The final vote on the long-awaited European Union crypto regulations, dubbed the Markets in Crypto Assets (MiCA) regulation, has been pushed back to April 2023. This marks the second delay in the final vote, which was pushed back from November 2022. to February.
The latest delay is attributed to a technical problem in which the 400-page official document could not be translated into all 24 official EU languages, The Block reported. Legal documents like the MiCA, which were drafted in English, must comply with EU regulations and be published in all 24 official languages of the union.
The first delay in November that pushed the final vote to February was also due to similar translation issues. A delay in the final vote means European financial regulators have to wait longer before drafting implementing rules for the legislation. Once MiCA has received official approval, financial regulators have 12-18 months to create the technical standards.
The European parliamentary committee approved the MiCA legislation in October 2022, almost two years after it was first introduced in September 2020. The second delay comes even as there has been growing demand for speedy passage of the legislation, especially at root of crypto contagion. caused by FTX.
Stefan Berger, a member of the European Parliament’s economics committee, compared the FTX scenario to the 2008 financial crisis and used “Lehman Brothers moments” to argue for the need for regulations like MiCA.
Shame! He #FTX/#mall The case has cost enormous trust. Such Lehman Brothers moments should be avoided in the crypto space. that’s exactly what #Mica is for. Crypto assets are not fictitious money. Crypto asset service providers must ensure internal risk management mechanisms. https://t.co/zNrB8CdUbU
—Stefan Berger (@DrStefanBerger) November 9, 2022
With MiCA, European legislators aim to establish a standard regulation that would establish harmonized rules for crypto assets at the EU level, thus providing legal certainty for crypto assets not covered by existing EU law.
Related: MiCA Legislation, Good News For Crypto Players: Binance Europe VP
The crypto regulation will establish guidelines for the operation, structure and governance of digital asset token issuers. The legislation will also offer rules on transparency and disclosure requirements for the issuance and admission to trade of crypto assets.
This post EU postpones final vote on MiCA for second time in two months
was published first on https://cointelegraph.com/news/eu-postpones-final-vote-on-mica-for-the-second-time-in-two-months