EU Didn’t Vote for Banning PoW Cryptos
Mar, 2022

EU Didn’t Vote for Banning PoW Cryptos

MiCA (Markets in Crypto Assets) was the new regulatory framework in EU for regulating markets and companies in the crypto space. The draft came for voting approval in the European Parliament but with a slight difference.


At the last moment, a new closure was added in the draft, aiming to limit the use of cryptos that use PoW (Proof-of-Work) algorithms, as they are supposed to be heavy energy-consuming and their environmental impact is getting bigger as the time pass by.


The particular closure didn’t pass from the voting procedure as it will be a heavy mess for EU companies in the cryptocurrency field.


The final regulation that passed us around consumer protection and the connection between cryptos with laws regarding market manipulation and anti-money laundering.


The environmental impact will be included in other bills that will affect larger parts of the economy and industry.