EU distances from ‘bitcoin ban’ legislation
by: Dynasty GI2022-03-02
The European Parliament seems to be moving away from a proposed EU crypto legislation that would have outlawed proof-of-work tokens, which could have effectively banned bitcoin from the trade bloc.
The specialist site BTC Echo reported that the latest version of the European Union’s ‘Markets in Crypto Assets’ directive, also known as MiCA, seems to have had a critical passage removed that dealt with cryptos that use proof-of-work. The removal was confirmed by European Parliament member Stefan Berger, who is the rapporteur for the legislation. However, he stressed that the latest draft must still be approved by other committee members. The latest draft is expected to be voted at its committee stage by early April before going for further discussions involving Parliament as well as the European Commission and European Council.
"Legislators themselves face a steep learning curve as they develop new laws to cover the digital currency sector; regulation is important but it is key that they fully understand the sector and also the risk of accidentally limiting cryptocurrency’s potential through legislative misunderstandings."
Warned Eduardo Carvalho, the founder and CEO of Dynasty Global.