EU Commissioner Mairead McGuinness wants to speed up a vote on a cryptocurrency law that has been repeatedly pushed back for procedural reasons.
The European Parliament was due to vote on the legislation this month, but it was delayed until February due to concerns over the length and complexity of the text, which must be translated into 24 languages. Although the legislation was agreed in principle last June, a vote is also likely to take place in March.
It will become effective 12 to 18 months after publication in the Group’s official journal. Officials noted that MiCA could have prevented FTX’s alleged wrongdoing under rules prohibiting the misuse of client funds, but some lawmakers appeared skeptical.