The European Union’s landmark crypto regulation, the Markets in Crypto-Assets (MiCA) bill, will not be put to a final vote in the European Parliament until April, delaying the implementation of the new rules. An EU Parliament spokesman said the delay was “technical” and was likely due to problems translating the nearly 400-page document into the EU’s 24 official languages.
The vote at the plenary session of the European Parliament was originally scheduled for the end of 2022, but was postponed to February this year due to translation problems. Since the final vote has been postponed, European financial regulators will have to wait longer before they can start drafting implementation rules. Once MiCA is formally approved, institutions such as the European Securities and Markets Authority and the European Banking Authority have 12 to 18 months to draft technical standards. (The Block)