The MICA, or Markets in Crypto Assets proposal, has been much talked about news in the crypto space. It has the ability to bring in renewable energy when it comes to Bitcoin or BTC mining.
First revealed on September 20th 2020, the MICA proposal has stirred a lot of controversies already. The proposal, nearly 168 pages in length, has been included in the EU Parliament’s legislative priorities list for 2021. At the moment, the MICA proposal is awaiting a decision from the committee.
The MICA Proposal and Bitcoin
XReng Consulting, an international consultancy, conducted an analysis that showed that since June, as many as 1100 amendments have already been made to the proposal. These amendments range from excluding non-fungible tokens, or NFTs, to extending the scope of the proposal to include issuing as well as offering any crypto assets.
The amended strategy will aim to propose establishing the green bond strategy of the EU within the crypto space. It will be a voluntary system, seen as the gold standard for companies to emulate. This could suggest that crypto assets could fall under the purview of the EUGBS scheme in the future. This would apply to all twenty-seven member states in the EU.
Bitcoin Miners Are Adapting Fast
The founder of Blocksbridge Consulting, a consultancy on crypto mining, Nishant Sharma, believes that it’s normal for regulators to want to develop and encourage sustainable practices. The CEO and founder of Argo Blockchain, Peter Wall, added that he did not believe the new regulation would affect crypto miners who want to establish themselves in the EU.
The availability of renewal energy, as well as the price, will be two key factors that will affect how crypto miners establish themselves in the EU.