Is the EU bitcoin ban coming or can investors breathe a sigh of relief? A possible change in the EU MiCA guidelines had caused head-shaking, excitement, and confusion in the crypto space in recent weeks.
Word reached BTC-ECHO on Feb. 23 that the possibility of crypto asset providers no longer being able to provide services from Jan. 1, 2025 should be discussed, unless the assets are based on sustainable consensus mechanisms. .
EU bitcoin ban misconstrued according to Berger
In the text it said: “In particular, they may [Krypto-Dienstleister] will not facilitate the purchase or trading of such crypto assets and will not provide custody services for such crypto assets.” At first glance, there seems to be only one interpretation for these words. Crypto service providers are no longer allowed to sell proof-of-work cryptocurrencies, which includes Bitcoin. But then the tide turned.
After BTC-ECHO reported and other media picked up the news, Stefan Berger (CDU) corrected the app’s interpretation on Twitter. As chairman of the EU’s Economic and Monetary Affairs Committee (ECON), he has a huge responsibility in shaping the MiCA directive on crypto regulation.
Berger noted via Twitter that “individual passages in the draft report could be misconstrued and interpreted as a POW ban.” it’s about that no for a push for a potential Bitcoin ban.
The final draft of the MiCA was sent
On March 7, Stefan Berger reported on Twitter that he had finally submitted the application. If he interprets his tweets correctly, he can now rule out a Bitcoin and POW ban.
The first step is to bring cryptocurrencies into the EU sustainability discussions. The EU should include cryptocurrencies in its taxonomy.
The EU taxonomy, in which Bitcoin must find its way, is initially a set of rules for sustainable management. More recently, the EU’s taxonomy rules deeply shocked observers when nuclear and gas power were classified as sustainable.
As you can see from his other tweets, Berger would like more clarity regarding the power consumption of crypto assets. However, Berger would like support for the request, which members will vote on March 14. finally be”[s]strong support […] a strong signal from the EU Parliament for a technologically neutral and innovation-friendly financial sector”.
With MiCA, the European Union can set global standards. The MiCA creates a pioneering crypto regulation in terms of innovation, consumer protection, legal certainty and the creation of reliable supervisory structures in the area of crypto assets.
What does the app mean for Bitcoin and the crypto space?
At the moment, a Bitcoin ban is in place (which is difficult to implement anyway). Rather, users can expect regulatory advances. According to Berger, this should bring a pioneering position in the areas of “innovative capacity, consumer protection, legal certainty and the creation of reliable supervisory structures” in the field of cryptocurrencies.
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