草案由欧盟委员会监督,于2020年9月首次向公众公布,成为旨在监管虚拟资产和数位金融产业的综合框架的基石。
MiCa:在创新与监督之间取得平衡
加密资产市场监管旨在将一系列有效措施纳入欧盟统一法律体系,不仅培育数位金融产业的潜质和创新动力,而且确保加密企业之间的公平竞争,同时减轻金融和反洗钱/打击资助恐怖主义行为风险。
MiCa 的主要原则:从透明度到消费者保护
在MiCa 指令中,在以下领域制定了统一标准:
(a) 发行、向公众发售以及允许加密资产在加密资产交易平台上进行交易的透明度和揭露要求;
(b) 加密资产服务提供者、资产参考代币发行者和电子货币代币发行者的授权和监督及其营运、组织和治理的要求;
(c) 在发行、向公众发售和准许加密资产交易时保护加密资产持有者的要求;
(d) 保护加密资产服务提供者客户的要求;
(e) 防止与加密资产相关的内线交易、非法揭露内线信息和市场操纵的措施,以确保加密资产市场的完整性。
MiCa 和旅行规则:在不受管制的地形上的双重打击
经过议员多年的审议和谈判,欧洲议会于2023年4月20日批准了加密资产市场法规。除了MiCa 之外,受FATF 影响,还通过了2023/1113TFR 指令(资金和某些加密资产转移信息监管),通常称为「旅行规则」。该法规定义了货币转账和加密资产交易所需信息的标准,旨在促进更有效地追踪虚拟货币交易。
云母法规何时生效?
MiCa 条款预计于2024年底至2025年初执行。
MiCa 法规的最终版本于2023年6月披露,并获得欧盟委员会的正式认可。该指令中与资产参考代币(ART)和电子货币代币(EMT)等稳定币相关的规定将于2024年6月生效。MiCa 有关加密货币业务活动监管的规定将从1月起对市场参与者俱有约束力2025年。
谁受到云母法规的管辖?
在MiCa 的职权范围内:谁受到新指令的管辖?
加密资产市场(MiCa)监管旨在监督欧盟境内加密货币服务提供者和加密资产发行人的营运。因此,MiCa 主要针对提供与加密货币交换相关的一系列服务以及提供加密货币储存和管理服务的加密公司。此外,MiCa指令将监督各种代币的发行者,特别是资产参考代币(ART)或证券代币和电子货币代币(EMT)。
MiCa 的行动:等待欧洲加密企业的是什么?
加密资产市场的颁布将对欧洲加密货币交易所、加密货币交易平台、托管加密钱包提供商和各种代币发行人产生深远影响。因此,加密货币服务提供者需要遵守一套规范和法规,包括许可要求、透明度、信息揭露、风险管理和公司治理标准。
加密公司(CASP或加密资产服务提供者)
MiCa 法规条款于2025年初推出,将最有力地影响为零售客户提供加密资产相关服务的加密产业领域,即加密货币交易所、交易平台和托管钱包服务。
更准确地说,根据加密资产市场指令文本,以下加密公司活动属于新的法律框架:
(a) 代表客户提供加密资产的托管和管理;
(b) 加密资产交易平台的运作;
(c) 将加密资产兑换为资金;
(d) 将加密资产交换为其他加密资产;
(e) 代表客户执行加密资产订单;
(f) 放置加密资产;
(g) 代表客户接收和传输加密资产订单;
(h) 提供加密资产的建议;
(i) 提供加密资产的投资组合管理;
(j) 代表客户提供加密资产转让服务;
加密资产市场(MiCa)监管旨在确保为零售客户提供与传统金融市场相同的强有力的保护。此措施的总体目的是提高加密资产市场的透明度和稳定性,同时增强对加密货币和虚拟资产领域的信心。
代币和加密资产发行者
MiCa致力于确保加密资产发行人在向公众推出任何虚拟资产或考虑在交易平台上列出此类资产时,满足所有透明度和揭露要求,维护投资者利益和市场稳定。
资产参考代币(ART)是一种加密资产,旨在透过参考作为合法支付方式的多种法定货币、一种或多种商品、一种或多种其他货币的价格来维持稳定的价值加密资产或这些资产的混合。
MiCa 要求ART 发行人遵守严格的资本和公司治理要求,确保支撑代币价值的资产的透明度。
电子货币代币(EMT)是一种加密资产,主要用作交换媒介。其稳定的价值取决于被视为合法支付方式的法定货币的价值。
EMT 发行人预计将遵循与欧盟内传统电子货币发行人类似的标准,包括资本、许可和公司治理规定。
透过此类措施,监管机构旨在确保消费者和投资者适当了解他们所参与的每种加密资产类型的风险和特征。
实用代币怎么样?
实用代币或功能代币代表了一种独特的加密资产类别。它们被设计为在指定的内存块链平台或应用程序中提供特定的功能。
根据MiCa 法规,如果实用代币不符合加密资产的定义,例如ART 或EMT,它们可能会规避该指令的严格界限。尽管如此,根据代币的构架和功能,它可能仍属于其他法律和监管框架的管辖范围。
例如,如果实用代币作为投资产品进行行销,或者其销售可被视为筹款,监管机构可能会将其归类为证券或类似的金融工具,并受相关监管。
CASP Requirements
加密货币公司应该了解什么才能在欧盟取得CASP 许可证?
根据加密资产市场(MiCa)指令,概述了一套全面的标准和要求。这些对于加密资产相关服务的参与者至关重要,旨在提高欧盟创新金融科技领域的透明度和稳定性。
CASP 活动许可
所有在欧盟管辖范围内运作的CASP 都必须获得相关欧盟成员国的加密货币许可。此许可的具体细节和程序可能有所不同,具体取决于州、提供的服务类型和营运规模。 CASP章程
资本需求
根据MiCa 法规,对CASP 的注册资本提出了更高的资本要求。这些标准主要解决确保金融服务稳定性、保护客户权益的需要,并为进入加密货币服务市场提供门坎。此屏障保护该行业免受临时和业余服务提供者的影响。
50,000欧元适用于以下服务:
代表客户执行订单;
放置加密资产;
代表客户提供加密资产转移服务;
代表客户接收和传输加密资产订单;
提供加密资产的建议;
提供加密资产投资组合管理。
125,000欧元涉及以下服务:
代表客户提供加密资产的托管与管理;
用加密资产交换资金;
用加密资产交换其他加密资产。
150,000欧元适用于:
营运加密资产交易平台。
此外,一项新规定要求由资产(ART)支持的代币发行者必须维持350,000欧元的最低资本。此举旨在确保发行人必要的准备金和财务稳定性。
反洗钱政策
CASP 实体被授权制定和实施强有力的反洗钱政策,重点是检测、评价和管理与洗钱和恐怖主义融资相关的风险。加密企业还必须建立精确的客户识别程序,进行持续的加密交易监控,并报告任何可疑活动。
营运授权
服务提供者必须批准并整合措施,以确保业务连续性并监督营运风险。 CASP 需要设计有效管理IT 威胁的方法,包括网络安全相关风险。
客户沟通
CASP 机构必须告知客户加密资产投资涉及的全部风险。服务供应商也有义务维护定价透明度并揭露所有费用和收费。
冲突解决
CASP 实体需要拥有有效的机制来迅速解决客户和服务提供者之间的冲突,从而避免法院干预。
数据储存
加密货币组织的任务是保护客户的个人资料存储,并且必须遵守符合GDPR 的所有数据保护要求。
客户资产安全
加密货币服务供应商必须将客户资金与公司自有资源明确分开。此外,他们还被迫采取措施确保数位钱包和其他数位资产储存工具的安全。
领导标准
融入CASP 组织架构的高阶主管和高阶官员应具备必要的经验、专业精神,并维持无可挑剔的商业声誉。
对于在欧盟境内营运的加密货币公司来说,透彻理解并严格遵守上述规定至关重要。在动态发展的加密资产市场格局中,遵守MiCA 指令可确保透明度、安全性,并在客户和监管机构之间建立信任。
ICO 要点
引导ICO:关键法规与原则
欧盟范围内的MiCA 法规(加密资产市场监管)的概念是为了培养一个有凝聚力的加密资产监管范式。该指令的内在内容是为首次代币发行(ICO)量身定制的具体指南——透过发行新的数位代币或加密货币来确保投资的方法。
以下概述了MiCA 法规规定的关键ICO 基准:
文档蓝图(白皮书)
每个ICO 都必须策划一份「白皮书」或类似的基础文件。这份手稿应体现清晰性并避免投资者的歧义,为潜在支持者提供全面的数据。基本内容包括代币属性、技术复杂性、发行人细节、项目摘要、相关风险和其他显著参数。
客户审查(KYC)
ICO 协调者负责进行客户身份验证活动,并遵守反洗钱(AML)和反恐融资(CFT)协议。
透明度保证
ICO 推动者预计将倡导透明度,传播有关资金动员、分配动态、项目演变和未来前景的相关数据。
风险叙述
ICO 利害关系人应仔细了解与加密资产投资同义的潜在危险,包括可能完全没收资本。
基金划分
透过ICO 累积的资源应明确维护,与ICO 策展人的营运金库分开,从而加强投资者保护和透明度。
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With our help, more than 500 customers have successfully obtained VASP licenses in other countries and are operating with confidence in the international crypto environment.
The VASP license issued by the FSA regulatory authority in Seychelles is a reliable legal tool to help you grow your business, build confidence among investors and partners, and demonstrate your compliance with AML/CFT requirements.
Saint Vincent and the Grenadines (SVG) is fast becoming the destination of choice for crypto entrepreneurs around the world. Saint Vincent and the Grenadines has a flexible regulatory environment, streamlined company formation processes and attractive tax incentives, providing you with an ideal platform to launch and manage your crypto business with a minimum of bureaucracy.
At Rengang Yongsheng, we are committed to simplifying this process for you. We're focused on guiding you through SVG's company formation process to ensure your crypto business is efficiently established and successful.
Start your crypto license for Saint Vincent and the Grenadines (SVG) today.
With its friendly regulatory framework and favorable business environment, Panama has become the preferred offshore jurisdiction to establish crypto companies.
Registering a cryptocurrency company in Panama costs only € 4,500 for a maximum of 2 weeks.
Start the process of obtaining an encryption license in Panama immediately.
Connect with our licensing experts to discuss a solution tailored to your business. We will provide you with a personalized offer within 1 hour of the working day.
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