EU delays Markets in Crypto-Assets regulation vote again

  • The European Parliament has passed a comprehensive cryptocurrency market, MiCA law, in October 2022.
  • A final vote on the bill was originally scheduled for February 2023, but has now been postponed to April.
  • Following the massive collapse of cryptocurrency companies like FTX, the cryptocurrency sector is increasingly in the spotlight of regulators.

The European Union wants proper crypto regulation across its member states, despite the accelerating global movement for a harmonized approach.

Uniquely, the EU is in the process of finalizing its market for Crypto Asset Regulation (MiCA), a comprehensive crypto regulatory framework that ushers in a new dawn for crypto in the region.

But the final vote on regulation won’t take place until at least April of this year. report Suggest a topic.

EU postpones MiCA vote again

This latest delay — the second delay in the much-anticipated MiCA rules following a vote push from last November to February 2023 — rests on a regulatory translation roadblock.

In particular, MiCA is a 400-page rulebook that must be translated into 24 official languages ​​across the EU bloc. A postponement to April 2023 was necessitated by the requirement that documents be available in all official languages ​​before going to an important final vote.

The MiCA bill was first submitted to the European Parliament in September 2020, and parliamentarians passed the bill in October 2022.

After last year’s spate of massive bankruptcies, cryptocurrencies continue to come under the spotlight as policymakers and regulators seek to harmonize scrutiny of the industry. Among these is the collapse of FTX and several other cryptocurrency companies related to infamous crypto executive Sam Bankman Freed.

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