Originally scheduled for Monday 28 February (see EUROPE 12900/23), the vote on the Directive on Markets in Crypto-assets (MiCA) will take place on Monday 14 March in the European Parliament’s Committee on Economic and Monetary Affairs.
Spearheaded by MEP Stefan Berger (EPP, Germany), the text aims to create a harmonised market, promote legal certainty for crypto-asset issuers and ensure a level playing field for service providers.
Accused of having been “strongly lobbied by his own group and the industry to reopen the text”, the rapporteur had expressed his fears about the likely banning of bitcoin.
At issue is the method of mining the most well-known cryptocurrency, called proof of work, which has a significant ecological footprint.
However, taking into account the sustainability aspect of the proposal was a sine qua non condition set by the S&D, The Left and Greens/EFA groups as a precondition for the vote.
Mr Berger shared his compromise proposal. “In view of the important debate on sustainability, my proposal is to include crypto-assets, like all other financial products, in the area of taxonomy. [...] Given the controversial discussions surrounding the energy consumption of crypto assets, the taxonomy could provide clarity and ensure a better information base for consumers”, the rapporteur said in a statement.
According to our information, the presentation of a delegated act is envisaged to reflect on global solutions, so that the rules established by this directive do not exclude the EU from the global market.
This does not mean that the vote is a foregone conclusion. Aurore Lalucq (S&D, France), contacted by EUROPE, was rather reticent about this alternative compromise. “This proposal is not serious in relation to the regulation. The taxonomy is finalised. It’s meaningless”, she said.
The European Parliament’s political groups will meet on Monday to take stock before the vote. (Original version in French by Anne Damiani)