EU Crypto Regulation Bill Goes to Vote on March 14 After Row Over Possible Bitcoin Ban

The European Union (EU) parliament has scheduled a vote on a framework to manage cryptocurrencies after addressing considerations about crypto mining utilizing the proof-of-work consensus methodology. On March 7, he submitted a draft coverage aimed toward combating cash laundering and the financing of terrorism by way of cryptocurrencies. Stefan Berger, a member of the European Parliament’s Economics Committee, introduced that the invoice was to be voted on by the European Parliament’s Economics Committee on March 14 after the ultimate invoice was submitted.

In a Twitter thread, Berger mentioned the committee will vote on the Framework for Crypto Asset Markets (MiCA) on March 14 after a last model of the invoice is submitted. As rapporteur — the particular person appointed to report on proceedings associated to the invoice — Berger mentioned the laws would now not embody textual content that some interpreted as a attainable ban on cryptocurrency mining with proof of id. work.

“With MiCA, the EU can set global standards,” Berger mentioned. “Therefore, everyone involved is now invited to support the submitted project and vote for MiCA. Strong support for MiCA is a strong signal from the European Parliament in favor of a technology-neutral and innovation-friendly financial sector. “

Berger added that the settlement goals to supply “legal certainty” and set up “reliable oversight structures” for crypto belongings amid considerations about mining power consumption. Nonetheless, the committee will nonetheless have discussions on the invoice with the European Council and the European Fee after the vote. Berger had additionally clarified that the invoice wouldn’t embody any language recommending a ban on proof-of-work cryptocurrency mining.

European authorities have grappled with crypto belongings earlier than, together with Sweden’s monetary regulator final yr calling for a ban on power-intensive crypto mining processes, reminiscent of these primarily based on the mining methodology. Proof-of-work consensus, like Bitcoin.

EU considerations about the usage of crypto to fund terrorism and launder cash have additionally discovered echoes elsewhere. Not too long ago, the Deputy Prime Minister and Minister of Finance of Canada, Chrystia Freeland, introduced that the nation’s authorities will introduce anti-money laundering and terrorist financing legal guidelines that cowl crowdfunding and repair suppliers. fee.

“These changes cover all forms of transactions, including digital assets such as cryptocurrencies,” she mentioned on the time.


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