The European Union is delaying the application of the Law on the Use of Crypto Assets

The European Union has postponed the application of the MiCA (markets for crypto assets) regulation until well into 2024. as reported in the newspaper Five days on his web portal on December 20, 2021.

This regulation with the force of law is a regulation that the European market has been waiting eagerly for in order to be able to carry out the provision of cryptoactive services with legal support, and now his motion has stalled after passing the European Council, which represents the bloc’s 27 governments.

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The European Union is delaying the application of the Law on the Use of Crypto Assets
The European Union is delaying the application of the Law on the Use of Crypto Assets

The MiCA is a tool that regulators of the old continent like the Bank of Spain and that country’s National Securities Market Commission (CNMV) have been waiting for to regulate a sector What they believe is full of speculation and fraudulent schemes.

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After highlights Five days, the application of the MiCA is planned for the first semester of 2024, between the months of May and June. However, despite this delay, other countries in the old continent such as Germany, France, Luxembourg and Portugal are choosing to create their own regulatory system that allows them to oversee the sector.

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â ???? .. the draft of a European regulation provides for a simplified procedure to recognize authorized suppliers according to the regulations of the different countries. In other words, it encourages the enactment of national regulations, ”the newspaper emphasized in its note.

Although the first draft regulation provided for a period of 18 months from entry into force for effective application, the latest version changed the deadlines for virtual currencies pegged to stablecoins by six months, while postponing them for up to 24 months for assets remnants of the Crypto ecosystem like bitcoin.

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