The European Parliament will vote on a crypto bill without a pow component

“Strong support for MiCA demonstrates the EU Parliament’s commitment to a technology-neutral, innovation-friendly financial industry,” Stefan Berger stated.

The European Union’s parliament has set a vote on a framework for regulating cryptocurrencies in response to worries about proof-of-work mining.

Stefan Berger, a member of the European Parliament’s Committee on Economic and Monetary Affairs, said on Monday that the committee would vote on the Markets in Crypto Assets, or MiCA, framework on March 14 after the submission of the bill’s final text. Berger said that as the bill’s rapporteur — the person designated to report on the bill’s procedures — the law would no longer contain terminology that some had read as a prospective prohibition on proof-of-work crypto mining.

“With MiCA, the EU can establish worldwide standards,” Berger said. “As a result, all parties are now urged to endorse the presented text and vote for MiCA. MiCA’s robust support demonstrates the EU Parliament’s commitment to a technology-neutral and innovation-friendly banking industry.”

The rapporteur noted that the rule aims to give “legal certainty” for crypto-assets and to build “stable supervision institutions” in light of worries over mining’s energy use. Following the decision, the committee will continue to examine the measure with the European Council and the European Commission.

The MiCA bill, which was first introduced to the European Commission in September 2020 and adopted by the European Council in November 2021, sought “to establish a regulatory framework for the crypto-assets market that fosters innovation and capitalises on the potential of crypto-assets while maintaining financial stability and protecting investors.” Berger rescheduled a Feb. 28 committee vote on the measure, claiming the need to explain “the issue of proof-of-work” in meetings with stakeholders.

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