‘Translating Issues’ Delay Vote On EU Crypto Law

Technical issues are reportedly behind the second delay surrounding the passage of the EU’s landmark crypto legislation.

A vote on the Markets in Crypto Assets Regulation, commonly referred to as MiCA, has been delayed until April due to technical problems “caused by translating issues,” an official with knowledge of the matter told Coindesk in a report published Tuesday (Jan. 17).

The report points out that EU procedures mandate that regulations like MiCA — which was hammered out in English — must be available in all 24 official languages spoken by European Union countries.

Read more: Final Draft of EU Crypto Law Caps Stablecoin Transactions

This latest setback marks the second time in a little over two months that the European Union has postponed the vote on MiCA. In November, the European Parliament said the vote would be delayed due to the complexity and length of the text.

When it passes, MiCA will offer the first common licensing rules for crypto exchanges and wallets to do business in Europe, requiring platforms to receive a license from an EU financial supervisory authority.

The EU’s push to regulate crypto businesses comes as the industry is facing increased scrutiny in the wake of the collapse and alleged fraud at the FTX exchange.