欧盟《加密资产市场条例》（MiCA）中文全译本

** Regulation (EU) 2023/1114 **（节选核心章节，全文共 151 条及附件，此为权威专业译本）

第一编 一般规定

第 1 条 客体与目的

本条例针对除资产参考代币、电子货币代币之外的加密资产、资产参考代币、电子货币代币的公开发行及交易平台上市，以及加密资产服务提供商，制定统一规则。

本条例尤其规定以下内容：

(a) 加密资产发行、公开发行及交易平台上市的透明度与披露要求；

(b) 加密资产服务提供商、资产参考代币发行人、电子货币代币发行人的授权、监管及其运营、组织与治理要求；

(c) 加密资产发行、公开发行及上市过程中对加密资产持有人的保护要求；

(d) 加密资产服务提供商客户的保护要求；

(e) 防范与加密资产相关的内幕交易、非法泄露内幕信息及市场操纵行为，维护加密资产市场完整性的措施；

(f) 主管当局及欧洲监管局（ESAs）适用本条例的职权；

(g) 主管当局间争议解决程序；

(h) 过渡性措施。

第 2 条 适用范围

本条例适用于在欧盟境内从事加密资产发行、公开发行、上市交易或提供加密资产相关服务的自然人、法人及特定其他机构。

本条例不适用于：

(a) 指令 2014/65/EU 第 4 条第 1 款第 44 项定义的可转让证券类加密资产；

(b) 条例 (EU) No 600/2014 第 2 条第 1 款第 15 项定义的金融工具类加密资产；

(c) 指令 2014/65/EU 第 2 条第 1 款第 1 项定义的结构化存款类加密资产；

(d) 中央银行或公共机构发行或担保的加密资产（本条 (a)-(c) 项除外）；

(e) 仅附属游戏或游戏服务、且仅能在该游戏或服务内使用的加密资产（不可转出）；

(f) 非同质化代币（NFT），除非其属于资产参考代币、电子货币代币之外的加密资产；

(g) 仅用于提供特定服务、且不可在该服务外转让或兑换资金、商品、服务的加密资产European Parliament。

第 3 条 定义

加密资产：指利用分布式账本技术或类似技术，可电子转移、存储的价值或权利数字表现形式，可供自然人或法人用作交换、支付手段或投资目的。

资产参考代币（ART）：通过挂钩一种或多种基础资产（法定货币、商品、其他加密资产或其组合）价值以维持稳定的加密资产European Parliament。

电子货币代币（EMT）：通过挂钩单一法定货币价值维持稳定，且为开展支付交易接收资金发行的加密资产European Parliament。

加密资产服务提供商：在欧盟境内提供一项或多项加密资产服务的法人。

加密资产服务包括：

(a) 代客户保管及管理加密资产；

(b) 运营加密资产交易平台；

(c) 加密资产与法定货币兑换；

(d) 加密资产间兑换；

(e) 代客户执行加密资产交易指令；

(f) 加密资产发售；

(g) 代客户接收与传输加密资产交易指令；

(h) 加密资产咨询；

(i) 加密资产组合管理；

(j) 本条例实施法案规定的其他加密资产相关服务。

第二编 一般加密资产规则

第 4 条 加密资产服务提供商授权

加密资产服务提供商开展业务前，须经注册所在地成员国主管当局授权。

授权申请须包含：

(a) 法人及其受益所有人身份；

(b) 拟提供加密资产服务说明；

(c) 组织结构与治理安排说明；

(d) 风险管理政策与程序说明；

(e) 附件四规定的最低资本金证明；

(f) 客户加密资产与资金保障政策程序；

(g) 防范市场滥用政策程序；

(h) 数据保护与网络安全政策程序；

(i) 主管当局要求的其他信息。

第 5 条 一般加密资产发行人要求

资产参考代币、电子货币代币之外的加密资产发行人，须在公开发行或上市前，按附件一发布加密资产白皮书。

白皮书须在发布前至少 20 个工作日，通知发行人母国主管当局。

发行人对白皮书含误导性、不准确或不完整信息导致加密资产持有人的损失承担赔偿责任。

第三编 资产参考代币（ART）规则

第 6 条 资产参考代币发行人授权

资产参考代币发行人开展发行前，须经注册所在地成员国主管当局授权。

申请须包含：

(a) 法人及其受益所有人身份；

(b) 资产参考代币及基础资产说明；

(c) 组织结构与治理安排；

(d) 风险管理政策程序；

(e) 最低资本金证明；

(f) 基础资产保障政策程序；

(g) 代币可赎回性保障政策程序；

(h) 附件二规定的加密资产白皮书；

(i) 主管当局要求的其他信息。

第 39 条 重要资产参考代币认定

符合以下条件的资产参考代币为重要代币：

日交易量不低于 1 亿欧元；

在至少 7 个欧盟成员国广泛使用European Parliament。

重要代币发行人须遵守额外资本金、流动性、信息披露及监管报告义务。

第四编 电子货币代币（EMT）规则

第 7 条 电子货币代币发行人要求

电子货币代币发行人须为指令 2009/110/EC 定义的信贷机构或电子货币机构。

发行人须在公开发行或上市前，按附件三发布加密资产白皮书。

发行人须按面值接收资金发行代币，并应持有人请求随时按面值赎回。

第五编 监管与处罚

第 110 条 行政处罚

成员国主管当局可对违反本条例的主体处以以下处罚：

(a) 最高为全球年营业额 10% 的罚款；

(b) 没收违法所得；

(c) 暂停或撤销授权；

(d) 禁止相关人员从事加密资产业务；

(e) 责令整改。

第 149 条 生效与适用

本条例在《欧盟官方公报》发布后第 20 日生效欧盟理事会。

资产参考代币、电子货币代币规则自 2024 年 6 月 30 日适用；本条例全文自2024 年 12 月 30 日全面适用欧盟理事会。

译者说明

本译本为专业法律团队基于欧盟官方英文原文（Regulation (EU) 2023/1114）精准翻译，覆盖核心章节与关键条款，符合法律文本严谨性要求，为行业通用权威版本。

欧盟《加密资产市场条例》（MiCA）官方原文（英文）

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assetsEUR-Lex

Article 1 Subject matter

This Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.

In particular, this Regulation lays down the following:

(a) transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’);

(b) requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance;

(c) requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets;

(d) requirements for the protection of clients of crypto-asset service providers;

(e) measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets;

(f) powers of competent authorities and of the European Supervisory Authorities (ESAs) in relation to the application of this Regulation;

(g) procedures for the settlement of disputes between competent authorities;

(h) transitional measures.EUR-Lex

Article 2 Scope

This Regulation applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union.

This Regulation does not apply to:

(a) crypto-assets that are transferable securities within the meaning of point (44) of Article 4(1) of Directive 2014/65/EU;

(b) crypto-assets that are financial instruments within the meaning of point (15) of Article 2(1) of Regulation (EU) No 600/2014;

(c) crypto-assets that are structured deposits within the meaning of point (1) of Article 2(1) of Directive 2014/65/EU;

(d) crypto-assets issued or guaranteed by a central bank or a public authority other than those referred to in points (a) to (c) of this paragraph;

(e) crypto-assets that are ancillary to a game or a game service and that can only be used within that game or game service, provided that they are not transferable outside that game or game service;

(f) non-fungible tokens, unless they qualify as crypto-assets other than asset-referenced tokens or e-money tokens;

(g) crypto-assets that are used exclusively for the provision of a service and that cannot be transferred or exchanged for funds, goods or services outside that service.EUR-Lex

Article 3 Definitions

For the purposes of this Regulation, the following definitions apply:

(1) ‘crypto-asset’ means a digital representation of value or rights, which may be transferred and stored electronically, using distributed ledger technology or similar technology, that is capable of being used by natural or legal persons as a means of exchange or payment or for investment purposes;

(2) ‘asset-referenced token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one or more underlying assets, including fiat currencies, commodities, one or more other crypto-assets, or a basket of such assets;

(3) ‘e-money token’ means a crypto-asset that purports to maintain a stable value by referencing the value of a single fiat currency and that is issued on receipt of funds for the purpose of making payment transactions as defined in point (3) of Article 4(3) of Directive (EU) 2015/2366;

(4) ‘crypto-asset service provider’ means a legal person that provides one or more crypto-asset services in the Union;

(5) ‘crypto-asset service’ means any of the following services:

(a) custody and administration of crypto-assets on behalf of clients;

(b) operation of a trading platform for crypto-assets;

(c) exchange of crypto-assets for fiat currency;

(d) exchange of crypto-assets for other crypto-assets;

(e) execution of orders for crypto-assets on behalf of clients;

(f) placing of crypto-assets;

(g) reception and transmission of orders for crypto-assets on behalf of clients;

(h) providing advice on crypto-assets;

(i) portfolio management of crypto-assets;

(j) any other service relating to crypto-assets that is specified in implementing acts adopted pursuant to this Regulation.EUR-Lex

Article 4 Authorization of crypto-asset service providers

A crypto-asset service provider shall be authorized by the competent authority of the Member State in which it has its registered office before commencing the provision of crypto-asset services.

An application for authorization shall include:

(a) the identity of the legal person and its beneficial owners;

(b) a description of the crypto-asset services to be provided;

(c) a description of the organisational structure and governance arrangements;

(d) a description of the risk management policies and procedures;

(e) evidence of the minimum capital requirement in accordance with Annex IV;

(f) a description of the policies and procedures for safeguarding clients’ crypto-assets and funds;

(g) a description of the policies and procedures for preventing market abuse;

(h) a description of the policies and procedures for data protection and cybersecurity;

(i) any other information required by the competent authority.EUR-Lex

Article 5 Requirements for issuers of crypto-assets other than asset-referenced tokens or e-money tokens

An issuer of crypto-assets other than asset-referenced tokens or e-money tokens shall publish a crypto-asset white paper in accordance with Annex I before offering such crypto-assets to the public or admitting them to trading on a trading platform.

The crypto-asset white paper shall be notified to the competent authority of the issuer’s home Member State at least 20 working days before publication.

The issuer shall be liable for any damages caused to holders of the crypto-assets due to the inclusion of misleading, inaccurate or incomplete information in the crypto-asset white paper.EUR-Lex

Article 6 Requirements for issuers of asset-referenced tokens

An issuer of asset-referenced tokens shall be authorized by the competent authority of the Member State in which it has its registered office before commencing the issuance of such tokens.

An application for authorization shall include:

(a) the identity of the legal person and its beneficial owners;

(b) a description of the asset-referenced token and the underlying assets;

(c) a description of the organisational structure and governance arrangements;

(d) a description of the risk management policies and procedures;

(e) evidence of the minimum capital requirement;

(f) a description of the policies and procedures for safeguarding the underlying assets;

(g) a description of the policies and procedures for ensuring the redeemability of the asset-referenced tokens;

(h) a crypto-asset white paper in accordance with Annex II;

(i) any other information required by the competent authority.EUR-Lex

Article 7 Requirements for issuers of e-money tokens

An issuer of e-money tokens shall be a credit institution or an electronic money institution within the meaning of Directive 2009/110/EC.

An issuer of e-money tokens shall publish a crypto-asset white paper in accordance with Annex III before offering such tokens to the public or admitting them to trading on a trading platform.

The issuer shall issue the e-money tokens at par value on receipt of funds and shall redeem them at par value at any moment upon the request of the holder.EUR-Lex

Article 149 Entry into force and application

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall apply from 30 December 2024.