Earlier on Monday, members of the European Parliament’s Committee on Economic and Monetary Affairs voted against a version of the Markets in Crypto Assets, or MiCA, bill that could have effectively banned proof-of-work-based cryptocurrencies within the EU. The crypto industry’s representatives previously warned of the danger of hardline regulation. This is a great relief.

MiCA stands for the Microeconomic Control Act. Includes 126 articles as well as a detailed plan of their implementation by the EU’s and member states’ institutions. As part of the European Commission’s Digital Finance Strategy, this draft was presented by them in 2020.