EU Removes Proof-of-Work Ban on Crypto Regulation

The proposed legislation aiming to regulate the European crypto space to prevent cryptocurrencies that rely on proof-of-work (PoW) mining has been scrapped by the European Union lawmakers. The move comes after the decision sparked objection from the crypto community. Rumors of banning cryptocurrencies with PoW mining, such as Bitcoin are missing in the latest framework published by the EU’s Market in Crypto Assets (MiCA). The proposed bill sought to enforce oversight of the crypto industry, including the introduction of a licensing scheme for service providers and regulations for stablecoins. The EU Parliament was expected to approve the proposed legislation on February 28 and had also decided to ban the network from January 2025, however, the vote had to be postponed to address concerns raised by the representatives of crypto space. Stefan Burger has confirmed that the bill has been completely removed, although, the vote has been rescheduled. Additionally, climatic concerns have been weighing on Europe. In 2021, Sweden’s financial regulator had proposed a recommendation to ban Bitcoin mining and other PoW coins, arguing about the energy expenditure. The post EU Removes Proof-of-Work Ban on Crypto Regulation appeared first on Cryptoknowmics-Crypto News and Media Platform.