{"id":177285,"date":"2025-12-07T03:24:58","date_gmt":"2025-12-07T03:24:58","guid":{"rendered":"https:\/\/ktromedia.com\/?p=177285"},"modified":"2025-12-07T03:24:58","modified_gmt":"2025-12-07T03:24:58","slug":"%e6%ac%a7%e6%b4%b2%e8%af%81%e5%88%b8%e4%ba%a4%e6%98%93%e5%a7%94%e5%91%98%e4%bc%9a%e6%8f%90%e6%a1%88%e7%9a%84%e8%ae%b8%e5%8f%af%e9%97%ae%e9%a2%98%e5%92%8c%e6%9c%ba%e6%9e%84%e9%87%8e","status":"publish","type":"post","link":"https:\/\/ktromedia.com\/?p=177285","title":{"rendered":"\u201c\u6b27\u6d32\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u201d\u63d0\u6848\u7684\u8bb8\u53ef\u95ee\u9898\u548c\u673a\u6784\u91ce\u5fc3"},"content":{"rendered":"<div data-v-ae253174=\"\">\n<p>\u6b27\u76df\u59d4\u5458\u4f1a\u6269\u5927\u6b27\u6d32\u8bc1\u5238\u548c\u5e02\u573a\u7ba1\u7406\u5c40\uff08ESMA\uff09\u6743\u529b\u7684\u63d0\u8bae\u5f15\u53d1\u4e86\u4eba\u4eec\u5bf9\u6b27\u76df\u8bb8\u53ef\u5236\u5ea6\u96c6\u4e2d\u5316\u7684\u62c5\u5fe7\uff0c\u5c3d\u7ba1\u8fd9\u8868\u660e\u4e86\u5176\u8d44\u672c\u5e02\u573a\u7ed3\u6784\u7684\u66f4\u6df1\u5c42\u6b21\u7684\u5236\u5ea6\u91ce\u5fc3\u3002<\/p>\n<p>\u5468\u56db\uff0c\u59d4\u5458\u4f1a\u53d1\u5e03\u4e86\u4e00\u9879\u4e00\u63fd\u5b50\u8ba1\u5212\uff0c\u63d0\u8bae\u5bf9\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u7684\u5173\u952e\u90e8\u5206\u8fdb\u884c\u201c\u76f4\u63a5\u76d1\u7ba1\u201d\uff0c\u5305\u62ec\u52a0\u5bc6\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546\uff08CASP\uff09\u3001\u4ea4\u6613\u573a\u6240\u548c\u4e2d\u592e\u673a\u6784 <a href=\"https:\/\/cointelegraph.com\/news\/eu-proposal-centralize-crypto-financial-markets-esma\">ESMA \u7684\u4ea4\u6613\u5bf9\u624b<\/a>\uff0cCointelegraph \u62a5\u9053\u3002<\/p>\n<p>\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae Morpho \u516c\u5171\u4e8b\u52a1\u4e3b\u7ba1 Faustine Fleuret \u8868\u793a\uff0c\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cESMA \u7684\u7ba1\u8f96\u8303\u56f4\u5c06\u6269\u5927\u5230\u6240\u6709\u6b27\u6d32\u52a0\u5bc6\u8d27\u5e01\u548c\u91d1\u878d\u79d1\u6280 (fintech) \u516c\u53f8\u7684\u76d1\u7ba1\u548c\u8bb8\u53ef\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5bfc\u81f4\u8bb8\u53ef\u5236\u5ea6\u653e\u7f13\u5e76\u963b\u788d\u521d\u521b\u4f01\u4e1a\u7684\u53d1\u5c55\u3002<\/p>\n<p data-ct-non-breakable=\"undefined\">\u201c\u6211\u66f4\u62c5\u5fc3\u7684\u662f\uff0c\u8be5\u63d0\u6848\u8ba9 ESMA \u8d1f\u8d23 CASP \u7684\u6388\u6743\u548c\u76d1\u7763\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u76d1\u7763\uff0c\u201d\u5979\u544a\u8bc9 Cointelegraph\u3002<\/p>\n<p>\u8be5\u63d0\u6848\u4ecd\u9700\u83b7\u5f97\u6b27\u6d32\u8bae\u4f1a\u548c\u7406\u4e8b\u4f1a\u7684\u6279\u51c6\uff0c\u76ee\u524d\u6b63\u5728\u8c08\u5224\u4e2d\u3002 <\/p>\n<p data-ct-non-breakable=\"undefined\">\u5982\u679c\u83b7\u5f97\u901a\u8fc7\uff0cESMA \u5728\u76d1\u7763\u6b27\u76df\u8d44\u672c\u5e02\u573a\u65b9\u9762\u7684\u4f5c\u7528\u5c06\u66f4\u7c7b\u4f3c\u4e8e\u6b27\u76df\u7684\u96c6\u4e2d\u6846\u67b6\u3002 <a href=\"https:\/\/cointelegraph.com\/explained\/secs-2025-guidance-what-tokens-are-and-arent-securities\" rel=\"https:\/\/cointelegraph.com\/explained\/secs-2025-guidance-what-tokens-are-and-arent-securities\" target=\"https:\/\/cointelegraph.com\/explained\/secs-2025-guidance-what-tokens-are-and-arent-securities\" title=\"https:\/\/cointelegraph.com\/explained\/secs-2025-guidance-what-tokens-are-and-arent-securities\">\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a<\/a>\uff0c\u8fd9\u4e00\u6982\u5ff5\u7531\u6b27\u6d32\u592e\u884c(ECB)\u884c\u957f\u514b\u91cc\u65af\u8482\u5a1c\u00b7\u62c9\u52a0\u5fb7\u4e8e2023\u5e74\u9996\u6b21\u63d0\u51fa\u3002<\/p>\n<p data-ct-non-breakable=\"undefined\"><em><strong>\u6709\u5173\u7684\uff1a <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/news\/bank-of-america-4-crypto-allocation-bitcoin-etfs\"><em><strong>\u7f8e\u56fd\u94f6\u884c\u652f\u6301 1%\u20134% \u7684\u52a0\u5bc6\u8d27\u5e01\u5206\u914d\uff0c\u4e3a\u6bd4\u7279\u5e01 ETF \u6253\u5f00\u5927\u95e8<\/strong><\/em><\/a><\/p>\n<h2>\u6b27\u76df\u8ba1\u5212\u6839\u636e ESMA \u96c6\u4e2d\u8bb8\u53ef\uff0c\u5f15\u53d1\u52a0\u5bc6\u8d27\u5e01\u548c\u91d1\u878d\u79d1\u6280\u653e\u7f13\u62c5\u5fe7<\/h2>\n<p>Brickken \u8d44\u4ea7\u4ee3\u5e01\u5316\u5e73\u53f0\u603b\u6cd5\u5f8b\u987e\u95ee Elisenda Fabrega \u544a\u8bc9 Cointelegraph\uff0c\u5c06\u8fd9\u79cd\u76d1\u7763\u201c\u96c6\u4e2d\u201d\u5230\u5355\u4e00\u76d1\u7ba1\u673a\u6784\u4e4b\u4e0b\u7684\u63d0\u8bae\u65e8\u5728\u89e3\u51b3\u5404\u56fd\u76d1\u7ba1\u5b9e\u8df5\u7684\u5dee\u5f02\u548c\u4e0d\u5747\u5300\u7684\u8bb8\u53ef\u5236\u5ea6\uff0c\u4f46\u6709\u53ef\u80fd\u51cf\u7f13\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u7684\u6574\u4f53\u53d1\u5c55\u3002<\/p>\n<blockquote data-ct-non-breakable=\"undefined\"><p>\u201c\u5982\u679c\u6ca1\u6709\u8db3\u591f\u7684\u8d44\u6e90\uff0c\u8fd9\u9879\u4efb\u52a1\u53ef\u80fd\u4f1a\u53d8\u5f97\u96be\u4ee5\u7ba1\u7406\uff0c\u5bfc\u81f4\u5ef6\u8bef\u6216\u8fc7\u4e8e\u8c28\u614e\u7684\u8bc4\u4f30\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5bf9\u89c4\u6a21\u8f83\u5c0f\u6216\u521b\u65b0\u7684\u516c\u53f8\u4ea7\u751f\u4e0d\u6210\u6bd4\u4f8b\u7684\u5f71\u54cd\u3002\u201d<\/p><\/blockquote>\n<p>\u5979\u8868\u793a\uff0c\u201c\u6700\u7ec8\uff0c\u8fd9\u9879\u6539\u9769\u7684\u6709\u6548\u6027\u5c06\u66f4\u5c11\u5730\u53d6\u51b3\u4e8e\u5176\u6cd5\u5f8b\u5f62\u5f0f\uff0c\u800c\u66f4\u591a\u5730\u53d6\u51b3\u4e8e\u5176\u673a\u6784\u6267\u884c\u529b\u201d\uff0c\u5305\u62ecESMA\u7684\u8fd0\u8425\u80fd\u529b\u3001\u72ec\u7acb\u6027\u4ee5\u53ca\u4e0e\u6210\u5458\u56fd\u7684\u5408\u4f5c\u201c\u6e20\u9053\u201d\u3002<\/p>\n<p><em><strong>\u6709\u5173\u7684\uff1a <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/news\/first-us-chainlink-etf-41m-inflows-no-blockbuster\"><em><strong>Grayscale Chainlink ETF \u9996\u6b21\u4eae\u76f8\u5c31\u5438\u5f15\u4e86 4100 \u4e07\u7f8e\u5143\uff0c\u4f46\u5e76\u975e\u201c\u91cd\u78c5\u70b8\u5f39\u201d<\/strong><\/em><\/a><\/p>\n<figure>    <figcaption style=\"text-align: center;\"><em>\u6309\u56fd\u5bb6\/\u5730\u533a\u5212\u5206\u7684\u5168\u7403\u80a1\u7968\u5e02\u573a\u4ef7\u503c\u3002\u8d44\u6599\u6765\u6e90\uff1a\u89c6\u89c9\u8d44\u672c\u5bb6<\/em><\/figcaption><\/figure>\n<p>\u66f4\u5e7f\u6cdb\u7684\u4e00\u63fd\u5b50\u8ba1\u5212\u65e8\u5728\u901a\u8fc7\u63d0\u9ad8\u6b27\u76df\u8d44\u672c\u5e02\u573a\u76f8\u5bf9\u4e8e\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u7684\u7ade\u4e89\u529b\u6765\u4fc3\u8fdb\u6b27\u76df\u516c\u6c11\u7684\u8d22\u5bcc\u521b\u9020\u3002<\/p>\n<p>\u636e\u7edf\u8ba1\uff0c\u7f8e\u56fd\u80a1\u5e02\u603b\u5e02\u503c\u7ea6\u4e3a 62 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5360\u5168\u7403\u80a1\u5e02\u7684 48%\uff0c\u800c\u6b27\u76df\u80a1\u5e02\u7d2f\u8ba1\u5e02\u503c\u7ea6\u4e3a 11 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5360\u5168\u7403\u4efd\u989d\u7684 9%\u3002 <a href=\"https:\/\/www.visualcapitalist.com\/sp\/ter01-piecing-together-the-127-trillion-global-stock-market\/\" rel=\"noopener nofollow\" target=\"_blank\">\u6570\u636e<\/a> \u6765\u81ea\u89c6\u89c9\u8d44\u672c\u5bb6\u3002<\/p>\n<p><iframe title=\"Why Tether Said NO to MiCA | Exclusive Interview with Paolo Ardoino\" width=\"834\" height=\"469\" src=\"https:\/\/www.youtube.com\/embed\/ZIIRHv3cbog?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><em><strong>\u6742\u5fd7\uff1a <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/magazine\/europe-chat-control-germany-oppose-scan-messages\/\"><em><strong>\u6b27\u76df\u7834\u574f\u9690\u79c1\u7684\u804a\u5929\u63a7\u5236\u6cd5\u6848\u88ab\u63a8\u8fdf\u2014\u2014\u4f46\u6597\u4e89\u5c1a\u672a\u7ed3\u675f<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\" label=\"Subscription Form: DeFi Newsletter\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6b27\u76df\u59d4\u5458\u4f1a\u6269\u5927\u6b27\u6d32\u8bc1\u5238\u548c\u5e02\u573a\u7ba1\u7406\u5c40\uff08ESMA\uff09\u6743\u529b\u7684\u63d0\u8bae\u5f15\u53d1\u4e86\u4eba\u4eec\u5bf9\u6b27\u76df\u8bb8\u53ef\u5236\u5ea6\u96c6\u4e2d\u5316\u7684\u62c5\u5fe7\uff0c\u5c3d\u7ba1\u8fd9\u8868\u660e\u4e86\u5176\u8d44\u672c\u5e02\u573a\u7ed3\u6784\u7684\u66f4\u6df1\u5c42\u6b21\u7684\u5236\u5ea6\u91ce\u5fc3\u3002 \u5468\u56db\uff0c\u59d4\u5458\u4f1a\u53d1\u5e03\u4e86\u4e00\u9879\u4e00\u63fd\u5b50\u8ba1\u5212\uff0c\u63d0\u8bae\u5bf9\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u7684\u5173\u952e\u90e8\u5206\u8fdb\u884c\u201c\u76f4\u63a5\u76d1\u7ba1\u201d\uff0c\u5305\u62ec\u52a0\u5bc6\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546\uff08CASP\uff09\u3001\u4ea4\u6613\u573a\u6240\u548c\u4e2d\u592e\u673a\u6784 ESMA \u7684\u4ea4\u6613\u5bf9\u624b\uff0cCointelegraph \u62a5\u9053\u3002 \u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae Morpho \u516c\u5171\u4e8b\u52a1\u4e3b\u7ba1 Faustine Fleuret \u8868\u793a\uff0c\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cESMA \u7684\u7ba1\u8f96\u8303\u56f4\u5c06\u6269\u5927\u5230\u6240\u6709\u6b27\u6d32\u52a0\u5bc6\u8d27\u5e01\u548c\u91d1\u878d\u79d1\u6280 (fintech) \u516c\u53f8\u7684\u76d1\u7ba1\u548c\u8bb8\u53ef\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5bfc\u81f4\u8bb8\u53ef\u5236\u5ea6\u653e\u7f13\u5e76\u963b\u788d\u521d\u521b\u4f01\u4e1a\u7684\u53d1\u5c55\u3002 \u201c\u6211\u66f4\u62c5\u5fc3\u7684\u662f\uff0c\u8be5\u63d0\u6848\u8ba9 ESMA \u8d1f\u8d23 CASP \u7684\u6388\u6743\u548c\u76d1\u7763\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u76d1\u7763\uff0c\u201d\u5979\u544a\u8bc9 Cointelegraph\u3002 \u8be5\u63d0\u6848\u4ecd\u9700\u83b7\u5f97\u6b27\u6d32\u8bae\u4f1a\u548c\u7406\u4e8b\u4f1a\u7684\u6279\u51c6\uff0c\u76ee\u524d\u6b63\u5728\u8c08\u5224\u4e2d\u3002 \u5982\u679c\u83b7\u5f97\u901a\u8fc7\uff0cESMA \u5728\u76d1\u7763\u6b27\u76df\u8d44\u672c\u5e02\u573a\u65b9\u9762\u7684\u4f5c\u7528\u5c06\u66f4\u7c7b\u4f3c\u4e8e\u6b27\u76df\u7684\u96c6\u4e2d\u6846\u67b6\u3002 \u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff0c\u8fd9\u4e00\u6982\u5ff5\u7531\u6b27\u6d32\u592e\u884c(ECB)\u884c\u957f\u514b\u91cc\u65af\u8482\u5a1c\u00b7\u62c9\u52a0\u5fb7\u4e8e2023\u5e74\u9996\u6b21\u63d0\u51fa\u3002 \u6709\u5173\u7684\uff1a \u7f8e\u56fd\u94f6\u884c\u652f\u6301 1%\u20134% \u7684\u52a0\u5bc6\u8d27\u5e01\u5206\u914d\uff0c\u4e3a\u6bd4\u7279\u5e01 ETF \u6253\u5f00\u5927\u95e8 \u6b27\u76df\u8ba1\u5212\u6839\u636e ESMA \u96c6\u4e2d\u8bb8\u53ef\uff0c\u5f15\u53d1\u52a0\u5bc6\u8d27\u5e01\u548c\u91d1\u878d\u79d1\u6280\u653e\u7f13\u62c5\u5fe7 Brickken \u8d44\u4ea7\u4ee3\u5e01\u5316\u5e73\u53f0\u603b\u6cd5\u5f8b\u987e\u95ee Elisenda Fabrega \u544a\u8bc9 Cointelegraph\uff0c\u5c06\u8fd9\u79cd\u76d1\u7763\u201c\u96c6\u4e2d\u201d\u5230\u5355\u4e00\u76d1\u7ba1\u673a\u6784\u4e4b\u4e0b\u7684\u63d0\u8bae\u65e8\u5728\u89e3\u51b3\u5404\u56fd\u76d1\u7ba1\u5b9e\u8df5\u7684\u5dee\u5f02\u548c\u4e0d\u5747\u5300\u7684\u8bb8\u53ef\u5236\u5ea6\uff0c\u4f46\u6709\u53ef\u80fd\u51cf\u7f13\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u7684\u6574\u4f53\u53d1\u5c55\u3002 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