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The European Union has lifted its ban on proof-of-work, and will vote on the MiCA crypto law next week

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Next week, the European Union will vote on a crucial cryptocurrency bill, with a highly criticized ban on proof-of-work tokens being dropped.

Stefan Berger, a member of Parliament, tweeted that the bill will be voted on on March 14 by the Economic and Monetary Affairs Committee (ECON). The proposal, dubbed MiCA (Markets in Crypto Assets), aims to spell out the legislative framework that will allow crypto assets to be recognized under European law.

Berger, the bill’s rapporteur, proposed that crypto assets be recognized as investments and regulated by the EU’s taxonomy system, just like all other financial goods.

Under addition, he stated that in MiCA, a separate discussion on proof-of-work is no longer anticipated.

The bill was intended to be voted on by ECON on February 28. Berger, on the other hand, had postponed the vote, citing concerns about a possible prohibition of proof-of-work tokens due to their high energy requirements. The enormous energy footprint of cryptocurrency has been a stumbling point for EU regulators in MiCA discussions.

MiCA was introduced in 2020 and approved by the European Council in 2021 as part of a broader digital finance reform in the EU. The plan will still need to be reviewed by the European Council, even if it receives a majority vote next week.
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