The parliament of the European Union has scheduled a vote on a framework geared toward regulating cryptocurrencies after addressing issues over proof-of-work mining.
In a Monday Twitter thread, European Parliament Committee on Economics and Financial Affairs member Stefan Berger said the committee will vote on the Markets in Crypto Property, or MiCA, framework on March 14 following the submission of a ultimate draft of the invoice. Because the rapporteur — the particular person appointed to report on proceedings associated to the invoice — Berger stated the laws will not embody textual content that some had interpreted as a potential ban on proof-of-work crypto mining.
“With MiCA, the EU can set international requirements,” stated Berger. “Subsequently, all these concerned are actually requested to help the submitted draft & to vote for MiCA. Sturdy help for MiCA is a robust sign from the EU Parliament for a technology-neutral and innovation-friendly monetary 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
The rapporteur added that the regulation aimed to supply “authorized certainty” and set up “dependable supervisory constructions” for crypto belongings amid issues across the power consumption of mining. Nevertheless, the committee will nonetheless have discussions on the invoice with the European Council and the European Fee following the vote.
Associated: EU securities regulator requires proof-of-work crypto mining ban
The MiCA invoice, first launched to the European Fee in September 2020 and adopted by the European Council in November 2021, aimed “to create a regulatory framework for the crypto-assets market that helps innovation and attracts on the potential of crypto-assets in a approach that preserves monetary stability and protects buyers.” Berger postponed a committee vote on the invoice initially scheduled for Feb. 28, citing the necessity to make clear “the query of proof-of-work” in discussions with stakeholders.
