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On Monday, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework. The proposal included a de-facto ban on proof-of-work, which was added to the bill last-minute
The new MiCA draft passed with 31 votes for and 4 against. Prior to the vote, the heavily criticized provision that would effectively limit the use of cryptocurrencies that rely on the energy-intensive consensus mechanism known as proof-of-work was removed after vote where 30 were against and 6 abstained. Instead, the proposed amendment of Parliament Member Stefan Berger received support. The amendment reads:
“By 1 January 2025, the Commission shall present to the European Parliament and to the Council, as appropriate, a legislative proposal to amend Regulation (EU) 2020/852, in accordance with Article 10 of that Regulation, with a view to including in the EU sustainable finance taxonomy any crypto asset mining activities that contribute substantially to climate change mitigation and adaptation.”
With a ban of Bitcoin (BTC) across the EU now off the table, Berger tweeted that the vote is a win for MiCA, adding that with his proposal, EU parliament members have paved the way for future crypto regulation.
The EU’s official statement following Monday’s vote said:
“Finally, the agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities.”