European Union (EU) officials have dropped a controversial provision in the cryptocurrency regulation bill being discussed in the European Parliament.
According to coindesk, in the latest draft of the “Markets in the Crypto Asset Industry” law (the MiCA bill), European Union lawmakers have omitted a provision that many fear will lead to to the ban on cryptocurrencies that use consensus mechanisms (PoW), specifically targeting Bitcoin and Ethereum.
As planned, the MiCA bill will be presented and voted on before the European Parliament on February 28. After that, Mr. Berger, head of the Economic and Monetary Commission of the EU (ECON), decided to delay because of many objections. However, in the latest development, Berger confirmed that paragraph 61 (9c) of the bill had been removed from the draft.
MiCA is the bill under review that will reshape the adoption of cryptocurrencies in Europe. Initiated in September 2020, the bill requires the European Central Bank (ECB) to establish uniform rules for crypto asset providers and issuers in the EU region.
Initially, MiCA received attention from the crypto community because of a bill that requires that by 2025, no crypto assets will be issued, traded, or acknowledged within the EU if they are used.” consensus mechanism is not environmentally sustainable”. To avoid this, crypto assets will have to meet minimum environmental sustainability standards.
Opponents of the bill have argued that the ban is tantamount to killing Bitcoin and Ethereum in Europe.
Berger said discussions will continue. And with this latest move, storing Bitcoin assets in Europe is still temporarily considered safe.