- EU regulations require legal documents to be translated into all 24 official EU languages. MiCA has yet to be 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 last two months that the final vote on MiCA has been postponed. In November, it was delayed to February 2023 due to the same translation issues.
The European Union (EU) will postpone the final vote on the landmark Markets in Crypto Assets (MiCA) crypto bill.
Reports indicate that the EU had to delay the vote because of technical issues related to translations of the bill. Legal documents like MiCA must comply with EU regulations and be translated into all 24 official EU languages.
European Parliament officials are now expected to vote on the bill in April.
This is the second time in the last two months that the EU has postponed the final vote on MiCA. In November, the delay was also caused by translation issues. Officials were supposed to vote in February.
How Will MiCA Influence Crypto?
The MiCA legislation is the first such bill in the European Union. Passed in October 2022, almost two years after being first proposed in September 2020, MiCA aims to introduce a comprehensive regulatory framework to regulate the crypto industry.
One of the key parts of the regulation is related to stablecoins and how they’re issued. The bill would require stablecoin issuers to register with the authorities and hold enough in reserves.
The legislation will also require companies to track and disclose their energy consumption and publish whitepapers.
If approved, financial regulators will have about 18 months to implement the new rules. It’s expected that the legislation will be in full effect by the end of 2024.
On the Flipside
- The final vote on MiCA may be postponed once again.
- It’s unclear how much progress has been made in translating the document.
Why You Should Care
MiCA is the most comprehensive crypto legislation in the European Union. Investors, users, and business people should follow the developments closely to better understand how the digital asset environment will change after – and if – the bill is approved.
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