The European Union Parliament has scheduled a vote on a framework to regulate cryptocurrencies after addressing concerns about proof-of-work mining.
In a Twitter thread on Monday, the member of the economic commission of the European Parliament Stefan Berger said that the commission will vote on the Crypto Asset Markets framework, or MiCA, on March 14 following the presentation of a final draft of the bill. As rapporteur – the person appointed to report on the proceedings related to the bill – Berger said the legislation will no longer include language that some interpreted as a possible ban on proof-of-work cryptocurrency mining.
“With MiCA, the EU can set global standards,” said Berger. “Therefore, everyone involved is now asked to support the proposed project and to vote in favor of MiCA. Strong support for MiCA is a strong signal from the EU Parliament for a technologically neutral and innovation-friendly financial sector.” .”
Heute habe ich den finalen MiCA-Entwurf eingereicht. Der ECON-Ausschuss wird am 14. März 2022 hierüber abstimmen
➡️ Thread #Mica— Stefan Berger (@DrStefanBerger) March 7, 2022
Today I have presented the final draft of MiCA. The ECON Commission will vote on it on March 14, 2022
The speaker added that the regulation was intended to provide “legal certainty” and establish “reliable supervisory structures” for crypto assets amid concerns about the energy consumption of mining.. Nevertheless, the parliamentary committee will continue to discuss the bill with the European Council and the European Commission after the vote.
MiCA, first submitted to the European Commission in September 2020 and adopted by the European Council in November 2021, aimed to “create a regulatory framework for the crypto asset market that supports innovation and harnesses the potential of crypto assets in a way that preserves financial stability and protects investors.Berger postponed the committee vote on the bill originally scheduled for February 28, citing the need to clarify “the proof-of-work issue” in talks with stakeholders.
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