The European Parliament has just delayed the final vote on the comprehensive Markets in Crypto-Assets (MiCA) regulation until April. According to the EU's law-making body, the vote has been delayed due to a "technical" problem, probably related to the translation of the document, which consists of almost 400 pages, into the 24 official languages of the EU countries.
The vote on the rules for the transfer of funds will be postponed to the same April session. The plenary meeting on the MiCA regulation has been postponed twice due to the same translation problems.
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The postponement of the final vote will delay the development of technical standards for the implementation of the regulation by European financial regulators. On average, it could take 12 to 18 months after official approval.
The MiCA bill includes rules that apply to issuers of unsecured crypto assets, issuers of stablecoins, trading platforms and custody.
Once the regulation comes into force, crypto asset service providers will have to comply with strict requirements aimed at protecting consumers, and trading platforms will have to provide technical documents.