EU delays mica crypto regulations due to translation problems
EU delays mica crypto regulations due to translation problems
The groundbreaking crypto regulations of the EU to the markets for crypto-assets (mica) will only be finally voted in April. The delay should also stop the process of enforcing the new rules.
According to representatives of the European Parliament, the delay was caused by problems when translating the almost 400-page file into the 24 official languages of the block.
"Mica is to be coordinated in April in April, and to my knowledge, the delay is technical, caused by translation problems," said a person who is familiar with the matter.
The vote was originally planned for the end of 2022, but was postponed due to translation problems to February in November.
mica could be delayed by 2 years
The latest delay means that authorities such as the European Securities and Market Authority and the European Banking Supervisory Authority have to wait 12 to 18 months to design the technical standards for the law after it has been officially approved.
mica is a comprehensive set of rules that was developed to establish the very first common license program for crypto exchanges and companies that work in the European Union.
In addition to the delay, the Transfer of Funds Regulation (TFR) was postponed to the same voting session in April.
The TFR, which should be introduced with Mica, requires crypto transactions know-your-customer (KYC) information for the transmitter and the recipient.
mica will demand from crypto exchanges and wallets to provide information about your customers to prevent tax evasion and money laundering.
Some EU nations, such as France, have pushed to accelerate regulations and restrictions on crypto after the collapse of the FTX.
outlook on the cryptom market
The markets have held on to the recent price profits and have remained relatively flat in the last 25 hours. The total capitalization is still $ 1.03 trillion after it has risen by 16 % last week.
Bitcoin kept stable at $ 21,235 at the time of writing this article. Meanwhile, according to Coingecko, Ethereum increased by 1.4 % that day and was traded at $ 1,579.
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