EU's MiCA Bill Moves Forward Without Bitcoin Limiting Provision

The European Union's (EU) proposed Markets in Crypto Assets (MiCA) regulatory package is moving forward to the next phase of discussions without a controversial provision seeking to restrict the use of cryptos like bitcoin (BTC) that are based on proof-of-work.

In the past few days, 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, before it moves on to the trilogue negotiations between the parliament, council and commission.
Earlier in the week, Stefan Berger, the parliamentarian overseeing the MiCA framework, expressed concerns that other EU leaders in favor of limiting the use of proof-of-work cryptocurrencies would make one last attempt to take the legislation to a full parliamentary vote ahead of the trilogue.
The parliament has not challenged the negotiation mandate for MiCA, Berger tweeted early on Friday. The deadline for challenging the mandate ended at midnight on Thursday, according to Berger.
The provision in question was defeated in a close committee vote on March 14.
EU officials are also debating a number of issues including the inclusion of non-fungible tokens (NFTs) and decentralized finance (DeFi) in the MiCA package, as well as which EU agencies should be given supervision powers over the crypto space.
Berger said the MiCA trilogue is set to begin next week.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Follow @iamsandali on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.