What the EU’s New Crypto Bill Means for Crypto Traders

The European Union (EU) voted to advance one of the broadest regulatory measures seen thus far in the crypto world: the EU’s Markets in Crypto Assets regulation, or MiCA. 

The regulation establishes rules and standards to protect crypto consumers from financial crime or market manipulation. 

In what’s excellent news for crypto traders, the last-minute article in the bill that caused the most controversy failed to pass the European Parliaments’ ECON committee with a vote of 32 to 24. 

This article, 2a, concerned banning Proof of Work (PoW) mining. It would have made trades of major cryptos like Bitcoin (BTC) and Ethereum (ETH) impossible. 

Introduced in 2018, MiCA passed on March 14 with a final vote of 34 in favor, 4 against, and 23 abstained. 

Votes fell mainly along party lines, with Renew Europe and the European People’s Party for the regulation while the Left and Green parties were the most strongly opposed. 

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