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EU to Review Regulatory Framework for Crypto

  • Measure could ban Bitcoin, Ethereum, industry leaders say
  • ‘Proof of work’ mechanism to be targeted by regulations
A Bitcoin automated teller machine (ATM) sign outside a cryptocurrency exchange in Barcelona, Spain.

A Bitcoin automated teller machine (ATM) sign outside a cryptocurrency exchange in Barcelona, Spain.

Photographer: Angel Garcia/Bloomberg
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A European parliamentary committee will vote Monday on a new regulatory framework for crypto assets, which could accelerate passage of a measure that industry executives say could practically ban key digital currencies including Bitcoin and Ethereum in Europe.

Crypto-assets issued and/or traded in the EU “shall be subject to minimum environmental sustainability standards and set up and maintain a phased rollout plan to ensure compliance” with those requirements, according to the final draft for the law, dubbed MiCa, that was seen by Bloomberg News. The Economic and Monetary Affairs Committee will vote on the bill on Monday.