Vote on crypto regulation in the EU Parliament postponed

There is already agreement on the MiCA (Market in Crypto Assets) legal text. But it will take at least until February for the text to receive democratic legitimacy. Because as opposed to a press spokesman of the EU Parliament Coindesk confirmed, the parliamentarians in the plenary session of the European Parliament will vote on the crypto regulation draft in February 2023 at the earliest. Actually, the plan was to put the groundbreaking crypto regulation on the parliamentary agenda as early as December. However, the sheer scope and complexity of the law are causing some delays in the process. The extensive set of regulations has to be translated into all 24 official languages ​​of the European Union before it can be voted on.

So far, MiCA has been confirmed in the responsible economic committee in the draft version by MEP Stefan Berger (CDU). However, the plenary session of the EU Parliament and the governments of the EU states still have to give their go-ahead for the regulation to become legally binding.

MiCA is not only considered a trend-setting draft regulation for dealing with Bitcoin and Co. within the EU. The sector is also looking forward to the European approach internationally. Finally, Europe is considered a key market for the crypto sector; one fifth of the global crypto economy is in Europe.

MiCA: Proof-of-work ban does not find majority

The MiCA debate also caused a stir because a camp of left-wing parties vehemently advocated an EU-wide ban on trading in Proof-of-Work-based cryptocurrencies such as Bitcoin. However, this proposal did not make it into the final draft law.

BTC-ECHO spoke to Green MEP Rasmus Andresen back in July, who was instrumental in driving the Bitcoin ban. You can read the interview here.

In addition to the failed attempt to ban PoW coins, stablecoin issuers will in future be obliged to build up reserves – the background is the implosion of the Terra Luna ecosystem.