The Markets in Crypto Assets Regulation (MiCA), the European Union’s attempt to regulate the crypto market and its actors, see its voting date pushed back once again. The vote had already been delayed and was supposed to happen in February. The European Union delayed now its vote to April, citing once again technical reasons.
Being around 400-pages long, the text was agreed upon in principle by the legislators, but it needs to be translated in 24 official languages as required by EU procedures.
Regulators feel the need to speed up the implementation of legal frameworks for the digital assets, thanks in major part to the collapse of the FTX empire. Alexandra Jour-Schroeder, deputy director general for Financial Stability, Financial Services and Capital Markets Union at the European Commission had declared at the end of November :
“Under the MiCA regime, no company providing crypto assets in the EU would have been allowed to be organized, or perhaps I should say disorganized, in the way FTX reportedly was.”
However, the new regime would not really have prevented the FTX crash from happening, since it wouldn’t power over entities outside the European Union. The MiCA regulation is expected to be implemented some time in 2024.