Connect with us

Search

News

Crypto Regulations in Europe To Move Ahead Without Bitcoin ‘Ban’

The European Parliament’s Economics Committee is all set to vote on MiCA on the 14th of March.

eu-crypto
Photo by Format Original / Envato

The European Union parliamentarians paused a comprehensive crypto regulation bill in order to rework unpopular language, after which it wasn’t really clear when exactly this would and back on the docket.

Stefan Berger, who is the main force behind the Markets in Crypto-Assets Directive also known as the MiCA made an announcement today regarding the bill, stating that it is in fact scheduled for a vote by the European Parliament’s Economics Committee on March 14th.

Berger is chair of the committee and has pulled MiCA from consideration for a 28th February vote, in order for him and the others to rework the language within the bill. This happened as a result of opponents balking at a section calling for proof-of-work blockchains like Bitcoin, for instance, to meet “minimum environmental sustainability standards” in order for it to be minted, exchanged, or even used within the European Union.

On that matter, the lawmaker made a suggestion that this piece of text could be “misinterpreted & understood as a (proof-of-work) ban.” The entire passage has ultimately been deleted, however concerns remain in some corners regarding the environmental impact Bitcoin has, which uses high amounts of electricity on purpose in order to secure the network.

As for what remains for the bill, which was originally posted on 20th September 2020, it’s still a hefty package of regulations that covers ground on stablecoins and crypto services as well. Per the authors, one of MiCA’s main goals here is “ensuring that the EU financial services regulatory framework is innovation-friendly and does not pose obstacles to the application of new technologies.”

U.S.- based exchanges and service providers, as well as some politicians as well, have all been calling upon the federal government for them to create a crypto framework, too, lest the U.S. FinTech sector ends up becoming less competitive with Europe, if you will. Bloomberg reported on Monday that Joe Biden, the U.S. President, was all set to sign an executive order “this week” which would indeed direct federal agencies like the Securities and Exchange Commission and Commodity Futures Trading Commission to coordinate on crypto regulations.

Advertisement

Trending Articles

Advertisement

TRENDING ARTICLES

News

The company's COO made a heartfelt Twitter thread thanking the company for her time there, and has confirmed she's moving onto something bigger and...

News

BitOasis finds itself under the wing of the UAE's new crypto regulator.

News

The Will Smith Inu is currently experiencing a surge, but will it last?

News

Bank Leumi, one of the 2 largest banks in all of Israel, is all set to enable the holding, buying, and selling of cryptocurrency.

Blockwatch is a news and information site on crypto, digital assets, NFTs, crypto investing, and the future of money. Blockwatch is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Blockwatch is an independent operating subsidiary of Ubiquitous, Inc, which invests in cryptocurrencies and blockchain startups.

Copyright © 2022 Blockwatch™ Media, Inc. Blockwatch™ Media is a Ubiquitous company. All rights reserved.