The European Parliament has set a date for a vote on a framework aimed at regulating cryptocurrency after addressing concerns about Proof of Work mining.
European Parliament's Economic and Monetary Affairs Committee member Stefan Berger said on Monday that the committee will vote on the Framework for Markets in Crypto Assets, or MiCA, on March 14. After submitting the final draft of the bill.
As the Rapporteur — the person designated to report on actions related to the bill — Berger said the legislation would no longer include text that some have interpreted as a possible ban on crypto mining. Based on proof of work, Coin Telegraph reported.
With MiCA, the EU can set global standards... So, all concerned are now asked to support the submitted draft and vote for MiCA, Berger said. The 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 and create reliable supervisory structures for crypto assets amid concerns about energy consumption in mining. However, the Commission will still discuss the bill with the European Council and the European Commission after the vote.
MiCA was first submitted to the European Commission in September 2020 and adopted by the European Council in November 2021, with the aim of creating a regulatory framework for the crypto-asset market that supports innovation and builds on the potential of Crypto assets in some way to maintain financial stability and protect investors.
