EU Parliament to table cryptocurrency bill that no longer includes PoW provisions

"The strong support for MiCA is a strong signal from the European Parliament for a technology-neutral and innovation-friendly financial sector," said Stefan Berger, member of the European Parliament's Committee on Economic and Monetary Affairs.

The European Parliament has scheduled a vote on a framework aimed at regulating cryptocurrencies after addressing concerns over PoW mining.

Stefan Berger, a member of the European Parliament’s Economic and Monetary Affairs Committee, tweeted on Monday that after submitting the final draft of the bill, the committee will vote on the Markets for Crypto Assets (or MiCA) framework on March 14. As the Rapporteur — the person appointed to report on the proceedings related to the bill, Berger said the legislation will no longer include text that some understand could ban PoW crypto mining.

"Through MiCA, the EU can set global standards," Berger said. “Therefore, all concerned are now asked to support the draft submitted and vote on MiCA. Strong support for MiCA is a strong signal from the European Parliament for a technology-neutral and innovation-friendly financial sector.”

The rapporteur added that the regulation aims to provide “legal certainty” to crypto assets and create a “reliable oversight structure” amid concerns surrounding crypto mining energy consumption. However, the committee will still discuss the bill with the European Council and the European Commission after the vote.

First submitted to the European Commission in September 2020 and adopted by the Council of the European Union in November 2021, the MiCA Act aims to “create a regulatory framework for the crypto asset market that supports innovation in a way that maintains financial stability and protects investors. and harnessing the potential of cryptoassets”. Berger delayed a committee vote on the bill that had been scheduled for February 28, citing the need to clarify “PoW-related issues” in discussions with stakeholders.