EU Passes MiCA Bill Without Crypto Restriction

The EU’s landmark legal bill for regulating crypto assets is moving forward in negotiations without the contentious measure to limit the use of crypto.
EU Passes MiCA Bill Without Bitcoin Restriction
EU Passes MiCA Bill Without Bitcoin Restriction

The European Union’s (EU) proposed Markets in Crypto Assets (MiCA) regulatory package has advanced to the next stage of deliberations without a contentious provision aimed at restricting the use of proof-of-work cryptos like bitcoin.

Before moving on to the trilogue negotiations between the parliament, council, and commission, EU lawmakers have been negotiating a mandate for the proposed landmark legislation for digital assets, which does not contain a provision seeking to limit the use of proof-of-work cryptocurrencies in the EU.

Stefan Berger, the MP in charge of the MiCA framework, raised fears earlier this week that other EU politicians in favor of limiting the use of proof-of-work cryptocurrencies might try one more time to have the legislation passed before the trilogue.

Stefan Berger tweeted early Friday that the parliament had not disputed MiCA’s negotiation mandate. According to Berger, the deadline for filing a challenge to the mandate passed at midnight on Thursday.

On March 14, the clause in question was defeated in a tight committee vote.

EU authorities are also debating whether non-fungible tokens (NFTs) and decentralized finance (DeFi) should be included in the MiCA package, as well as which EU institutions should have oversight of the crypto area.

The MiCA trilogue, according to Berger, will begin next week.