European Parliament delays vote on MiCA regulation

The European Parliament (EP) has delayed final vote on the regulation of cryptocurrencies MiCA. The Block reports.

On 10 October, the members of the EP’s Committee on Economic and Monetary Affairs, by a majority, backed the document. Final approval was expected at the plenary in November.

A parliamentary spokesperson noted that the bill must be translated into the EU’s 24 official languages. He said the text is technical and lengthy, so voting on it will take place in February next year.

The text will be published in the Official Journal of the European Union before it takes effect in 2024.

On 5 October, the members of the Council of the EU signed the text of the bill regulating digital assets without further discussion. MiCA includes rules that apply to issuers of uncollateralised crypto assets, issuers of stablecoins, and trading and custodial platforms.

Providers of crypto-asset services will be required to adhere to strict consumer-protection rules, and trading platforms will be required to provide a white paper.

Earlier in July, the European Parliament and the Council of the European Union agreed on a provisional version of MiCA. The draft bill did not touch NFTs, though related provisions could be introduced later.

In September, it emerged that representatives of Germany, Italy and the Netherlands insisted on preserving the provision on the €200 million daily limit for stablecoin transactions with collateral other than the euro.

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