- EU regulations require legal documents to be translated into all 24 official languages of the European Union. MiCA was not yet ready to be published.
- European Parliament officials are now expected to vote on the bill in April 2023.
- This is the second time in the past two months that the final vote on MiCA has been postponed. In November, it was pushed back to February 2023 due to the same localization issues.
The European Union (EU) will postpone a final vote on the Markets in Crypto Assets (MiCA) cryptocurrency bill.
Reports indicate that the EU had to delay the vote due to technical problems with the translation of the bill. Legal documents such as MiCA must comply with EU regulations and be translated into all 24 official languages of the EU.
European Parliament officials are now expected to vote on the bill in April.
This is the second time in the past two months that the EU has postponed a final vote on MiCA. In November, the delay was also caused by translation issues. Officials were supposed to vote in February.
How will MiCA affect encryption?
The MiCA legislation is the first bill of its kind in the European Union. Passed in October 2022, nearly two years after it was first proposed in September 2020, MiCA aims to provide a comprehensive regulatory framework to regulate the crypto industry.
One of the main parts of the regulation relates to stablecoins and how they are issued. The bill would require stablecoin issuers to register with the authorities and maintain enough reserves.
The legislation would also require companies to track and disclose their energy consumption and publish white papers.
If approved, financial regulators will have about 18 months to implement the new rules. The legislation is expected to come into full force by the end of 2024.
on the flip side
- The final vote on MiCA may be postponed again.
- It is unclear how much progress has been made in translating the document.
Why should you bother
MiCA is the most comprehensive cryptocurrency legislation in the European Union. Investors, users and entrepreneurs should follow developments closely to better understand how the digital asset environment will change after – and if – the invoice is approved.
You may also like: