A representative for the European Parliament told a news publishing house that MPs would vote on the Markets in Crypto Assets Act (MiCA) in February, which would likely result in additional delays to the historic licensing system for crypto enterprises within the EU.
The publishing house was also informed that given the length and intricacy of the text, a previous rough plan for the parliament to vote during its December plenary session had been scrapped.
The legislation’s political framework, which establishes stablecoin reserve requirements to prevent a collapse akin to the terraUSD, was adopted in June, and the final text was released in October. But the EU Council, which comprises national governments and legislators, still needs to approve the text formally.
The provisions of the law, which mandate that crypto businesses like wallet providers and exchange platforms apply for authorization from national regulators, come into effect between 12 and 18 months after the final law is published in the EU’s Official Journal, which was initially anticipated to happen in the spring of next year but now appears to be pushed back.