EU to adopt law on cryptocurrency regulation in 2023

Early next year, the European Union will finally adopt new rules for the regulation of crypto assets. The European Parliament is to hold a final vote on the legislation on virtual currency markets at its upcoming plenary session this month.

However, the bill itself still needs to be translated into the 24 official languages of the EU member states. According to a parliamentary spokesperson, since the text is technical and voluminous, it will take time to process it, so the adoption of the regulation is expected in February 2023. After the bill is adopted by the Parliament and the European Council, the text will be added to the Official Journal of the EU. This will launch the process of implementing new regulatory policy norms.

The MiCA legislation gives European regulators a period of 12 to 18 months to write and apply new cryptocurrency regulations based on the adopted legislation. During this time, the European financial supervisory authorities and the European Commission will agree on the final details of the law’s implementation.

The delay of the final parliamentary vote means that the process of creating new regulations and their implementation will start later, and the rules set out in the MiCA are likely to be applied no earlier than February 2024.

The historic MiCA will also affect crypto influencers, as the document contains a section on the control of bloggers who talk about digital assets. According to the MiCA, bloggers' statements about cryptocurrencies may be considered market manipulation if they do not warn potential investors about the risks.