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II\uff09\u76d1\u7ba1\u3002\u60f3\u73a9\uff1f\u5f97\u62ffMiCA\u8bb8\u53ef\uff0c\u8d44\u672c\u5f97\u591f\uff0c\u98ce\u9669\u5f97\u63a7\uff0c\u4ea4\u6613\u5f97\u900f\u660e\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/5de61085db4abe3390b41aab26b20afa.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" \/><\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/4cdf75e9a2377160d5b5f23270cede45.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" 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II\u4e2d\u91d1\u878d\u5de5\u5177\u5b9a\u4e49\u7684\u52a0\u5bc6\u8d44\u4ea7\u53ca\u5176\u76f8\u5173\u670d\u52a1\uff0c\u4e0d\u53d7MiCA\u7ea6\u675f\uff0c\u800c\u662f\u9002\u7528\u300a2014\/65\/EU\u6307\u4ee4\u300b\uff0c\u4e5f\u5c31\u662f\u300a\u91d1\u878d\u5de5\u5177\u5e02\u573a\u6307\u4ee4\u300b\uff08MiFID II\uff09\uff0c\u91cc\u9762\u5bf9\u91d1\u878d\u5de5\u5177\u8fdb\u884c\u4e86\u5b9a\u4e49\u3002\u6b27\u76df\u76d1\u7ba1\u6846\u67b6\u5c06\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1\uff08\u53ea\u8981\u88ab\u8ba4\u5b9a\u4e3a\u91d1\u878d\u5de5\u5177\uff09\u4e0e\u4f20\u7edf\u884d\u751f\u54c1\u540c\u7b49\u5bf9\u5f85\u3002<\/p>\n<p>\u770b\u7740\u590d\u6742\u5176\u5b9e\u5f88\u6e05\u6670\uff0c\u8bf4\u767d\u4e86\uff0c\u6b27\u76df\u6ca1\u56e0\u4e3a\u6c38\u7eed\u5408\u7ea6\u6760\u6746\u9ad8\u5c31\u8ba4\u4e3a\u662f\u201c\u8d4c\u535a\u201d\uff0c\u800c\u662f\u7ed9\u5b83\u53d1\u4e86\u5f20\u201c\u91d1\u878d\u5de5\u5177\u201d\u7684\u8eab\u4efd\u8bc1\u3002\u8fd9\u5957\u89c4\u5219\u65e2\u9f13\u52b1\u521b\u65b0\uff0c\u53c8\u4e0d\u653e\u4efb\u4e71\u6765\uff0c\u582a\u79f0\u6559\u79d1\u4e66\u5f0f\u7684\u5e73\u8861\u3002<\/p>\n<h4><strong>\u7f8e\u56fd\uff1a\u5206\u5934\u7ba1\uff0c\u5404\u53f8\u5176\u804c<\/strong><\/h4>\n<p>\u7f8e\u56fd\u5bf9\u6c38\u7eed\u5408\u7ea6\u7684\u6001\u5ea6\u5f88\u660e\u786e\uff1a\u5b83\u662f\u884d\u751f\u54c1\uff0c\u8ddf\u671f\u8d27\u3001\u6389\u671f\u6ca1\u5565\u533a\u522b\u3002\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u88abCFTC\u8ba4\u5b9a\u4e3a\u201c\u5546\u54c1\u201d\uff0c\u57fa\u4e8e\u5b83\u4eec\u7684\u6c38\u7eed\u5408\u7ea6\u5f52CFTC\u7ba1\uff0c\u6309\u300a\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u8d70\uff1b\u5982\u679c\u6d89\u53ca\u201c\u8bc1\u5238\u201d\u7c7b\u52a0\u5bc6\u8d44\u4ea7\uff0c\u90a3\u5c31\u5f52SEC\u7ba1\u3002<\/p>\n<ul>\n<li>\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\uff1a\u8d1f\u8d23\u76d1\u7ba1\u88ab\u8ba4\u5b9a\u4e3a\u201c\u5546\u54c1\u201d\uff08commodity\uff09\u7684\u52a0\u5bc6\u8d27\u5e01\uff08\u5982\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\uff09\u7684\u884d\u751f\u54c1\u3002\u6c38\u7eed\u5408\u7ea6\u82e5\u57fa\u4e8e\u8fd9\u4e9b\u8d44\u4ea7\uff0c\u5219\u88ab\u89c6\u4e3a\u5546\u54c1\u884d\u751f\u54c1\uff0c\u4e0e\u4f20\u7edf\u671f\u8d27\u671f\u6743\u65e0\u672c\u8d28\u5dee\u5f02\u3002\u901a\u5e38\u88ab\u89c6\u4e3a\u201c\u6389\u671f\u201d\uff08swap\uff09\u6216\u201c\u671f\u8d27\u201d\uff08futures\uff09\uff0c\u9700\u9075\u5b88\u300a\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08Commodity Exchange Act, CEA\uff09\u3002<\/li>\n<li>\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\uff1a\u5982\u679c\u67d0\u79cd\u52a0\u5bc6\u8d27\u5e01\u88ab\u8ba4\u5b9a\u4e3a\u201c\u8bc1\u5238\u201d\uff08security\uff09\uff0c\u5176\u884d\u751f\u54c1\uff08\u5982\u57fa\u4e8e\u8be5\u8d44\u4ea7\u7684\u6c38\u7eed\u5408\u7ea6\uff09\u5219\u53d7SEC\u76d1\u7ba1\uff0c\u9700\u9075\u5b88\u300a\u8bc1\u5238\u6cd5\u300b\u548c\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/dde7e3948fc33ee6fa73d99a622d4125.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" \/><\/p>\n<p>\u57282021\u5e74\uff0cCFTC\u5c31\u66fe\u5bf9BitMEX\u5f00\u5200\uff0c\u7f5a\u4e861\u4ebf\u7f8e\u5143\uff0c\u539f\u56e0\u662f\u8fd9\u5bb6\u5e73\u53f0\u6ca1\u6ce8\u518c\u5c31\u7ed9\u7f8e\u56fd\u7528\u6237\u63d0\u4f9b\u9ad8\u6760\u6746\u6c38\u7eed\u5408\u7ea6\u3002CFTC\u6267\u6cd5\u5927\u4f6c\u5728\u8be5\u6848\u4e2d\u660e\u786e\u8868\u793a\uff0c\u201c&#8230;&#8230; the registration requirements and core consumer protections Congress established for our traditional derivatives market apply equally in the growing digital asset market. &#034;\u8fd9\u662f\u5728\u8bf4\uff1a\u201c\u4f20\u7edf\u884d\u751f\u54c1\u5e02\u573a\u7684\u89c4\u77e9\uff0c\u7167\u6837\u9002\u7528\u4e8e\u52a0\u5bc6\u5e02\u573a\u3002\u201d\u8fd9\u8bdd\u63b7\u5730\u6709\u58f0\uff0c\u8bf4\u660e\u4e86\u6c38\u7eed\u5408\u7ea6\u7684\u91d1\u878d\u5c5e\u6027\u5728\u7f8e\u56fd\u6ca1\u4eba\u6562\u5426\u8ba4\u3002<\/p>\n<h4><strong>\u8fea\u62dc\uff1a\u521b\u65b0\u548c\u5408\u89c4\u7684\u4e24\u624b\u6293<\/strong><\/h4>\n<p><strong>\u8bc1\u5238\u53ca\u5546\u54c1\u76d1\u7ba1\u5c40\uff08SCA\uff09\u53c2\u7167\u8bc1\u5238\u5bf9\u865a\u62df\u8d44\u4ea7\u5b9e\u65bd\u76d1\u7ba1<\/strong><\/p>\n<p>SCA\u662f\u963f\u8054\u914b\u6295\u8d44\u6027\u52a0\u5bc6\u8d44\u4ea7\u6d3b\u52a8\u7684\u76d1\u7ba1\u6846\u67b6\u57fa\u7840\u3002SCA\u5c06\u865a\u62df\u8d44\u4ea7\u5b9a\u4e49\u4e3a\u7528\u4e8e\u6295\u8d44\u76ee\u7684\u3001\u53ef\u8fdb\u884c\u6570\u5b57\u5316\u4ea4\u6613\u7684\u4ef7\u503c\u8868\u73b0\uff0c\u4e0d\u5305\u542b\u6cd5\u5b9a\u8d27\u5e01\u3001\u8bc1\u5238\u4ee5\u53ca\u5176\u4ed6\u6570\u5b57\u8d27\u5e01\u3002<\/p>\n<p>SCA\u8fd1\u5e74\u6765\u9010\u6b65\u4fee\u8ba2\u5e76\u5b8c\u5584\u76d1\u7ba1\u8fb9\u754c\uff0c2020\u5e7411\u6708\u5728\u8054\u90a6\u5c42\u9762\u53d1\u5e03\u4e86\u300a\u865a\u62df\u8d44\u4ea7\u6d3b\u52a8\u6761\u4f8b\u300b\uff0c\u6d89\u53ca\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff08ICO\uff09\u3001\u4ea4\u6613\u6240\u3001\u5e73\u53f0\u5e02\u573a\u3001\u6258\u7ba1\u670d\u52a1\u548c\u884d\u751f\u54c1\u7b49\u670d\u52a1\uff0c\u5176\u4e3b\u8981\u76d1\u7ba1\u8981\u6c42\u5305\u62ec\uff1a<\/p>\n<ol>\n<li>\u865a\u62df\u8d44\u4ea7\u4e1a\u52a1\u63d0\u4f9b\u5546\u5fc5\u987b\u5728\u963f\u8054\u914b\u5883\u5185\u672c\u571f\u6216\u91d1\u878d\u81ea\u7531\u533a\u6ce8\u518c\u6210\u7acb\uff1b<\/li>\n<li>\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u5546\u5fc5\u987b\u83b7\u5f97SCA\u7684\u6279\u51c6\u8bb8\u53ef\u3002<\/li>\n<\/ol>\n<p><strong>\u8fea\u62dc\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08VARA\uff09<\/strong><\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/140d7bffacca483dd283054fedcadd8c.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" \/><\/p>\n<p>\u8fea\u62dc\u7684\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08VARA\uff092023\u5e74\u51fa\u4e86\u300a\u865a\u62df\u8d44\u4ea7\u53ca\u76f8\u5173\u6d3b\u52a8\u6761\u4f8b\u300b\uff0c\u76f4\u63a5\u5c06\u6c38\u7eed\u5408\u7ea6\u4f5c\u4e3a\u201c\u865a\u62df\u8d44\u4ea7\u884d\u751f\u54c1\u201d\u7ba1\u7406\uff0c\u8ddf\u5916\u6c47\u3001\u80a1\u7968\u884d\u751f\u54c1\u540c\u4e2a\u65b9\u5f0f\u3002\u60f3\u73a9\uff1f\u5f97\u62ffVARA\u7684\u4ea4\u6613\u6240\u724c\u7167\uff0c\u98ce\u9669\u62ab\u9732\u3001\u6295\u8d44\u8005\u4fdd\u62a4\u4e00\u4e2a\u4e0d\u80fd\u5c11\u3002<\/p>\n<ul>\n<li>\u6c38\u7eed\u5408\u7ea6\u88ab\u5f52\u7c7b\u4e3a\u865a\u62df\u8d44\u4ea7\u884d\u751f\u54c1\uff0c\u4e0e\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u7684\u5916\u6c47\u3001\u80a1\u7968\u884d\u751f\u54c1\u7c7b\u4f3c\u3002<\/li>\n<li>\u4ea4\u6613\u6240\u9700\u83b7\u5f97VARA\u4ea4\u6613\u6240\u670d\u52a1\u7684VASP\u724c\u7167\uff0c\u5176\u4e2d\u5305\u542bVA\u884d\u751f\u54c1\u3002<\/li>\n<\/ul>\n<p>\u6bd4\u5982\uff0cDeribit\u5728\u8fea\u62dc\u7684\u5b9e\u4f53\u53bb\u5e74\u62ff\u5230\u4e86VARA\u7684\u4ea4\u6613\u670d\u52a1\u724c\u7167\uff0c\u8986\u76d6\u73b0\u8d27\u548c\u884d\u751f\u54c1\u3002\u8fea\u62dc\u8fd9\u5957\u73a9\u6cd5\u5f88\u4f1a\u6293\u5e73\u8861\uff1a\u65e2\u6b22\u8fce\u521b\u65b0\uff0c\u53c8\u4e0d\u8ba9\u5e02\u573a\u53d8\u6210\u201c\u91ce\u86ee\u751f\u957f\u201d\u7684\u6e38\u4e50\u573a\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/5a8288839fe041d538513e9d8e7466d2.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" \/><\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/9d44762bce6049d06c82f1f3a5cf36f1.jpeg\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" \/><\/p>\n<h4><strong>\u65b0\u52a0\u5761\uff1a\u4e25\u683c\u51c6\u5165<\/strong><\/h4>\n<p>\u65b0\u52a0\u5761\u5bf9\u52a0\u5bc6\u8d27\u5e01\u6001\u5ea6\u5f00\u653e\uff0c\u4f46\u89c4\u77e9\u5f88\u4e25\u3002\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u628a\u52a0\u5bc6\u8d27\u5e01\u5206\u6210\u5b9e\u7528\u578b\u3001\u8bc1\u5238\u578b\u3001\u652f\u4ed8\u578b\u4ee3\u5e01\uff0c\u6c38\u7eed\u5408\u7ea6\u5f52\u201c\u6301\u724c\u4ea4\u6613\u6240\u201d\u7ba1\u3002\u6301\u724c\u4ea4\u6613\u6240\u7684\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1\u4fdd\u8bc1\u91d1\u53d7\u4e25\u683c\u76d1\u7ba1\uff0c\u5e0c\u671b\u5f00\u5c55\u5408\u7ea6\u4ea4\u6613\uff0c\u9700\u8981\u6210\u4e3a\u7531MAS\u6279\u51c6\u7ecf\u8425\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1\u7684\u91d1\u878d\u4ea4\u6613\u6240\uff0c\u5e76\u7533\u8bf7DPT\u7ecf\u8425\u6743\u3002<\/p>\n<p>\u76ee\u524d\u5728MAS\u5b98\u7f51\u67e5\u8be2\u53ef\u77e5\uff0c\u65b0\u52a0\u5761\u6301\u724c\u4ea4\u6613\u6240\u53ea\u67094\u4e2a\uff0c\u5305\u62ec\u65b0\u52a0\u5761\u4ea4\u6613\u6240\u884d\u751f\u54c1\u5e02\u573a\uff08SGX Derivates\uff09\u3001\u4e9a\u592a\u4ea4\u6613\u6240\uff08APEX\uff09\u3001\u6d32\u9645\u4ea4\u6613\u6240\u671f\u8d27\u5e02\u573a\uff08ICE Futures\uff09\u7b49\uff0c\u4ec5\u5b83\u4eec\u53ef\u7ecf\u8425\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1\u3002\u4e25\u683c\u51c6\u5165\uff0c\u786e\u4fdd\u5e02\u573a\u79e9\u5e8f\u4e0e\u6295\u8d44\u8005\u4fdd\u62a4\u3002<\/p>\n<p>\u6709\u8da3\u7684\u662f\uff0c\u65b0\u52a0\u5761\u7684\u4f20\u7edf\u4ea4\u6613\u6240\u90fd\u5f00\u59cb\u8bd5\u6c34\u52a0\u5bc6\u6c38\u7eed\u671f\u8d27\uff0c\u9762\u5411\u673a\u6784\u548c\u4e13\u4e1a\u6295\u8d44\u8005\u3002\u8fd9\u8bf4\u660e\u5565\uff1f\u6c38\u7eed\u5408\u7ea6\u5728\u65b0\u52a0\u5761\u773c\u91cc\u4e5f\u662f\u662f\u6b63\u513f\u516b\u7ecf\u7684\u91d1\u878d\u884d\u751f\u54c1\uff0c\u4e0d\u662f\u6295\u673a\u73a9\u5177\u3002\u8fd9\u4e5f\u6807\u5fd7\u7740\u4f20\u7edf\u4ea4\u6613\u6240\u6b63\u52a0\u901f\u5e03\u5c40\u6570\u5b57\u8d44\u4ea7\u9886\u57df\uff0c\u4ee5\u6ee1\u8db3\u673a\u6784\u6295\u8d44\u8005\u5bf9\u52a0\u5bc6\u8d27\u5e01\u655e\u53e3\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/4\/28\/images\/3d304462254bb8bb80bc2873d9d72f60.png\" alt=\"\u6a2a\u5411\u5bf9\u6bd4\u5168\u7403\u76d1\u7ba1\u73b0\u72b6\uff1a\u52a0\u5bc6\u8d27\u5e01\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u662f\u8d4c\u535a\u8fd8\u662f\u91d1\u878d\u884d\u751f\u54c1\uff1f\" 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