Anti-Bitcoin and Anti-Cryptocurrency MiCA Bill Postponed in the European Union: Here’s the New Date!

European Union early next year. cryptocurrency It is expected to adopt a reference legislation to regulate its assets.

The Draft Law to Regulate Cryptocurrencies in the European Union has been postponed to February 2023 due to the long text of the law

The European Parliament was to hold its final vote on Markets in Crypto-Assets (MiCA) legislation at a plenary session in November.

However, the draft still needs to be translated into 24 official EU languages. But as the text is technical and lengthy, the adoption of the regulation is expected in February 2023, according to a parliamentary spokesperson.

The translation of the MiCA text must be completed in order for the legislation to be officially adopted.

According to a parliamentary spokesperson, the European Parliament and the European Council will vote on the Markets in Crypto Assets regulation in February 2023.

Once adopted by the Parliament and the Council of Europe, the text will be added to the EU Official Journal, which will initiate a lengthy editing process.

MiCA legislation gives European regulators 12 to 18 months to create and enforce new regulatory-based rules. During this time, Europe’s financial auditors and the European Commission will determine the final details on how the law will be implemented.

A delay in the adoption of the final parliamentary vote means that the rule-making and enforcement process will start later, and the new rules outlined in the MiCA will likely enter into force in February 2024 at the earliest.

MiCA bill, one term bitcoin It was expanded to ban its trade, but after the backlash, it was taken a step back.

*Not investment advice.