• The European Parliament passed the comprehensive Markets in Crypto-Assets (MiCA) legislation in October 2022.
• The final vote on the bill was originally set for February 2023, but has now been pushed to April due to translation issues.
• The EU wants to see proper crypto regulation across its member states, even as a global push for a harmonized approach gathers pace.
The European Union has been working hard to bring regulation to the cryptocurrency space, and the latest development in this effort is the delayed final vote on the Markets in Crypto-Assets (MiCA) legislation. MiCA is a comprehensive regulatory framework that was first introduced in the European Parliament in September 2020, and was passed in October 2022.
However, the final vote on the bill, which was originally set for February 2023, has now been pushed to April due to translation issues. The document, which is 400 pages long, must be translated into all 24 official languages of the EU before the vote can take place. This requirement has necessitated the postponement of the vote to April.
The impetus behind the EU’s push for a comprehensive cryptocurrency regulation is the increasing number of high profile collapses of crypto companies, such as FTX. The EU wants to see proper crypto regulation across its member states, even as a global push for a harmonized approach gathers pace.
The MiCA bill is expected to bring much-needed clarity to the crypto space in terms of investor protection, market integrity, and safety. It will also provide a framework for the taxation of digital assets, as well as the registration of exchanges and other service providers.
The delay of the MiCA final vote is a setback for the EU’s efforts to bring regulation to the cryptocurrency space. However, the wait will be worth it in the end, as the MiCA regulations are expected to usher in a new era of clarity and safety for crypto users and investors in the EU.