The European Union has delayed its final vote on the cryptocurrency MiCA regulation. Members of Parliament postponed the November 2022 vote to February 2023 due to technical glitches. The new dates are as follows…
The new date for the European Union crypto currency regulation has been announced
The Cryptocurrency Markets Regulation (MiCA), the landmark new legislation of the European Union, has been postponed again due to technical problems. The final vote is now scheduled to take place in April. An EU Parliament spokesperson said the delay was “technical” and likely due to problems translating the nearly 400-page document into the union’s 24 official languages.
The final vote on the MiCA regulation, previously scheduled for November 2022 and then postponed to February 2023, would take place in April due to ongoing technical issues.
MiCA could have prevented high-profile bankruptcies like FTX
Following the bankruptcy of FTX, EU officials stated that MiCA would prevent such a collapse. However, the law contains a major flaw that allows organizations like FTX to continue serving EU customers without additional regulation. Alexandra Jour-Schroeder of the European Commission criticized the cryptocurrency exchange at a hearing of the Monetary Affairs Committee of the European Parliament.
If MiCA were in effect, “it would be better to say that no crypto companies would be allowed to organize in the EU, or perhaps FTX is reportedly unregulated,” he said. Commenting on the reasons for FTX’s bankruptcy, Jour-Schroeder said, “There were a lot of questionable practices at FTX that, in our view, were responsible for the bankruptcies.”
In the final state of the MiCA regulation, nearly 400 pages of text still need to be formally approved by legislators. It will also study regulation in national governments that make up the EU’s Governing Council. While European legislators have in principle approved the law, which also sets the reserve requirements for stablecoins, they have yet to receive their official approval. All 27 member states will be directly affected by the law, but national regulators will be largely responsible for its implementation and interpretation.
French Policymakers press for crypto firms
Apart from MiCA, there were other arrangements that were postponed. Additionally, the same vote from April will now be used to pass the Funds Transfer Regulation (TFR). However, it is intended to be applied simultaneously with MiCA. TFR mandates that all cryptographic transmissions contain know-your-customer data for both recipient and recipient.
Ahead of MiCA, some European countries are pushing for stricter crypto regulation. These countries are more worried than before as a result of the volatile year in the cryptocurrency markets. For example, French policymakers and central bankers are pushing for mandatory licensing of crypto companies in 2023.
cryptocoin.com In this article, we have included the last steps towards legalization in MiCA. The final vote is currently scheduled to take place in April 2023.
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