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European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision

European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision. EU Parliament, Commission and Council to Negotiate Over MiCA Regulations.

The Markets for Crypto Assets (MiCA) regulation package has cleared another obstacle this week, and is now moving to the next step of the legislative process in the EU. 

The supporters of a controversial document that bans proof-of-work (PoW) cryptocurrency that was removed in the final draft didn’t use the opportunity to stop the progress of the draft.

A proposal by members of European Parliament (MEPs) which was aimed at imposing a prohibition on cryptocurrency that relies in PoW mining was taken out of MiCA prior to the vote. 

In March, it was announced that the Committee on Economic and Monetary Affairs (ECON) approved the regulations but not the clause that would have prevented the sale of services in exchange for bitcoin or similar cryptocurrencies.

But, the crypto community was unable to welcome the new development with a smile, since it was still possible to stop the proposal from going to the next phase that is the legislature, the trilogue among three bodies: the European Parliament, the European Commission the executive arm located in Brussels as well as the Council of the EU, the third legislative organ of the Union.

The deadline for filing the opposition could be filed was set at midnight on Wednesday, March 24 as the German cryptocurrency news site BTC Echo reported in a story. 

The factions that comprise that of Greens, Left and Social Democrats who are the main supporters of the bitcoin ban de facto could stop the development of MiCA and seek to revive the text that sparked protests from the cryptocurrency community.

Stefan Berger, the rapporteur of the legislation, announced via Twitter that MiCA is now subject to talks with the three main EU institutions. 

Berger and is an ECON member ECON and ECON expressed gratitude to his colleagues on the committee and also other supporters of his work. In a tweet, he wrote:

The MEP added that he suggested linking MiCA in MiCA to EU Taxonomy for Sustainable Finance. 

European Union's MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision

European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision

Through the EU’s Taxonomy classification system and taxonomy classification system, the EU evaluates the economic impact of its activities based on their sustainability, and attempting to focus investments on sustainable projects. “I am optimistic that this proposal will be approved by the Commission and the Council,” Berger stated.

Regulators and officials from various EU members called for a ban across the EU on the power-intensive PoW crypto miningprocess, inciting environmental concerns. 

The group comprises the EU’s largest economic powerhouse, Germany, and Sweden warning that the increased use of renewable energy sources to make bitcoin could be detrimental to the achievement of goals to achieve climate neutrality in other areas.

EU institutions have been working on regulating the European cryptocurrency market in context of fears that Russia could employ crypto currencies to avoid sanctions on its incursion into Ukraine as well as crypto-related assets.

Cryptocurrency was specifically targeted during a recently concluded deal to broaden the restrictive measures. 

In February, the President of the European Central Bank Christine Lagarde demanded the Union to swiftly approve the new crypto regulations , with the same motivation.

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