{"id":20305,"date":"2026-06-17T12:52:11","date_gmt":"2026-06-17T12:52:11","guid":{"rendered":"https:\/\/cryptozen.asia\/cn\/2025%e5%b9%b4esma%e5%b9%b4%e5%ba%a6%e6%8a%a5%e5%91%8a%ef%bc%9a%e8%81%9a%e7%84%a6%e5%8a%a0%e5%bc%ba%e7%9b%91%e7%ae%a1%e3%80%81%e7%ae%80%e5%8c%96%e6%b3%95%e8%a7%84%e4%b8%8e%e5%88%9b%e6%96%b0\/"},"modified":"2026-06-17T12:52:11","modified_gmt":"2026-06-17T12:52:11","slug":"2025%e5%b9%b4esma%e5%b9%b4%e5%ba%a6%e6%8a%a5%e5%91%8a%ef%bc%9a%e8%81%9a%e7%84%a6%e5%8a%a0%e5%bc%ba%e7%9b%91%e7%ae%a1%e3%80%81%e7%ae%80%e5%8c%96%e6%b3%95%e8%a7%84%e4%b8%8e%e5%88%9b%e6%96%b0","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/cn\/2025%e5%b9%b4esma%e5%b9%b4%e5%ba%a6%e6%8a%a5%e5%91%8a%ef%bc%9a%e8%81%9a%e7%84%a6%e5%8a%a0%e5%bc%ba%e7%9b%91%e7%ae%a1%e3%80%81%e7%ae%80%e5%8c%96%e6%b3%95%e8%a7%84%e4%b8%8e%e5%88%9b%e6%96%b0\/","title":{"rendered":"2025\u5e74ESMA\u5e74\u5ea6\u62a5\u544a\uff1a\u805a\u7126\u52a0\u5f3a\u76d1\u7ba1\u3001\u7b80\u5316\u6cd5\u89c4\u4e0e\u521b\u65b0"},"content":{"rendered":"

ESMA\u4e3b\u5e2d\u7684\u5c55\u671b<\/h2>\n

ESMA\u4e3b\u5e2dVerena Ross<\/strong>\u8868\u793a\uff1a\u201c2025\u5e74\u662f\u6b27\u6d32\u8d44\u672c\u5e02\u573a\u7684\u5173\u952e\u4e00\u5e74<\/em>\uff0c\u653f\u7b56\u613f\u666f\u5c06\u8f6c\u5316\u4e3a\u5177\u4f53\u884c\u52a8\u3002ESMA\u7ee7\u7eed\u5728\u63a8\u52a8\u66f4\u4e3a\u4e00\u4f53\u5316\u3001\u900f\u660e\u548c\u7ade\u4e89\u529b\u5f3a\u7684\u6b27\u76df\u5e02\u573a\u4e2d\u53d1\u6325\u6838\u5fc3\u4f5c\u7528\u3002\u201d<\/p>\n

\u5728\u8fc7\u53bb\u7684\u4e00\u5e74\u4e2d\uff0c\u6211\u4eec\u4e0e\u56fd\u5bb6\u4e3b\u7ba1\u673a\u6784\u5408\u4f5c\uff0c\u5b9e\u65bd\u300a\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u76d1\u7ba1\u6761\u4f8b\u300b\uff08MiCA\uff09\uff0c\u5e76\u5728\u7b80\u5316\u548c\u51cf\u8f7b\u8d1f\u62c5\u7684\u9879\u76ee\u4e0a\u53d6\u5f97\u4e86\u663e\u8457\u8fdb\u5c55\u3002<\/p>\n

\u6210\u529f\u7684\u4efb\u52a1\u4e0a\u4efb\u548c\u65b0\u4efb\u52a1\u7684\u5b9e\u65bd\u5c55\u793a\u4e86ESMA\u7684\u7ec4\u7ec7\u80fd\u529b\u548c\u9002\u5e94\u80fd\u529b\uff0c\u5c3d\u7ba1\u9762\u4e34\u6301\u7eed\u7684\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

ESMA\u6267\u884c\u8463\u4e8b\u7684\u58f0\u660e<\/h2>\n

ESMA\u6267\u884c\u8463\u4e8bNatasha Cazenave<\/strong>\u8868\u793a\uff1a\u201c\u57282025\u5e74\uff0cESMA\u8fbe\u6210\u4e86\u91cd\u8981\u91cc\u7a0b\u7891\uff0c\u4eceT+1\u7ed3\u7b97\u5468\u671f\u7684\u8fdb\u5c55\u5230\u6574\u5408\u6570\u636e\u63d0\u4f9b\u5546\u7684\u9009\u62e9\uff0c\u4ee5\u53ca\u5305\u62ec\u7eff\u8272\u503a\u5238\u548cESG\u8bc4\u7ea7\u6cd5\u89c4\u5728\u5185\u7684\u65b0\u76d1\u7ba1\u6846\u67b6\u7684\u5b9e\u65bd\u3002\u6211\u4eec\u6b22\u8fce\u5171\u540c\u7acb\u6cd5\u8005\u76ee\u524d\u8ba8\u8bba\u7684\u5e02\u573a\u4e00\u4f53\u5316\u4e0e\u76d1\u7ba1\u5305\u7684\u6f5c\u5728\u53d8\u9769\uff0cESMA\u5df2\u51c6\u5907\u597d\u627f\u62c5\u65b0\u8d23\u4efb\uff0c\u4e3a\u6b27\u76df\u7684\u66f4\u4e3a\u4e00\u4f53\u5316\u548c\u6709\u6548\u7684\u76d1\u7ba1\u8d21\u732e\u529b\u91cf\u3002\u201d<\/p>\n

\u76d1\u7ba1\u4ea4\u4ed8\u4e0e\u65b0\u4efb\u52a1\u7684\u5b9e\u65bd<\/h2>\n

\u57282025\u5e74\uff0cESMA\u5728\u5b9e\u65bd\u4e3b\u8981\u7684\u6b27\u76df\u7acb\u6cd5\u6846\u67b6\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\uff0c\u5305\u62ecMiCA\u3001\u300a\u6570\u5b57\u8fd0\u8425\u5f39\u6027\u6cd5\u300b\uff08DORA\uff09\u548c\u300a\u6b27\u6d32\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u6761\u4f8b\u300b\uff08EMIR 3\uff09\u3002\u8fd9\u4e9b\u5de5\u4f5c\u652f\u6301\u4e86\u76d1\u7ba1\u8d8b\u540c\uff0c\u63a8\u52a8\u4e86\u52a0\u5bc6\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546\u7684\u6388\u6743\uff0c\u5e76\u589e\u5f3a\u4e86\u91d1\u878d\u90e8\u95e8\u7684\u6570\u5b57\u5f39\u6027\u3002<\/p>\n

\u540c\u65f6\uff0c\u8fd9\u4e5f\u5e2e\u52a9\u52a0\u5f3a\u4e86\u5bf9\u6e05\u7b97\u57fa\u7840\u8bbe\u65bd\u7684\u76d1\u7ba1\uff0c\u5305\u62ec\u5bf9\u7b2c\u4e09\u56fd\u4e2d\u592e\u5bf9\u624b\u65b9\u7684\u8ba4\u53ef\u548c\u98ce\u9669\u8bc4\u4f30\u3002\u8fd9\u4e9b\u52aa\u529b\u589e\u5f3a\u4e86\u6b27\u76df\u91d1\u878d\u7cfb\u7edf\u7684\u97e7\u6027\u3002<\/p>\n

ESMA\u8fd8\u7ee7\u7eed\u652f\u6301\u6b27\u76df\u53ef\u6301\u7eed\u91d1\u878d\u7684\u53d1\u5c55\uff0c\u901a\u8fc7\u6539\u5584ESG\u4fe1\u606f\u62ab\u9732\u3001\u5e94\u5bf9\u7eff\u8272\u6d17\u94b1\u98ce\u9669\u548c\u5b9e\u65bd\u65b0\u76d1\u7ba1\u6846\u67b6\u6765\u5b9e\u73b0\u3002\u8fd9\u4e9b\u6846\u67b6\u5305\u62ec\u7eff\u8272\u503a\u5238\u6cd5\u89c4\uff0cESMA\u4e3a\u5916\u90e8\u5ba1\u67e5\u5458\u5efa\u7acb\u4e86\u76d1\u7ba1\u6846\u67b6\uff0c\u4ee5\u53caESG\u8bc4\u7ea7\u6cd5\u89c4\u3002\u8fd9\u4e9b\u4e3e\u63aa\u5171\u540c\u4fc3\u8fdb\u4e86\u53ef\u6301\u7eed\u91d1\u878d\u5e02\u573a\u7684\u900f\u660e\u5ea6\u3001\u6295\u8d44\u8005\u4fdd\u62a4\u548c\u4fe1\u4efb\u3002<\/p>\n

\u63a8\u52a8\u76d1\u7ba1\u7b80\u5316\u4e0e\u51cf\u8f7b\u8d1f\u62c5<\/h2>\n

2025\u5e74\uff0cESMA\u5de5\u4f5c\u7684\u4e00\u4e2a\u6838\u5fc3\u91cd\u70b9\u662f\u7b80\u5316\u89c4\u5219\u548c\u51cf\u8f7b\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u4e0d\u5fc5\u8981\u8d1f\u62c5<\/strong>\u3002\u8fd9\u5f97\u76ca\u4e8e\u5bf9\u76d1\u7ba1\u62a5\u544a\u7684\u6218\u7565\u6027\u65b9\u6cd5\uff0c\u5305\u62ec\u7b80\u5316\u4ea4\u6613\u62a5\u544a\u548c\u6839\u636eAIFMD\u548cUCITS\u7684\u57fa\u91d1\u62a5\u544a\u7684\u65d7\u8230\u5021\u8bae\u3002<\/p>\n

ESMA\u8fd8\u542f\u52a8\u4e86\u96f6\u552e\u6295\u8d44\u8005\u65c5\u7a0b\u5021\u8bae\uff0c\u65e8\u5728\u4f7f\u6295\u8d44\u8fc7\u7a0b\u66f4\u7b80\u5355\u3001\u66f4\u900f\u660e\uff0c\u540c\u65f6\u786e\u4fdd\u6295\u8d44\u8005\u80fd\u591f\u83b7\u5f97\u6e05\u6670\u3001\u53ef\u9760\u548c\u53ef\u83b7\u53d6\u7684\u4fe1\u606f\u3002<\/p>\n

\u63d0\u5347\u5e02\u573a\u6548\u7387\u4e0e\u6570\u5b57\u521b\u65b0<\/h2>\n

2025\u5e74\u7684\u4e00\u4e2a\u91cd\u8981\u91cc\u7a0b\u7891\u662f\u6839\u636eMiFIR\u9009\u62e9\u4e86\u9996\u6279\u6574\u5408\u6570\u636e\u63d0\u4f9b\u5546\uff08CTPs\uff09\u3002\u8fd9\u6807\u5fd7\u7740\u6539\u5584\u6b27\u76df\u5e02\u573a\u6570\u636e\u900f\u660e\u5ea6\u548c\u53ef\u83b7\u53d6\u6027\u7684\u91cd\u5927\u8fdb\u5c55\u3002<\/p>\n

ESMA\u8fd8\u652f\u6301\u5411\u66f4\u77ed\u7684T+1\u7ed3\u7b97\u5468\u671f\u8fc7\u6e21\uff0c\u52a9\u529b\u5168\u7403\u63d0\u5347\u4ea4\u6613\u540e\u6548\u7387\u548c\u964d\u4f4e\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u52aa\u529b\u3002\u8fd9\u4e9b\u4e3e\u63aa\u652f\u6301\u4e86\u6539\u5584\u6b27\u76df\u8d44\u672c\u5e02\u573a\u8fd0\u4f5c\u548c\u7ade\u4e89\u529b\u7684\u66f4\u5e7f\u6cdb\u52aa\u529b\u3002<\/p>\n

\u8be5\u673a\u6784\u52a0\u5927\u4e86\u5728\u6570\u5b57\u5316\u65b9\u9762\u7684\u5de5\u4f5c\uff0c\u5305\u62ec\u4eba\u5de5\u667a\u80fd\u3001\u5206\u5e03\u5f0f\u8d26\u672c\u6280\u672f\u548c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u3002\u8fd9\u4e9b\u52aa\u529b\u65e8\u5728\u5728\u4fdd\u969c\u5e02\u573a\u5b8c\u6574\u6027\u548c\u6295\u8d44\u8005\u4fdd\u62a4\u7684\u540c\u65f6\uff0c\u5229\u7528\u521b\u65b0\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

ESMA\u4e3b\u5e2d\u7684\u5c55\u671b ESMA\u4e3b\u5e2dVerena Ross\u8868\u793a\uff1a\u201c2025\u5e74\u662f\u6b27\u6d32\u8d44\u672c\u5e02\u573a\u7684\u5173\u952e\u4e00\u5e74\uff0c\u653f\u7b56\u613f\u666f\u5c06\u8f6c\u5316\u4e3a\u5177\u4f53\u884c\u52a8\u3002ESMA\u7ee7\u7eed\u5728\u63a8\u52a8\u66f4\u4e3a\u4e00\u4f53\u5316\u3001\u900f\u660e\u548c\u7ade\u4e89\u529b\u5f3a\u7684\u6b27\u76df\u5e02\u573a\u4e2d\u53d1\u6325\u6838\u5fc3\u4f5c\u7528\u3002\u201d \u5728…<\/p>\n","protected":false},"author":3,"featured_media":20304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,48],"tags":[4270,4239,11646,9674,8768,4204,4218,4375,10796,11750],"class_list":["post-20305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-legal","tag-ai","tag-bitcoin","tag-dora","tag-emir","tag-esma","tag-eu","tag-legal","tag-mica","tag-natasha-cazenave","tag-ucits"],"yoast_head":"\n2025\u5e74ESMA\u5e74\u5ea6\u62a5\u544a\uff1a\u805a\u7126\u52a0\u5f3a\u76d1\u7ba1\u3001\u7b80\u5316\u6cd5\u89c4\u4e0e\u521b\u65b0 - CryptoZen<\/title>\n<meta name=\"description\" content=\"2025\u5e74ESMA\u5e74\u5ea6\u62a5\u544a\u5f3a\u8c03\u4e86\u6b27\u76df\u5e02\u573a\u76d1\u7ba1\u7684\u52a0\u5f3a\u3001\u6cd5\u89c4\u7b80\u5316\u4ee5\u53ca\u91d1\u878d\u6cbb\u7406\u548c\u900f\u660e\u5ea6\u7684\u521b\u65b0\u3002\" \/>\n<meta name=\"robots\" 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