资产类别特定的可持续性披露：从欧盟MiCA法规中汲取的经验教训

中文摘要 AI 辅助

欧盟的可持续发展披露迄今为止主要聚焦于企业报告以及传统金融产品附带的环境与可持续信息。加密资产因其共识机制驱动的环境外部性和碎片化的发行人结构，在很大程度上被这一披露架构所遗漏。欧盟《加密资产市场法规》（MiCA）引入了欧盟范围内首个针对加密资产的资产类别特定可持续性披露制度，要求发行人和加密资产服务提供商均须提供标准化的可持续性指标。本文基于对MiCA及其二级措施的政策与法律分析，以及来自公共登记簿和市场实践的早期实施证据，展示了政策路径如何从围绕限制高能耗共识机制的争论，转向建立在量化指标、机器可读报告以及与更广泛的欧盟可持续金融框架方法论对齐基础上的透明度制度。本文还指出了实施中的实际摩擦，包括数据缺口、发行人与中介机构之间的责任分配，以及跨境监管碎片化问题。本文中对ESMA临时MiCA登记簿的概述和量化汇总，也可能为监管机构和市场参与者提供有价值的信息，以应对欧盟委员会2026年针对MiCA审查的定向咨询，包括其关于环境与可持续性报告的具体问题。

英文摘要

Sustainability disclosure in the European Union has so far focused on corporate reporting and sustainability information attached to traditional financial products. Crypto-assets, with consensus-mechanism-driven environmental externalities and fragmented issuer structures, largely fell through this disclosure architecture. The EU Markets in Crypto-Assets Regulation (MiCA) introduces the first EU-wide, asset-class-specific sustainability disclosure regime for crypto-assets by mandating standardised sustainability indicators for both issuers and crypto-asset service providers. Drawing on a policy and legal analysis of MiCA and its Level 2 measures, and on early implementation evidence from public registers and market practice, this paper shows how the policy approach shifted from debates about restricting energy-intensive consensus mechanisms to a transparency regime built on quantitative metrics, machine-readable reporting, and methodological alignment with the broader EU sustainable-finance framework. The paper also highlights practical frictions in implementation, including data gaps, responsibility allocation between issuers and intermediaries, and cross-border supervisory fragmentation. The overview and quantitative summary of the ESMA Interim MiCA Register in this paper may also provide valuable information to regulators and market participants in the context of the European Commission's 2026 targeted consultation on the review of MiCA, including its specific question on environmental and sustainability reporting.

发表机构

• CCRI GmbH（CCRI有限公司）
• Trier University of Applied Sciences（特里尔应用科技大学）

机构由 AI 辅助整理，请以论文原文为准。