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The EU Crypto Act, Mica, heads for a Monday vote without proof-of-work ban on

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A language that aims to prohibit proof-of-work coins on the entire continent is to be voted on on Monday in the Economic Committee on Monday in the Economic Committee via a somewhat weakened version of a controversial crypto law in the EU. Proof of work (POW) will probably come to the vote on Monday. The markets for crypto-assets (Mica) were introduced to the 2020 law draft, aimed at tightening the regulation around digital assets by setting up a licensing system on the continent and fens in a uniform set of rules for the member states. To these ...

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  • on a somewhat weakened version of a controversial crypto law in the EU is to be coordinated on Monday in the Economic Committee
  • A language that aimed to prohibit proof-of-work coins on the entire continent is remarkably missing

A final version of an important draft law in the EU, which triggered controversy about its focus on the consensus mechanism of the crypto industry for work evidence (POW), is expected to be voted on Monday.

The markets for crypto-assets (mica) It is aimed at exacerbating the regulation around digital assets by setting up a licensing system on the continent and tightening a uniform set of rules for the Member States.

These regulations include transparency and disclosure requirements for the issue of digital assets, the approval and supervision of providers of crypto-asset services, consumer protection regulations and measures to prevent market abuse.

The draft law under paragraph 61 (9c) had previously tried to create a framework that forbids cryptodes to use pow-based cryptocurrencies such as Bitcoin and Ether. This section of the legislation, which has now been updated, should come into force in 2025.

Legislators and environmental activists have been on the regulation of crypto mining since at least November last year and led what they regarded as an energy-intensive crypto activity that comes from Pow.

After a significant public outcry and the condemnation of the draft law due to potentially dull financial innovations in the entire region, the regulation was postponed on February 28th.

"In view of the important sustainability debate, I suggest that you add crypto-assets like all other financial products to the taxonomy area," he tweeted Stefan Berger Member of the European Parliament from Germany, on Tuesday.

"An independent discussion of the proof-of-work is no longer planned in Mica."

Berger is commissioned to monitor the bill and submitted the finished law last week.

In order to adopt laws within the EU, the parliament that represents European citizens and the council-which represents the governments of the 27 EU member states-must reach an agreement

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"> Identical text of a specific invoice. The process is often time -consuming and with setbacks, since all members of affairs that affect the region as a whole have roughly the same say.

Some observers remain suspicious, since the document still states that cryptoasset's "at least ecological sustainability standards must be subject", Patrick Hansen, Head of Growth from Unstoppable Finance, pointed out in a tweet on Sunday.

Hansen argues that although the wording has changed in relation to Pow, the "effect is essentially the same".

"Existing cryptocurrencies" should set up and maintain a gradual introductory plan to ensure compliance with such requirements, "tweeted Hansen and quoted parts of the design document.

"Since Bitcoin cannot and will not implement a rollout plan from Pow, this would also affect Bitcoin."

The Bitcoin network is strongly decentralized and is ruled by a social consensus that is formed under a variety of people 15,000 full-node operator and miner. A change in the proof-of-work consensus mechanism is theoretically possible, but extremely unlikely, since pow, as

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"> in the bitcoin whitus paper, is described in the Bitcoin community regarded as an essential feature that is responsible for the safety of transactions in the network. An alternative without-like several controversial hard forks are simply not regarded as "bitcoin".

The somewhat more crypto -friendly language in the version of Mica, which probably comes out of the committee vote, is a significant improvement compared to the original text, the Hansen previously described as a "suicide".

"It would kill the entire European crypto industry, the one sector that is fully aligned with the European values ​​and in which the EU could actually be competitive."

mica is now faced with a vote in the committee for economy and currency before it can be taken into account in a trilogy meeting, Berger-with reference to the three-part meetings between representatives of the EU Parliament, the Council and the European Commission, the executive of the EU.

"With Mica, the EU can set global standards," said Berger. "The strong support for Mica is a strong signal of the EU Parliament for a technology-neutral and innovation-friendly financial sector."

The public meeting is to be convened at 7:45 a.m. and can take place Macauley Peterson controlled the reporting on this story.

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The post "EU’s Crypto Bill, Mica, Heads to a Monday Vote Without Proof-of-Work Ban" is not a financial advice.

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