European Union To Vote On Crypto Bill Without PoW Provision

European Union parliament has scheduled a vote on a framework aimed at regulating cryptocurrencies, after addressing concerns over proof-of-work mining.

Stefan Berger, a member of the European Parliament’s economics committee.

Stated on Monday that the committee will vote on the Markets in Crypto Assets, or MiCA.

Framework on March 14 following the submission of a final draft of the bill.

Berger, the bill’s rapporteur (the person appointed to report on the bill’s proceedings), stated.

What You Need To Know

“That the legislation will no longer include text that some interpreted as a possible ban on proof-of-work crypto mining.”

“With MiCA, the European Union parliament can set global standards,” said Berger.”

“Therefore, all those involved are now asked to support the submitted draft & to vote for MiCA.”

“Strong support for MiCA is a strong signal from the EU Parliament for a technology-neutral and innovation-friendly financial sector.”

The rapporteur went on to say that the regulation aimed to provide “legal certainty”. “Reliable supervisory structures”.

For crypto assets, in response to concerns about mining’s energy consumption.

What The EU Council Are Saying

Following the vote, the committee will continue to discuss the bill with the European Council and European Commission.

The MiCA was first presented to the European Commission in September 2020.

Meanwhile iexclusivenews reports that MiCA was adopted by the European Council in November 2021.

With the goal of “creating a regulatory framework for the crypto-assets market that supports innovation. And draws on the potential of crypto-assets while maintaining financial stability and protecting investors.”

“Berger postponed a committee vote on the bill that was supposed to happen on Feb. 28. Citing the need to clarify “the subject of proof-of-work” in consultations with stakeholders.