BlocksInform
The historic new legislation of the European Union, the markets in the regulation of crypto assets (mica), has been delayed because of technical reasons pushing the final vote until April.
The historic new EU legislation, the regulation of crypto asset markets (MiCA), has been delayed due to technical reasons pushing the final vote until April.The mica is tabled for a plenary vote in April, as far as I can tell, It's a technical delay, caused by the translation of problems," said a public servant who is well versed in the subject.
European procedures require that legal instruments such as the mica, which was negotiated in English, be available in all 24 official languages of the bloc. This would probably mean further delays in the historic licensing regime for crypto firms within the block.
In the wake of the FTX collapse, EU officials said MiCA would have prevented such a collapse. But the legislation, reported Coindesk, has a major flaw in which businesses like ftx, based outside the EU, would still be able to serve EU customers without additional regulation.
European legislators have agreed upon the law in principle, which also includes reserve requirements for stablecoins, however the almost 400-page text needs to be formally signed off by both lawmakers and national governments that make up the EU's Governing Council. The law will directly apply to all 27 member nations, but much of the implementation and interpretation will depend on national regulators.
A large part of the implementation and interpretation will be dependent on national regulators.
UPDATE (Jan. 17, 11:42 UTC): Adds additional details and background throughout.
