EU To Delay Vote On MiCA Crypto Legislation Until Next Year

According to a CoinDesk article, MPs won’t vote on the Markets in Crypto Assets Act (MiCA) until February, which would likely result in additional delays to the historic licensing system for crypto enterprises within the EU.

Given the length and intricacy of the text, a prior tentative plan for the Parliament to vote during its December plenary session has been scrapped.

The legislation’s political framework, which establishes stablecoin reserve requirements to prevent a collapse akin to that of the TerraUSD, was adopted in June, and the full language was released in October. The EU Council, which is made up of national governments and lawmakers, must yet formally approve the text.

Legal documents like the MiCA, which were negotiated in English, must be available in all 24 of the EU’s official languages as per EU processes.

When the final law is published in the EU’s Official Journal, which was initially anticipated to happen in the spring of next year but now seems to be pushed back, the provisions of the law, which require that crypto businesses like wallet providers and exchange platforms apply for authorization from national regulators, go into effect between 12 and 18 months after that.

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