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EU Rejects Ban on Proof of Work Cryptocurrencies…Again

On March 1st a clause in an upcoming vote was added to a bill on cryptocurrency regulation that would effectively ban proof of work cryptocurrencies such as Bitcoin from mining, trading, and custodial services. The clause read: “Crypto-asset providers shall not provide services related in any way, shape, or form to crypto-assets that do not meet the environmental sustainability criteria in accordance with Article 3a….”

“…In particular, they shall not facilitate the purchase or trading of such crypto-assets and shall not offer custody services for such crypto-assets.” This clause was removed, only then to reappear yesterday before the vote. This morning, it appears this clause has been crossed out from the bill (MiCA). Voting on the bill is supposed to conclude this morning. A possible reason for this clause being stricken from the bill is heavy backlash from industry participants as well as users of POW cryptocurrencies, especially Bitcoin. We will follow as this develops.



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