Yesterday on March 14, the European Parliament’s Committee of Economic and Monetary Affairs has voted in favor of the comprehensive crypto regulation proposal known as MiCA (Markets in Crypto Assets) and its numerous amendments, which will provide a regulatory framework for digital assets in the EU Member States.

Shortly before the vote, some changes had been suggested for the MiCA that would ban Proof-of-Work consensus protocols such as Bitcoin, Ethereum, and other popular blockchains and cryptocurrencies in Europe, however, these were rejected. The bill voted instead requires the Commission to submit a legislative proposal to the European Parliament by the 1st of January 2025that includes any crypto-asset mining activities that contribute substantially to climate change mitigation and adaptation.

The MiCA proposal will now go to a formal round of negotiations between the European Commission, the European Council, and the European Parliament.

Vigiler is strongly committed to being present in the European Union market. The MiCA allows us to operate in a more regulated framework in all EU Member States. We have been working to comply with the preparatory documentation for two years now, and although it is nearly two more years until the draft will be operating in its entirety, we are determined to be fully compliant.