Final vote on EU MiCA regulation postponed to April

The European Parliament has postponed the final vote on the comprehensive regulation of crypto-asset markets (MiCA) to April. The Block reports.

The delay is described as ‘technical’ and is likely due to translation issues of the nearly 400-page document into 24 official EU languages, according to the Parliament.

The vote on the funds-transfer regulation will be moved to the same April session.

The MiCA plenary session has already been postponed twice, largely due to the same translation problems.

The postponement of the final vote will delay the development of technical standards by European financial regulators. On average, this could take 12 to 18 months after formal adoption.

MiCA includes rules applying to issuers of unbacked crypto-assets, issuers of stablecoins, trading and custody platforms.

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

Earlier in July 2022, the European Parliament and the Council of the European Union agreed on a provisional version of MiCA. The draft law did not address NFTs, though related provisions could be introduced later.

In September, representatives from Germany, Italy and the Netherlands insisted on preserving the provision setting a daily €200 million cap on stablecoin transactions with collateral other than the euro.

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