EU Parliament Delays Final MiCA Vote Could Slow Progress on Money Transfer Regulation, Anti-Money Laundering Regulations and More

According to analysts quoted by The Block, after the European Parliament postpones the final vote on MiCA regulatory legislation, other encryption legislation may also be affected and postponed, including the "Funds Transfer Regulations" and "Anti-Money Laundering Regulations". "Any such delay would create further uncertainty for the industry, as the text of the MiCA is intertwined not only with the Funds Transfer Regulations, but also with other regulations currently in development, most notably the "Anti-Money Laundering Ordinance". In addition, once MiCA is passed, it still needs to be voted by the European Council before it can be entered into the Official Journal of the European Union, and from the date of publication, the regulator will have 12-18 months to write the target entity. Compliance with technical standards. Foresight News reported yesterday that the draft MiCA regulatory legislation needs to be translated into 24 languages, so the final adoption time is expected to be in February next year.