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

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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.

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

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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.

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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.

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

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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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