The dire prospects of a Proof of Work (PoW) consensus ban on cryptocurrencies, and the leakage of a core directive on European digital assets, do not seem to be yielding results.
Thursday was the last day the European Parliament could suspend the Crypto Asset Markets (MiCA) project from further consideration.
Supporters of a ban on proof-of-work digital assets have not been able to get enough support to challenge the current version of the bill, which means that MiCa will be safely referred to tripartite meetings between the European Parliament, the European Commission and the European Council. .
On Thursday, Stefan Berger, MEP who has the task of introducing MiCA to the legislature, announced that the draft regulations had been approved by a special committee and had been given a mandate to assess it through tripartite meetings.
Berger also warned that the mandate could be challenged if a tenth of the European Parliament (71 members) voted against it. In this case, a second round of voting at the general meeting in April will be required. He described it as the latest possible attempt to freeze the mild version of MiCa, which does not include a controversial ban on Proof of Work (PoW) mining.
MiCA is a set of rules that contains 126 articles, as well as a detailed plan for their implementation by the institutions of the European Union and its member states. The project was presented by the European Commission in 2020 as part of its digital financial strategy.
On Friday morning, Berger confirmed that MiCA has avoided being challenged in the European Parliament and will move to a tripartite audit. He shared his optimism regarding the next steps in the process and mentioned that a proposal has been made to include crypto-mining activities in the EU classification.