Is Bitcoin (BTC) short of the EU law? Check members of crypto calculation before voting
Is Bitcoin (BTC) short of the EU law? Check members of crypto calculation before voting
- The newly revised EU law now contains clauses on proof-of-work cryptocurrencies.
- Members of the crypto community defend themselves against the new law and mark it as discriminatory.
The newly proposed legislation of the Parliament of the European Union (EU) contains some clauses against proof-of work cryptocurrencies. The new clauses have been added because the EU today wants to vote on the law on March 14th. The draft law, markets in crypto-assets directive, or mica, should actually be voted on last month. However, the vote was postponed by the end of the last month and is now expected to take place this month. Before the shift, there were many counter-reactions from the crypto community regarding the EU Act. Many believed that this would ban digital assets such as Bitcoin in terms of energy consumption.
The revised version of the crypto law Conditions :
crypto systems are subject to minimum standards for ecological sustainability in terms of their consensus mechanism, which is used to validate transactions before they are output, offered or approved in the Union.
As it looks, the revised version can still have significant effects on mining and spreading top crypto-assets.
In addition, the draft law mentions that the EU will be responsible for determining the standards of minimal ecological sustainability "for consensus mechanisms for validating crypto-asset transactions". In addition, the parliament will select a date or data that starts compliance with the minimum environmental compatibility. This also includes a phase-in phase. A gradual rollout plan is required to ensure compliance, since the crypto assets are already in circulation before the EU coordinates.
criticism of the revised crypto law of the EU parliament
Although the EU has tried to check the draft law on the proof-of-work crypto, the crypto industry does not seem to welcoming the newly proposed legislation. Ledger, a French manufacturer of crypto hardware wallet, said:
Individuals and organizations should be able to freely choose the technology that best meets your needs. Political decision -makers should neither force a certain technology nor discriminate against a certain technology in favor of a certain technology. This is deeply worrying and would have serious consequences for Europe.
In addition to the EU, other jurisdictions also work on the introduction of crypto legislation. President Joe Biden has signed an executive regulation on cryptocurrencies in the United States. For the first time, Dubai has issued a number of laws to crypto-assets. The government also introduced a new regulatory authority for the crypto industry. Last week Sheikh Mohammed bin Rashid announced the Dubai Virtual Assets Regulatory Authority according to the Dubai Virtual Asset Regulation Law. He said that the supervisory authority was responsible for all types of cryptocurrencies and non -fungible tokens (NFTS).
Bin Rashid said: "The future belongs to that that designs it", and Dubai has decided to participate in the rapidly growing sector. The Dubai Virtual Asset Regulatory Authority will offer various services for virtual assets. The authority will work with the Central Bank of the VAE and Securities and Commodities Authority.
Read more: The ruler of Dubai, Sheikh Mohammed, approves the law to regulate virtual assets
Source: Crypto-news-flash.com