• The European Union (EU) postponed the final vote on its Markets in Crypto Assets regulation (MiCA) until April this year.
• The delay was due to a technical issue concerning the 400-page legal document not being translated into the Union’s official 24 languages.
• This marks the second delay in two months, and the initial delay was also due to translation issues.
The European Union (EU) has postponed the final vote on its Markets in Crypto Assets regulation (MiCA) until April this year. This marks the second delay in two months due to a technical issue concerning the 400-page legal document not being translated into the Union’s official 24 languages.
The MiCA is a highly anticipated crypto ruleset that will shape the regulations for cryptocurrency and digital assets in the EU. The ruling is necessary for the regulations to be legally binding and in compliance with the Union’s regulations.
The MiCA provides a number of legal guidelines and rules for crypto assets and exchanges, including digital wallet providers and cryptocurrency custodians. It also contains provisions for consumer protection and market integrity, as well as a framework for how crypto assets should be classified and regulated.
The Markets in Crypto Assets regulation rule book comes in an English Language draft. The supranational political and economic union of 27-member states requires the legal documents to be published in all its 24 official languages. This is why the final vote on the MiCA was delayed.
The initial delay in November 2022 that resulted in a deferment to early 2023 was also due to translation issues. This second delay in two months has caused some to worry that the full MiCA legislation may not be voted on until the end of the year.
However, some have expressed optimism that the MiCA could be passed by the end of April. This could be a major step forward for the EU digital asset industry, as the legislation would provide a framework for the regulation of crypto assets across the union.
The EU MiCA final vote will be a landmark moment for the cryptocurrency and digital asset industry, as it could open up the door for the regulation of crypto assets throughout the EU. It is expected that the final vote could take place in April, and many in the industry will be eagerly awaiting the results.