industry criticism and pushback after some of the included language appeared primed to outlaw proof-of-work cryptocurrencies, namely bitcoin, over concerns about energy usage. The provisions were ultimately stripped, but according to statements made over the weekend and a newly obtained version of the text, a more watered-down provision appears to have been included once again.
A"compromise" version, also dubbed v9, reviewed by The Block, now states that"Crypto-assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.
"Crypto-assets that are issued, offered or admitted to trading in the Union before [please insert the date of entry into force of this Regulation] shall set up and maintain a phased rollout plan to ensure compliance with such requirements," the text also states. The language further includes a carve-out for"small-scale" networks, and the Commission would be tasked to determine"the conditions under which a consensus mechanism shall be deemed operated on a small scale."As expected, the newly released version has sparked more pushback.on Friday, saying:"Individuals and organizations should be free to choose the technology most appropriate to their needs.
So for new ones i would say: ok For existing ones: that ship has sailed ⛵ Let innovation unfold✅
Yes good
MiCA: A Guide to the EU’s Proposed Markets in Crypto-Assets Regulation
The EU forcing mining out of the EU means they will have less control over the Network which is awesome for Bitcoin and makes it even more anti-fragile
The future belongs to Ethereum with Proof of Stake. It's clear to everybody.
Dun care about EU. Too tiny
Old news son
Devs can solve this