Obstacle to New Law Enforcement. It was difficult for me to translate a 400-page book into 24 languages. According to the EU authorities, MiCA could have prevented the FTX disaster. Due to technical difficulties, the European Union will postpone the implementation of its new law, the Markets in Crypto Assets Regulation (MiCA).
But the final vote won’t happen until April at the earliest. The translation problem is about 400 pages in the 24 official languages of the Union. He may have been responsible for the delay, according to a spokesperson for the European Parliament.
Awaiting Final Approval
The European Union decided in November 2022 to postpone the referendum to February 2023. It is feared that the harmonization of the licensing system will be delayed in 2024 due to technical problems and lengthy discussions. According to the EU authorities, MiCA could have prevented the FTX disaster. However, the law contains a large loophole that allows companies like FTX to continue to supply EU customers without being audited.
Legislators have yet to approve the nearly 400-page document. The Governing Council of the EU, made up of national governments, is another important body. The bill has received preliminary approval from the European Parliament, and it defines the requirements to be set aside for stablecoins, but has not yet been fully approved.
The law will affect all 27 countries, but it will be up to national regulators to enforce and define standards. Not only the MiCA Act has been withdrawn, but others too. A transfer of funds rule (TFR) will also be put to a vote at an April meeting. The catch is that this should be done at the same time as MiCA. To comply with the TFR, all crypto transactions must include “know your customer” details of the receiver and the sender.