Voting on EU’s Landmark MiCA Crypto Bill Delayed Again

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The vote was again delayed over proposals from the European Union to align crypto rules across its 27 member states.

MEPs will not be able to vote on the Markets in Crypto Assets (MiCA) regulation until April, a spokesperson for the European Parliament confirmed to Decrypt. Lawmakers previously set a tentative February date.

The delay, which is the second since the vote was pushed back from an original date in December, is due to delays in the translation of relevant documents. While the full text of the regulation was finalized in October last year, EU laws and regulations need to be translated into the bloc’s 24 official languages.

The document outlining the proposed regulations, which will require tougher rules to be imposed on crypto companies, is nearly 400 pages long.

What MiCA will do

More than two years of debate went into the production of MiCA. If approved, it will usher in a unified approach to crypto-asset providers across the European Union, although countries still have 18 months to implement the rules.

A key part of the regulations would require stablecoin issuers to hold enough reserve funds to avoid a Terra-like meltdown.

It will also ask crypto miners to disclose their power consumption, in a concession to environmental concerns after a proposed ban on proof-of-work (PoW) mining was taken off the table.

Meanwhile, any company looking to issue crypto will need to publish a white paper with information about the project, including its possible risks.

Separately, EU lawmakers are mulling uniform tax rules for crypto, as part of a broader package of anti-tax avoidance measures, in a move that policymakers say could yield 2.4 additional billion dollars ($2.6 billion) per year in revenue to member states.

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