The European Union has been working for a long time to finally get an unambiguous regulatory system for the crypto industry off the ground. A framework for these regulations already exists: the so-called Markets in Crypto Assets (MiCA) law. In June of this year was given the green light for the law by a majority of all European countries, but it will be some time before MiCA actually goes into effect. A final round of voting is scheduled for February of 2023.
MiCA crypto regulation
Originally, the final vote on MiCA in the European Parliament was scheduled to take place in November. Although the law is almost ready, an extensive translation first had to be made in the 24 different languages ​​that are represented in the European Parliament. It looks like this translation is going to take a few months, that reports The Block.
The final voting round will therefore be postponed to February of the following year. Once approved here, MiCA will be added to the Official Journal of the European Union. Then a period of 12 to 18 months will start to prepare and apply new rules based on the legislation. During that period, the European financial supervisors and the European Commission will work out the final details on the implementation of the law.
The delay in the adoption of the final parliamentary vote means that the implementation process will start later, with the new rules of the MiCA likely to enter into force in February 2024 at the earliest. Real European regulation will therefore take quite some time, even in the most optimistic scenario.
Consequences of MiCA?
MiCA will most likely big changes to the crypto industry in Europe. However, it will bring few unpleasant side effects for the average crypto investor. Major crypto companies, such as exchangeswill have to work hard to continue to comply with the new rules.
What the exact content of MiCA is and how this will translate into practice is currently largely unknown. It is known that influencers, among others, are part of the legal text.