The European Parliament took one step further to vote on the crypto bill. They are aiming at the regulations and framework, including the concerns for crypto mining with the proof of work method.
Recently on the 7th of March, it submitted the policy plan that aims to restrain terror financing as well as money laundering , which are the major concern by the issue of Cryptocurrency. Stefan Berger, a member of the Economics Committee , said that the Crytpo Bill is set for a vote by the European Parliament’s Economic Committee after its final draft on 14th March. It further aims to provide legal certainty and establish a reliable supervisory structure; however, the committee will further discuss it.
As stated by Stefan Berger, “the crypt bill will not include any text that emphasizes banning crypto mining. And the EU will set various global standards for the same.” It was further asked to discuss the same and support this submitted draft.
Proof-of-work Crypto Mining Ban
The MiCA Bill was first presented to the European Committee in September 2020 and adopted by the European Council in November 2021. This committee will also discuss the said bill with European Commission and Council for supporting the submitted bill.
If you have been planning on getting into the crypto and DeFi tech scene right now is the best time to do so. With regulatory bodies warming up to the idea of decentralized finance be an early adopter and reap the profits later.