Vote Delayed on Historic Cryptocurrency Law “MiCA” in the European Union – Decrypt

Voting on European Union proposals to align cryptocurrency rules across its 27 member states has once again been delayed.

Members of the European Parliament will not have the opportunity to vote on the regulation of the Cryptocurrency Markets (MiCA) until April, as confirmed to Decrypt a spokesperson for the European Parliament. Lawmakers had previously set a provisional date in February.

The delay, which is the second since that was postponed voting from an initial date in December, is due to gaps in the translation of relevant materials. Although the full text of the regulation is finished in october last year, EU laws and regulations must be translated into the bloc’s 24 official languages.

The document In which the proposed regulation is exposed, which will force stricter rules to be imposed on cryptocurrency companies, it has almost 400 pages.

what MICA will do

More than two years of discussion have been devoted to the elaboration of the MiCA. If approved, it will usher in a unified approach for cryptocurrency providers across the European Union, though countries will have 18 more months to apply the rules.

A key part of the regulation would require stablecoin issuers to hold sufficient reserve funds to prevent a Terra-style collapse.

It will also ask the miners of cryptocurrencies reveal their energy consumptionin a concession to environmental concerns after a proposed ban on mining of work test (PoW) was removed from the table.

Meanwhile, any company that wants to issue cryptocurrency will have to publish a white paper with information about the project, including its potential risks.

On the other hand, EU legislators are studying uniform tax rules for cryptocurrenciesas part of a broader package of measures against tax evasion, in a move that policy makers say could bring member states an additional 2.4 billion euros ($2.6 billion) in revenue a year.

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Vote Delayed on Historic Cryptocurrency Law “MiCA” in the European Union – Decrypt