The international market share and participation in the cryptocurrency market are simply too big to ignore. As anticipated, the European legislators have refrained from imposing any strict bans on the cryptocurrency markets. Furthermore, Members of the European Parliament have also decided to vote in favor of crypto-friendly regulations in the EU region.
The voting that happened on the first day of the current week determined the final results. Polling of the Economic and Monetary Affairs Committee showed 23 abstentions, 31 favorable, and 4 against votes. The new regulatory framework takes into consideration factors like PoW cryptocurrencies, environmental implications, and Market integrity concerns.
Pro-Crypto Narrative and Innovation
The leading member of the European Parliament, Stefan Berger, recently claimed that with the new cryptocurrency regulations EU is moving towards a bright crypto inclusive period. Berger also claimed that the digital asset legislation in the region would set an example for the industry for many countries in the future. One important aspect of the MEP vote is the removal of the Bitcoin Ban possibility.
In lieu of environmental concerns, several European politicians called for a ban on PoW cryptocurrencies. On the other hand, the MEP is now considering adding the crypto traders in the taxonomy radius. The legislators plan to follow Sustainable Activities laws expanding to January 2025 climate change impact.
The Markets in Crypto Assets or MiCA is an EU-specific cryptocurrency regulatory framework that the EU legislators are currently working on. The modified version of MiCA during the recent Economic and Monetary Committee voting was rejected with a visible difference.
European People’s Party is the largest center-right political alliance in the European Parliament. Markus Ferber, a spokesperson of EPP, recently claimed that the failure of MiCA resolution proves that there is considerable room for growth in the crypto sector in European markets. He further added that the PoW ban could threaten the removal of all crypto-related activity in the region, but now it seems that the region is open to the potential of innovative technology like blockchain.