Pierre Person shared: MiCa regulation will be voted on next Monday. As it stands, it definitively condemns the future of crypto-assets in Europe. By banning Bitcoin and Ether, by complicating the use of NFT and Defi, the European Parliament is mortgaging our monetary and financial sovereignty.

MiCa is a significant break from the principle of technological neutrality. MiCa prohibits the issuance or offering for the exchange of crypto-assets that rely on Proof-of-Work protocols. This leads to a deadly regulation that excludes Bitcoin and Ether from Europe.

If each of us must defend a more ecological and virtuous society, banning the PoW is a simplistic and caricatural view. Moreover, it amounts to banning an activity – mining – that does not exist on European territory.

The issue is not the energy consumption of Bitcoin, but the origin of this energy. It would be more relevant to ban mining from fossil energies and promote players who turn to surplus renewable energy to improve the profitability of these means of production.

MiCa also refers to NFTs. Only NFTs that are not listed on an exchange are considered outside the scope of crypto-assets. An NFT representation of a sword in a video game will therefore be governed in the same way as an asset by a market authority.

The European Union is condemning the development of our companies by imposing a regulation that is disconnected from their activity. NFT is a technological standard, it is underlying that should be the object of regulation. Have we regulated TCP/IP?

Whether it is Defi or NFT, these technologies are still in the early stage of development. It is the future use cases that we will have to regulate, not the technology. Parliament is transposing old-world financial regulation to a structurally different new technology.

MEPs have taken a hard line on crypto-assets, thinking they are protecting citizens. In reality, this version is mortifying for our competitiveness while, at the same time, President Biden has signed an act calling for the US to fully embrace this new ecosystem.

Once again, we are going against History. Once again, we are leaving opportunities to others while boasting of having a good regulation. If this text passes as it stands, we will pay the price in terms of our competitiveness and the interests of European citizens.

Community Response:

The EU PoW ban protects legacy dynasties at the expense of innovation, individual liberty and is a move toward totalitarianism (CBDC). Bitcoin mining in the EU consumes .198% of EU energy generated annually – an inconsequential.

No, the POW ban is no longer part of the compromise being voted on next Tuesday.

What happens after the vote? Any timeline, how fast this will have legal consequences…?

Funny to see all the shitcoin holders whining. We are on things that are used… 1 for money laundering, 2 for hackers, and 3 for speculators. While burning a significant amount of energy. As if we had too many. I won’t miss it.

You have an education on the subject so close to zero that honestly you don’t even have the legitimacy to say hello on this thread.

That’s why I’m going to let you squawk among crypts, endlessly rehash your biased arguments. Hoping that this beautiful law passes, greetings.

It can pass, it will not change much for individuals. It will especially piss off some companies. Well, they will move their activity to more flexible countries and they will probably save a lot of taxes in the process lol.

Hey, not to worry, the EU will do a CBDC as “the solution” to unregulated crypto, and world hunger (truly, that narrative has started). All in keeping with Europe’s history of grand solutions…