MiCA legislation, intended to bind the crypto and digital asset industries into a solid framework for all European Union (EU) members, will be put to a final vote later this year. The reason for this delay is that the 400-page document has to be translated into 24 official languages. It could take up to 18 months for the European Securities and Markets Authority and the European Banking Authority to develop technical standards for the MiCA law.
“mica will be put to the vote by the April plenary and to my knowledge the delay is technical, caused by translation problems’, a CryptoPotato Report quoted people familiar with the matter.
The Markets in Crypto Assets (MiCA) framework largely revolves around consumer protection and the prevention of market manipulation and financial crime in the crypto sector.
The MiCA Act aims to prevent insider trading, the unlawful disclosure of inside information and related market manipulation crypto assets from happening.
In October last year, the committee of the European Parliament Economics and Currency (ECON) has approved the MiCA legislation.
Another step further… The result of the trilogue negotiation #Mica was adopted by the ECON Committee. Good news :+1::hautton-3: https://t.co/z73pkZMYvO
— Stefan Berger (@DrStefanBerger) October 10, 2022
In addition to the postponement of MiCA enforcement, the Transfer of Funds Regulation (TFR) will now also be presented to the EU Parliament in April. The TFR rule obliges all crypto players to collect religiously KYC details both senders and receivers.
The MiCA rule is one of the most comprehensive sets of rules Crypto Rules formulated, which is to be implemented in several nations.
Crypto transactions are largely anonymous and can process instant cross-border payments without the intervention of a broker or central body. Governments around the world are concerned about this cryptocurrency Its use could destabilize existing financial processes and make it easy for criminals to launder money and engage in other illegal activities.
After the EU, now members of the G20 countries are working under Indian presidency to draft crypto regulations that would work at international level. Before the MiCA laws come into force somewhere between 2024 and 2025, EU member states have started enacting crypto tax laws and inviting crypto players to operate from their territories.
PayPalfor example, entered the EU by offering crypto-related services in Luxembourg from December 2022.
