The European Parliament changed the timing of consideration of the bill on the regulation of cryptocurrencies

The final consideration of the draft law on the regulation of cryptocurrencies in the European Union (MiCA) was postponed to April. The 400-page document needs to be translated into 24 EU languages.

This is not the first postponement of the vote of parliamentarians for or against the bill MiCA (Markets in Crypto Assets). Initially, it was assumed that the document would be adopted at the end of 2022.. However, in November the voting was postponed to February.. The reason then was also called problems with the translation of the document.

The European Securities Authority and the European Banking Authority will wait for the passage of the bill, and then spend another 12 to 18 months to develop specific technical standards within the MiCA.

Consideration of the Transfer of Funds Regulations (TFR) has also been postponed to April. The document was developed in tandem with MiCA and requires a mandatory verification procedure for participants in digital asset transfers.

Ripple Labs European Managing Director Sendi Young predicted that in 2023 the cryptocurrency industry will experience significant development, including in terms of regulation.