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European Union’s draft legislation aimed at regulating the European crypto space will be put to vote without a heavily criticized part threating to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining.
The controversial paragraph with wordings that could lead to the banning of crypto assets with proof-of-work (POW) mining, like Bitcoin, has been deleted in the latest version of EU’s Markets in Crypto Assets (MiCA) framework thanks to the work of German EU rapporteur and member of the Committee on Economic and Monetary Affairs Patrick Berger, responsible for the legislation.
With the imminent threat of a European Bitcoin ban off the table, Berger said they are eager to “get the MiCA through the Parliament as quickly as possible.”
Head of the European Central Bank, Christine Lagarde, last week urged the EU to speed up the regulation in order to prevent Russia from possibly using cryptocurrencies to evade imposed sanctions over its military invasion of Ukraine.
With the legislation first up in front of the European Parliament for a vote, it will then still need to await its final adoption depending on the outcome of the dialogue between the Parliament, the European Commission, and EU member states.
Noting on the urgency of the matter, Berger said:
“Talks are in full swing.”