"It will take a long time because not only 24 languages have to be translated, but up to 400 documents."
The Markets in Crypto Assets (MiCA) Regulation which is the European Union's (EU) most important new legislation has reportedly delayed its launch due to technical issues until April.
In addition, among the other problems he faced was that they had to translate a document of almost 400 pages into the 24 official languages of the union, commented the spokesperson of the EU Parliament.
Earlier in November 2022, the EU postponed the final vote on MiCA to February 2023, but that date may have to be extended further following fears of any technical problems in the lengthy text.
Meanwhile, the 400-page text must be officially approved by EU legislators after voting is completed.
Although EU officials say they will prevent situations like the FTX crisis from happening, the law contained in MiCA still allows companies to pretend to offer services to EU citizens without additional regulations.
Like to be informed that there are other regulations besides MiCA, among them the Fund Transfer Regulation (TFR) which was also approved in April is a regulation about the transfer of cryptography containing customer data.
In the meantime, most European countries have acted to further tighten crypto regulations while French policy makers are pushing for mandatory licensing of cryptocurrency companies by 2023.
