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EU Crypto Proposal Seen as De-Facto Bitcoin Ban Fails in Vote

  • Crypto set for entry into EU framework for sustainable finance
  • Bitcoin and other cryptocurrencies traded flat on the outcome
Crypto mining rigs in Cluj-Napoca, Romania.

Crypto mining rigs in Cluj-Napoca, Romania.

Photographer: Akos Stiller/Bloomberg

A proposal that would have effectively banned the mining and transactions of energy-intensive cryptocurrencies such as Bitcoin in the European Union failed to win approval by a parliamentary committee, as the bloc pushes ahead with regulation of the fast-growing sector.

The EU’s Economic and Monetary Affairs Committee voted on a final draft of the Markets in Crypto-assets (MiCA) legislation on Monday, which included a clause pledging to make cryptoassets traded or issued within the bloc “subject to minimum environmental sustainability standards.” A final tally of the committee’s voting showed the proposed clause was defeated with 23 votes in favor, 30 against and six abstentions.