No Bitcoin Ban In Europe as EU Parliament Committee Votes In Favor of Alternative Provision
On Monday, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework. The proposal included a de-facto ban on proof-of-work, which was added to the bill last-minute
The new MiCA draft passed with 31 votes for and 4 against. Prior to the vote, the heavily criticized provision that would effectively limit the use of cryptocurrencies that rely on the energy-intensive consensus mechanism known as proof-of-work was removed after a vote where 30 were against and 6 abstained. Instead, the proposed amendment of Parliament Member Stefan Berger received support. The amendment reads:
“By 1 January 2025, the Commission shall present to the European Parliament and to the Council, as appropriate, a legislative proposal to amend Regulation (EU) 2020/852, in accordance with Article 10 of that Regulation, with a view to including in the EU sustainable finance taxonomy any crypto asset mining activities that contribute substantially to climate change mitigation and adaptation.”
With a ban of Bitcoin (BTC) across the EU now off the table, Berger tweeted that the vote is a win for MiCA, adding that with his proposal, EU parliament members have paved the way for future crypto regulation.
ECON-Ausschuss hat meinen #MiCA-Bericht angenommen. Ein guter Tag für den Krypto-Sektor! Das EU-Parlament hat den Weg geebnet für eine innovationsfreundliche Krypto-Regulierung, die weltweit Maßstäbe setzen kann. Der Prozess ist noch nicht vorbei; Schritte liegen noch vor uns /1
— Stefan Berger (@DrStefanBerger) March 14, 2022
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The EU’s official statement following Monday’s vote said:
“Finally, the agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities.”
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Source: igaming
