The MiCA bill, which is expected to come into effect soon in the European Union, has been postponed for one day. After months of drafting and translation and several delays, the new law requiring licensing for cryptocurrency exchanges will be voted on next week.
EU’s cryptocurrency bill delayed
The landmark crypto licensing framework and fund transfer rules are expected to go into effect after the final vote. An official briefing on the negotiations said a vote scheduled as part of the routine rescheduling of the program could be delayed by a week, with a new vote scheduled for Wednesday (April 19th). Prior to that, the date was set for April 17.
cryptocoin.com As we have reported, the law will probably enter into force in July. Important provisions will come into effect after 12 to 18 months.
Lawmakers and European Union member states, meeting in a separate body known as the European Council, already passed a draft of the law last year alongside parallel anti-money laundering rules known as the Funds Transfer Regulation.
Crypto Asset Markets regulation MiCA requires crypto services providers such as wallets and exchanges to be licensed by national regulators, while the Money Transfer regulation mandates identity checks of crypto payers.
MiCA has been delayed multiple times before
After months of drafting and translation, and several delays, the deadline for proposing further changes to the MiCA text is now over, and the documents currently released by parliament imply that only agreed-upon changes will be put up for discussion. Strong support earlier that the law is likely to pass.
All in all, after more than two and a half years of debate and regulation, the European Union looks poised to pass landmark crypto regulations. The comprehensive new rules package will be voted on during the week of 19 April.
What is MiCA?
Crypto Asset Markets (MiCA) is part of a broader package within the EU that aims to update Europe’s approach on various digital financial fronts. MiCA itself focuses on cryptocurrency providers and the obligations they must declare. It also imposes heavy requirements for stablecoin operators. But most importantly, it unifies the approach across all 27 member states.
The vote on April 19 is far from the end of the story. If members of the European Parliament approve the changes, countries have 18 months to implement the changes. The actual details of how MiCA should be implemented will be regulated by ESMA, the EU’s securities regulator.
Under the MiCA, anyone wishing to issue a public cryptocurrency will need to prepare a whitepaper explaining the information about it. This includes information about the issuer or the organization that wants to accept it for trading, what they will do with the capital raised, what rights or obligations are attached to the asset, and what technology underlies it.
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