EU Parliament Nods to Crypto Mining for MICA Law

EU Parliament Nods to Crypto Mining for MICA Law
  • The ECON of the European Union voted “no” regarding the indefinite ban of Proof-of-Work cryptocurrencies in the bloc.
  • 30 voted against banning PoW, while 23 voted yes. The remaining 6 abstained.
  • This means Bitcoin and Ethereum will be approved in the European Union.

In a decisive session, the European Parliament’s Committee on Monetary Affairs (ECON) voted to retain crypto mining in its Markets in Crypto-Assets (MiCA) regulation. 

Basically, this decision now allows Proof-of-Work (PoW) cryptocurrencies like Bitcoin and Ethereum on European Union states. This also means that the MiCA regulation has more clarity now regarding how the EU will regulate cryptocurrency.

To bring the uninitiated up to speed, worry spread throughout the crypto community in the last couple of days due to the possibility of banning PoW assets. This implied that the top two cryptocurrencies in the world, namely Bitcoin and Ethereum, will be outlawed in the mentioned group of nations. 

According to Patrick Hansen, Head of Strategy at Unstoppable DeFi, 30 voted against banning PoW cryptocurrencies. On the other hand, 23 voted yes, while 6 abstained.

Over the weekend, members of the EU Parliament pushed to ban PoW over energy concerns. They also said that even if cryptocurrencies used renewable energy, it would mean that governments would prioritize crypto mining over public use.

In other news, GameFi frontrunner Axie Infinity has been experiencing a steady decline in players due to nagging economic problems. This has been happening despite the game reaching $4 billion worth of transactions since its creation.

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