European Parliament Postpones Voting on Crypto Bill Due to PoW

The Parliament of the European Union has postponed a vote on a bill to regulate cryptocurrencies due to concerns about proof-of-work (PoW) mining.

On Twitter, a Member of the Economic Committee of the European Parliament Stefan Berger said that the government body cancelled the Crypto Asset Markets or MiCA vote on Monday, February 28th, cancelled.

He added that Parliament should clarify the issue regarding PoW in discussions with stakeholders. This will create a proper legal framework, especially given that certain passages in the bill could be misinterpreted and misunderstood as a ban on PoW.

MiCA was first presented to the European Commission in September 2020 and adopted by the European Council in November 2021. The bill aims to “create a regulatory framework for the crypto asset market that supports innovation and harnesses the potential of crypto assets in a way that maintains the financial stability and protects investors.”

A new date for voting on this bill has not yet been set.

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