European Parliament committee backs MiCA crypto-regulation bill

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) backed the MiCA crypto-regulation bill by a wide margin.

ECON Committee has adopted my #MiCA report. A good day for the crypto sector! The EU Parliament has paved the way for innovation-friendly crypto regulation that can set standards worldwide. The process is not over; steps lie ahead /1

— Stefan Berger (@DrStefanBerger) March 14, 2022

«A good day for the crypto sector! The EU Parliament has paved the way for innovative cryptocurrency regulation that can set standards for the whole world. The process is not finished. We are moving forward», said the rapporteur Stefan Berger.

The document the amendment banning mining on the Proof-of-Work consensus algorithm Proof-of-Work, which would effectively have meant a ban on Bitcoin, the parliamentarian noted.

ECON backed Berger’s proposal to further discuss this issue within the EU’s sustainability initiative Taxonomy.

Further discussion of the bill will take place at the level of the Council of the European Union and the European Commission.

«By approving MiCA in full, ECON sent a strong signal to innovation,» Berger emphasised.

Forty-five committee members backed the document, with five opposed and seven abstentions.

In the United States, the administration issued an executive order coordinating the efforts of federal agencies in regulating cryptocurrencies.