EU Parliament postpones MiCA decision

2023-01-17

Eu Parliament
Picture: Pixabay

Due to translation difficulties, the EU Parliament will not vote on the finalisation of the MiCA regulation until April.

The EU Parliament will not take a final vote on the European Union's (EU) landmark crypto regulation, Markets in Crypto Assets (MiCA), until April. This is reported by The Block, citing an insider. The delay is "technical in nature" and is caused by problems translating the document into the 24 official languages of the EU bloc, it says.

The plenary vote, originally scheduled for the end of 2022, was also postponed in November due to translation problems.

 

The European Parliament explained

The European Banking Authority have 12 to 18 months

As the final decision is delayed, European financial supervisors will have to wait longer before they can start drafting implementing rules. Bodies such as the European Securities and Markets Authority and the European Banking Authority have 12 to 18 months - after finalisation - to draft the technical standards for MiCA. Basically, the regulation creates clear rules for the European crypto sector and places it under regulatory care.

For the end user, MiCA brings more consumer protection, as crypto providers will only be allowed to operate in the EU with a licence. Read more here.
While the regulation is considered controversial by critics, experts see crypto regulation as a catalyst for the next bull market.

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