The European Union is now expected to adopt a benchmark framework for regulating crypto assets early next year.
The European Parliament was to take its final vote on the Markets in Crypto-Assets legislation in an upcoming plenary session in November. But the draft needs to be translated into the 24 official EU languages. But since the text is technical and lengthy, the regulation’s adoption is now anticipated for February 2023, according to a parliament spokesperson.
Once adopted by the Parliament and the European Council, the text will be added into the EU’s Official Journal, which launches a lengthy rulemaking process.
The MiCA legislation gives European regulators a period of 12 to 18 months to write and apply new rules based on the legislation. During this time, Europe’s financial supervisors and the European Commission will iron out final details as to how to implement the law.
A delay in the adoption of the final parliamentary vote means that the rulemaking and implementation process will set off later, with new rules outlined in MiCA likely coming into application in February 2024 at the earliest.
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