Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation
A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last....
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On Monday, the much-anticipated Markets in Crypto Assets Regulation (MiCA) bill was enacted. It will concentrate on a coordinated strategy to crypto by all EU members. Because of its significant power consumption, the law originally included an indirect provision to prohibit proof-of-work mining. Many crypto watchdog critics dubbed it a “proposed Bitcoin mining ban in […]
European policymakers have backed away from passing rules which would have unfairly targeted Bitcoin for environmental reasons. Last week, Bitcoin (BTC) dodged a regulatory bullet in the European Union when proposed cryptocurrency legislation was altered to not include a ban on proof-of-work- (PoW)-based crypto assets. Policymakers had raised a number of concerns about the relative anonymity of crypto transactions and their environmental impact. Some experts including Tim Frost, founder and CEO of Yield App, believe that the “climate change” angle reflects a hidden attempt to ban Bitcoin.....
With the MiCA regulation, the European Union is getting specific legislation for crypto assets that is harmonized across EU member states. The proposed European Union Regulation on Markets in Crypto Assets, or MiCA, (hereinafter the “regulation”) was put to a vote in the European Union Parliament’s Committee on Economic and Monetary Affairs on March 14, 2022, and in the end, the proposed amendment to ban or restrict proof-of-work-based crypto assets, which would have effectively resulted in a ban on Bitcoin (BTC), was rejected.The question of how crypto assets will be assessed from an....
The ETHPoW fork proposal comes from the miners. It’s only logical that they want to keep Ethereum as a Proof-Of-Work chain, since all of their profit will evaporate overnight with the change to Proof-Of-Stake. The merge is supposedly only weeks away, and the Ethereum community has their hearts set on the proposed changes. Nevertheless, the […]
European Parliament’s economic and monetary affairs committee has voted against banning proof-of-work-based assets for companies in the European Union. An alternative proposal on crypto assets by European Parliament member Stefan Berger receives support instead.
Committee Rejects Proof-of-Work Ban
The Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework Monday. The proposal includes a de-facto ban on proof-of-work, a last-minute addition to the bill.
According to Patrick Hansen, head of strategy....