Лагард из ЕЦБ стремится сделать MiCA мировым стандартом для стейблкоинов

cryptonews.ruPubblicato 2025-09-28Pubblicato ultima volta 2025-09-28

  • Кристин Лагард выступает за более строгие правила для эмитентов стейблкоинов из стран, не входящих в ЕС.
  • Лагард обратилась к политикам с просьбой обязать иностранных эмитентов стейблкоинов соблюдать стандарты ЕС.
  • Президент ЕЦБ указал на уязвимости нынешней «нерегулярной» системы.

Президент Европейского центрального банка (ЕЦБ) Кристин Лагард прилагает значительные усилия по созданию системы MiCA ЕС в качестве мирового стандарта для стейблкоинов, призывая к более строгому надзору за всеми эмитентами из стран, не входящих в ЕС.

Ее аргумент заключается в том, что без равных условий существующая система уязвима для «регулятивного арбитража» и создает системный риск для европейской финансовой системы.

«Уязвимая» система и серьёзная лазейка

Выступая на ежегодной конференции Европейского совета по системным рискам, Лагард изложила основные уязвимости текущего мирового рынка стейблкоинов, заявив, что эмитенты как из ЕС, так и из стран, не входящих в ЕС, сталкиваются с одинаковыми нормативными требованиями.

Главную озабоченность Лагард вызывают «схемы множественной эмиссии», когда взаимозаменяемая стейблкоин-валюта совместно выпускается как субъектом ЕС (который должен следовать строгим правилам MiCA), так и субъектом, не входящим в ЕС (который может практически не регулироваться).

По теме: Регулирование стейблкоинов ужесточается: законодатели выступают за введение ограничений

Почему это создает риск для ЕС?

Лагард подчеркнула несоответствие между строгими требованиями MiCAR, которые применяются только к Она отметила, что в случае рыночной паники или «набега» на стейблкоины инвесторы, естественно, поспешили бы выкупить свои токены в юрисдикции с самыми надежными гарантиями — ЕС.

Это может оказать непропорциональное давление на базирующееся в ЕС образование, создавая серьезный риск для финансовой стабильности.

Необходимо изменить существующий протокол.

Тем временем президент ЕЦБ предложил внести изменения в существующий протокол, попросив законодателей обязать иностранные компании соблюдать те же требования, что и компании из ЕС, прежде чем они смогут осуществлять подобные схемы. Лагард также предложила внедрить надлежащие гарантии, регулирующие перевод активов между компаниями из ЕС и стран, не входящих в ЕС. Она подчеркнула преимущества международного сотрудничества, но отметила, что без равных глобальных условий риски всегда будут искать путь наименьшего сопротивления.

Технология стейблкоинов набирает популярность во всем мире, и различные юрисдикции выпускают нормативные акты, регулирующие её применение. В июле Конгресс США принял закон, регулирующий использование стейблкоинов в регионе. Сообщается, что Китай работает над созданием стейблкоина, обеспеченного юанем, после затянувшегося внедрения цифрового юаня.

Связанный: Проект регулирования стейблкоинов: лидеры Палаты представителей наметили цифровое будущее США

Примечательно, что все признанные мировые экономические гиганты проявляют интерес к экономике стейблкоинов, что косвенно подтверждает недавние заявления Лагард, которые могут защитить от рисков и нарушений в будущем.

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