The European Parliament has called for a discussion on the regulation of the cryptocurrency market. This comes after growing concerns over crypto-related scams and Ponzi schemes.
Regulating cryptocurrency in the European Union is once again a source of debate. “The European Parliament’s strong support for MiCA [a document regulating cryptocurrencies in the EU] demonstrates its commitment to a technology-neutral and innovation-friendly financial industry,” said Stefan Berger, a member of the Economic and Monetary Affairs Committee of the European Parliament.
The EU is considering MiCA
A parliamentary vote on a legal framework to regulate the cryptocurrency market is scheduled for this week. Earlier, concerns about the possible prohibition of mining digital currencies using Proof-of-Work (PoW) were dismissed.
One member of the EU Parliament’s Economic and Monetary Affairs Committee, Stefan Berger, tweeted on Monday that a committee in the EP would vote on the framework for the cryptocurrency market. The MiCA document was the one Berger was referring to. The vote would be held on March 14th, following the submission of the final draft legislation.
He also noted that the regulations would no longer include text that some misinterpreted as a prohibition against mining cryptocurrencies based on PoW.
MiCA will allow the EU to set global standards. Therefore, everyone involved is being asked to vote for MiCA as part of the submitted projects. The strong support for MiCA from the European Parliament sends a strong message that the European Parliament supports a technology-neutral and innovation-friendly financial sector.
After the vote, however, the committee will continue to discuss the draft law with the European Council and the European Commission. He said the regulation would provide “legal certainty” and allow “credible supervisory structures” for the cryptocurrency asset market. Energy consumption concerns will also be discussed.