An EU lawmaker said that the MiCA regulation is expected to be finalized in February next year. After approval, it will give regulators more than a year to formulate specific rules

According to The Block, European Parliament member Ondrej Kovarik believes that the EU’s upcoming Markets in Crypto-Assets (MiCA) legislation will have limited impact on the FTX collapse. The MiCA framework sets out a comprehensive set of rules to regulate crypto assets and service providers such as crypto exchanges, increasing transparency and levels of investor protection. The EU is expected to hold a final vote on MiCA in February next year, and once approved, MiCA will give regulators 12-18 months to crystallize implementing regulations. Kovarik further stated that MiCA can mitigate the impact of FTX’s collapse in some ways, but the real reason for the collapse lies in the extensive financial services ecosystem established by FTX, which is not covered by the regulation of crypto assets and the regulation of EU-wide MiCA .