Earlier on Monday, members of the European Parliament’s Committee on Economic and Monetary Affairs voted against a version of the Markets in Crypto Assets, or MiCA, bill that could have effectively banned proof-of-work-based cryptocurrencies within the EU. This comes as a huge relief for the crypto industry, whose representatives had previously warned about the threat of a hardline regulatory scenario.
MiCA is a regulatory framework that contains 126 articles as well as a detailed plan of their implementation by the EU’s and member states’ institutions. The draft was introduced by the European Commission back in 2020 as a part of its Digital Finance strategy.