• Home
    • Bitcoin News
    • Ethereum News
    • Scam News
    • Regulation News
    • Mining News
    • CBDC News
    • NFT News
  • Blockchain News
    • Web3.0
    • Metaverse
    • DeFi
  • New to Crypto?
  • Press Release
    • Sponsored
    • Advertise at Todayq News
Facebook Twitter Instagram
Todayq News
  • News
    • Bitcoin
    • Ethereum
    • Scam
    • Regulation
    • CBDC
    • Mining
    • NFT
  • Blockchain
    • Web3.0
    • Metaverse
    • DeFi
  • New to Crypto
  • Press Release
    • Sponsored
    • Advertise at Todayq News
Crypto Trading Experts
Twitter Facebook Instagram LinkedIn
Todayq News
News

EU’s MiCA delayed again due to technical issues

By Samvidha Sharma18 January 2023, 02:15 AM
EU’s MiCA delayed again due to technical issues

The European Union’s much-talked crypto regulation, Markets in Crypto Assets (MiCA), has been yet again postponed.

In a recent media interaction, an European Union Parliament spokesperson said that the voting now has been delayed to April, thus delaying the enforcement process. However, the spokesperson also said that the delay is mostly technical and most likely caused by issues translating the almost 400-page file into the 24 official languages of the bloc.

The parliamentary vote was scheduled to take place by the end of 2022 but was later postponed to February in November due to translation issues. 

MiCA is one of the first initiatives of the EU to regulate the crypto sector and aims to tame the “wild west of crypto assets,” in the words of policymakers. Notably, MiCA lays out rules for licensing firms offering crypto services in the region and regulates stablecoin issuance. 

With the current delay, the financial regulators in Europe would have to wait longer before they can start drafting rules for implementation. Sources reveal that the regulators like the European Securities and Markets Authority and the European Banking Authority have 12 to 18 months to draft the technical standards for MiCA once it is officially approved.

However, MiCA is not the only regulation being delayed; the Transfer of Funds Regulation (TFR) planned to be implemented with MiCA is also being delayed to the same voting session. 

Reportedly, the TFR requires crypto transfers to include know-your-customer (KYC) information on both the recipient and receiver sides. 

The delays in MiCA have forced some European nations to adopt a temporary regulation for the sector. Todayq News reported in November that Belgium’s Financial Services and Markets Authority (FSMA) intends to adopt a temporary stepwise plan until MiCA is implemented. The Belgian regulator indicated that under its “stepwise plan,” cryptocurrencies would be classified as securities if an individual or company issued them,

Some European nations have been wishing for stricter crypto regulation ahead of MiCA. The turbulence in the crypto market in the past year has largely fueled the will for stricter regulation. For example- French policymakers and central bankers are rooting for the implementation of mandatory licensing of crypto firms this year. 

Crypto European Union
Share. Facebook Twitter LinkedIn Telegram WhatsApp Reddit
Must Read

Crypto exit scams surpass DeFi exploits in May; over $45 million losses compared to $17 million

Central Banks of Hong Kong and UAE to work on Crypto regulation and fintech development

US debt ceiling bill removes the Crypto tax; receives bipartisan support

Instagram
Recently CryptoQuant, an on-chain analytics firm, published insights on Bitcoin’s supply and investor sentiment for May 2023. The firm revealed that the exchange reserves have significantly declined as the investor’s holding sentiment has continued to grow.
In a significant development for the world’s leading cryptocurrency, Bitcoin, long-term holders (LTHs) have reached an all-time high, now holding a staggering 78% of the total circulating supply.
In a recent development, Bitcoin miners have been observed moving their assets, which could potentially trigger further selling pressure if these assets are liquidated.
According to a recent report, Turkey recorded the highest growth in crypto ownership from 2021 to 2022. Reportedly the crypto ownership in Turkey has marked a splendid 27.1% increase from July-September 2021 to July-September 2022.
Company
  • About Us
  • Careers
  • Terms & Conditions
  • Privacy Policy
Products
  • Crypto Signals
  • Todayq News
  • Koinpr
  • Todayq Education
Support

Advertise

Email: news@todayq.com

Connect With Us
  • Twitter
  • Facebook
  • Instagram
  • LinkedIn
All rights reserved by Todayq Technologies Private Limited

Type above and press Enter to search. Press Esc to cancel.