- The European Parliament has voted down a proposal to essentially ban proof-of-work coins within the EU
- The proposal would have put limiting environmental regulations of proof-of-work coins
- The broader MiCA framework was voted through by 31-4
The European Union yesterday voted through a series of measures that its members said would protect consumers and make cryptocurrency mining more sustainable. However, the Members of European Parliament (MEPs) voted down a last-minute bill that would have made it difficult for some cryptocurrencies, including Bitcoin, to continue to be offered by exchanges. The Markets in Crypto Assets (MiCA) framework was passed with a majority vote however, which could see cryptocurrency mining added to the EU taxonomy classification system for sustainable activities by 2025.
Proof-of-work ‘Ban’ Defeated
The EU parliament’s Economic and Monetary Affairs Committee gained worldwide attention over the weekend after a few factions of the committee managed to get a provision limiting the use of proof-of-work cryptocurrencies within the bloc reinstated at the last minute. This provision, had it passed, would have seen a set of environmental regulations put in place that would have led to any proof-of-work coins that fell foul of the regulations being banned from sale at EU exchanges.
However, this proposal was voted down 32-24, meaning that the MiCA framework went to a final vote without the provision as part of it.
MiCA Passes EU Vote
The MiCA framework itself, which promises to make it easier for crypto firms to expand throughout the EU’s 27 member states by facilitating a “passportable” inter-bloc license, passed by a majority of 31-4.
MEP Stefan Berger of the European People’s Party said that the adoption of the MiCA report meant that the European Parliament had “paved the way for an innovation-friendly crypto-regulation that can set standards worldwide.”
