EU Parliament delays MiCA decision

Due to translation issues, the European Parliament won't vote on finalizing MiCA until April.

Due to translation issues, the European Parliament won't vote on finalizing MiCA until April.

The EU Parliament will hold a final vote on the EU's groundbreaking crypto regulation, Markets in Crypto Assets (MiCA), only in April. This is reported by The Block, citing an insider. The delay is "technical" and caused by translation issues of the document in the EU's 24 official languages, according to the Commission. Also the plenary vote, which was originally planned for late 2022, was postponed in November due to translation problems.

Regulators will have to wait longer

Since the final decision has been delayed, European financial regulators will have to wait longer before they can start drafting the implementation rules. Authorities like the European Securities and Markets Authority and the European Banking Authority have - after completion - 12 to 18 months to set the MiCA technical standards. The measure creates clear rules for the European crypto sector and brings it under supervision. For end users, MiCA brings more consumer protection, as crypto providers may only operate in the EU with a license. Read more here.

Although critics call the regulation a major disagreement, experts view this crypto regulation as a start to the next bull market.