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EU Parliament soon to vote on crypto bill: PoW passage deleted

 


The Parliament of the European Union has scheduled a vote on a regulatory framework for cryptocurrencies. It had previously raised concerns about proof-of-work mining.


In a Twitter thread on Monday , Stefan Berger, a member of the European Parliament's Committee on Economic and Monetary Affairs, wrote that the committee would vote on March 14 on the framework for markets in crypto assets, or MiCA for short. A final draft of the law is now available. Berger acts as a rapporteur. This is the designation for someone who has been appointed to report on the progress of the bill. He explained that the law deleted a passage that was interpreted as a possible ban on crypto mining with the proof-of-work.


"With MiCA, the EU can set global standards. Therefore, everyone involved is now asked to support the submitted draft and 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 added that this regulation is intended to provide “legal certainty” and establish “reliable regulatory structures” for crypto assets due to concerns about energy consumption in mining. However, the committee will still hold discussions with the European Council and the European Commission on the draft law after the vote.


The MiCA draft, first submitted to the European Commission in September 2020 and adopted by the European Council in November 2021 , aims to "create a regulatory framework for the crypto-asset market that encourages innovation and harnesses the potential of crypto-assets in that financial stability is preserved and investors protected." Berger postponed a vote originally scheduled for February 28 on the grounds that "the proof-of-work issue" needed to be clarified in talks with stakeholders.

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