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EU Parliamentarians to Vote on a Draft of the Proposed Markets in Crypto Assets (MiCA) Framework on Monday
Summary: European Union (EU) parliamentarians are set to vote on a draft of the proposed Markets in Crypto Assets (MiCA) framework on Monday, according to coindesk. The draft contains a late addition that looks to limit the use of cryptocurrencies powered by an energy-intensive computing process known as proof-of-work. Although the vote is still a close call, ...
European Union (EU) parliamentarians are set to vote on a draft of the proposed Markets in Crypto Assets (MiCA) framework on Monday, according to coindesk. The draft contains a late addition that looks to limit the use of cryptocurrencies powered by an energy-intensive computing process known as proof-of-work. Although the vote is still a close call, a small majority of committee members may vote against the measure, according to people familiar with the matter.
The provision in question requires all crypto assets to be subject to the EU’s “minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union." For cryptocurrencies like bitcoin and ether, that are already being traded in the EU, the rule proposes a phase-out plan to shift their consensus mechanism from proof-of-work to other methods that use less energy, like proof-of-stake.
By Amy Liu
Tags: Crypto,EU,MiCA,Parliamentarians
Link: EU Parliamentarians to Vote on a Draft of the Proposed Markets in Crypto Assets (MiCA) Framework on Monday [Copy]
