EU cryptocurrency bill “still says no” to Proof-of-Work ban ahead of negotiations

The EU cryptocurrency bill is moving to the up coming stage of discussion with no a controversial provision to restrict the use of Proof-of-Work (PoW) coins.

Notably, in early March, EU lawmakers unanimously eliminated a controversial provision banning Proof-of-Work coins that mostly target Bitcoin and Ethereum in the “Markets in the Cryptocurrency Industry” bill. ” (Not). In essence, the MiCA is the vital bill, building a prevalent regulatory framework for cryptocurrency adoption in Europe.

However, just a week later on, the proposed ban out of the blue returned to account, disconcerting the investment neighborhood, particularly in the context in which the EU is expanding the scope of sanctions towards Russia and Belarus, like in the discipline of cryptocurrencies. Fortunately, the aforementioned prohibition provisions have been finally rejected in a secret Commission vote on March 14.

However, this is only witnessed as a short-term legal victory for PoW coins as the material of the MiCA will be mentioned, edited and supplemented by the European Parliament, the Council and the Commission.

At current, just before moving on to the up coming stage of the legislative method by way of tripartite negotiations concerning the European Parliament, the Council and the Commission, EU lawmakers have been attempting to attain a favorable consensus in the crypto area regulation method far better than in the MiCA. The great information is that the existing MiCA draft does not incorporate a provision banning Proof-of-Work coins.

Stefan Berger, a German lawmaker who operates straight with the MiCA, announced on March 27 that his undertaking of proposing to oppose the ban on prisoners of war had not been hit by any obstacles from the EU parliament. In addition, Berger also additional that the tripartite meeting on the MiCA will be prepared to be held as early as up coming week.

Im Bericht schlug ich vor, #Not mit der EU Taxonomy for Sustainable Finance zu verbinden. Ich bin optimistisch, dass diesels Vorschlag bei Kommission & Rat Zustimmung findet / two

– Stefan Berger (@DrStefanBerger) March 25, 2022

Beyond the scope of PoW, EU officials are actively discussing numerous other regions of the market, like NFT and DeFi inside the MiCA regulatory framework, as very well as which EU bodies should really be provided oversight powers. cryptocurrency marketplace.

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