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EU Lawmakers Scrap Crypto Ban From Draft of MiCA Bill

Published 03/02/2022, 07:48 AM
Updated 03/02/2022, 08:00 AM
EU Lawmakers Scrap Crypto Ban From Draft of MiCA Bill
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  • European Union lawmakers dropped a section of a pending bill.
  • Named Markets in Crypto Assets (MiCA) bill, the proposal will provide a regulatory framework.
  • Berger confirmed that paragraph 61 of the bill has been removed altogether.

European Union (EU) lawmakers dumped a piece of a pending bill called MiCA (Market in Crypto Assets). One section of the bill, proposed by a committee led by MP Stefan Berger, made it illegal for crypto services to deal in coins based on Proof-of-Work (PoW). To clarify, the PoW consensus mechanism is used by Bitcoin and Ethereum to mine new coins and secure their network.

In addition, the proposal sent to the European senate was set for a vote on February 28. However, it was postponed after many in the parliament ...

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