EU Delays Vote on MiCA Crypto Legislation Until February

Technical issues in the lengthy text could delay the start of the licensing regime set out in the Markets in Crypto Assets regulation.

AccessTimeIconNov 4, 2022 at 11:13 a.m. UTC
Updated Nov 7, 2022 at 6:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

European Union lawmakers won’t vote on the Markets in Crypto Assets regulation (MiCA) until February, likely meaning further delays in the landmark licensing regime for crypto companies within the bloc, a spokesperson for the European Parliament has told CoinDesk.

A previous tentative plan for the Parliament to vote at its December plenary session has been abandoned given the length and complexity of the text, CoinDesk was told.

The political outline of the legislation, which sets reserve requirements for stablecoins intended to avoid a terraUSD-style collapse, was approved in June, and the final text published in October. However, the text still needs to be formally signed off by both lawmakers and national governments that make up the EU’s Council.

EU procedures require legal acts such as MiCA, which was negotiated in English, to be available in all the bloc's 24 official languages.

The law’s provisions, which require crypto companies such as wallet providers and exchange platforms to seek authorization from national regulators, start to apply between 12 and 18 months after the final law is published in the EU’s Official Journal – an event originally foreseen for spring of next year, but which now seems set to be pushed back.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.