Why did the EU want to ban POW in the first place?

With this proposal, the EU wanted to force the hand of players in the crypto industry by essentially telling them to either change their consensus mechanisms or stay out of the EU. Crypto miners have in recent years looked to renewable energy to significantly cut down on energy use, and the technology in mining rigs has also greatly improved to become more energy efficient.

What happens next?

«By adopting the MiCA report, the European Parliament has paved the way for an innovation-friendly crypto-regulation that can set standards worldwide,» said Berger. «The regulation being created is pioneering in terms of innovation, consumer protection, legal certainty and the establishment of reliable supervisory structures in the field of crypto-assets. Many countries around the world will now take a close look at MiCA». As Hansen explains, the groups that lost the vote can veto a fast-track procedure of MiCA to bring the discussion back in front of Parliament.

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