European Union’s MiCA Proposal Advances to Trilogue stage Without Bitcoin Ban Provision

March 28, 2022

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The Markets in Crypto Assets or MiCA regulatory package ratified another possible obstacle and is striding to the next phase of the EU’s legislative procedure. Supporters of a contentious text restricting proof-of-work or PoW digital currencies, which recently plummeted from the plan and did not seize a chance to obstruct the plan’s improvement. Words suggested by members of the European Parliament which intended to inflict a ban on digital currencies banking on PoW mining was eliminated from MiCA before a current vote.

In the middle of March, the Committee on Economic and Monetary Affairs or ECON upheld the restrictions without a provision that would have effectively forbidden the contribution of assistance for bitcoin. Nevertheless, the crypto town couldn’t meet the improvement with relaxation because it was still apparent to deter the draft from advancing to the next phase of the legislative procedure.

Stefan Berger, the rapporteur for the legislation has ascertained on social media that MiCA will now be subjected to negotiations between the 3 directing EU organizations. The MEP also brought up that he had indicated attaching MiCA to the EU Taxonomy for Sustainable Finance. The EU is analyzing financial actions as per their sustainability and attempting to direct investments towards endurable programs. Berger said that he is confident that this recommendation will be authorized by the Committee and the Council Regulatory bodies and administrators from various EU member nations ordered a Union-wide prohibition on the energy-intensive PoW crypto mining, referring to environmental purposes.

EU organizations have been struggling to legislate the European crypto space in the light of problems that Russia may use digital currencies to avoid penalties inflicted over its incursion of Ukraine and crypto assets were targeted in a current pact to broaden the restrictive measures. In February, President of the European Central Bank Christine Lagarde instructed the Union to soon authorize the new crypto legislation with a similar motive.

Have a look at this- European Parliament will conduct a vote on the crypto bill with no PoW Provision

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