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The cryptocurrency community hailed a decision by a European Union committee rejecting a proposal that could have led to a ban on energy-intensive form of mining.

The European Parliament's economic and monetary affairs committee passed the proposed Markets in Crypto Assets (MiCA) framework, the EUs legislation for governing digital assets.

The committee turned down a last-minute addition to the bill that sought to limit the use of cryptocurrencies that use the proof-of-work mining process, which has beenhave been criticized by environmentalists for its energy consumption.

The measure demanded "minimum environmental sustainability standards" for crypto assets traded in the bloc.

The rule change would have meant proof-of-work crypto assets, such as bitcoin and ethereum, would likely be unable to demonstrate their alignment, given the ever-increasing computing power required to validate each transaction on the blockchain.

Formal negotiations on the draft framework will now proceed between the European commission, council and parliament.

Bitcoin was flat at $38, 769 at last check, according to CoinGecko.

"Todays MiCA vote is more than a win for crypto," Diogo Monica, co-founder and president ofAnchorage Digital,a digital asset platform, tweeted. "Its a win for the European economy and for innovation."

Monica added that "its a relief that a single misguided (but well-intentioned) provision wont derail the continents immense progress and potential. Sanityand logicprevailed."

A 2021 report from Bank of America noted that the CO2 emissions required to "mine" each transaction are at similar levels to that of Greece, a top fifty global economy, at around 60 tons, adding that an inflow of $1 billion in new bitcoin investment is the equivalent of 1.2 million internal combustion engine cars.

"Major Update on #MICA," Blockchain for Europe tweeted. "The #PoW ban has been rejected in the@Europarl_EN!!! Thank you on behalf of the industry!"

"Thats like thanking them for air," one person responded."

Patrick Hansen, head of strategy and business development with Unstoppable Finance, said that he was "more than relieved that the ECON committee voted against the ban of proof-of-work-based assets for EU companies in the end."

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"That amendment would have had dramatic consequences on the European crypto market," he said, "since it would have pushed EU consumers towards foreign, unregulated exchanges and European companies, capital, and talent out of the EU. All without a noticeable benefit to the stated goal of sustainability."

Hansen noted thateven if, in all likelihood, that amendment would not have found its way into the final agreement, "the mere symbol of the EU Parliament calling for a POW-ban would have already had a very detrimental effect on the market."

Hansen added that he glad that the majority voted in favor of the alternative amendment of rapporteur Stefan Berger, a member of the European Parliament.

"Including mining into the EU sustainability taxonomy is the better solution for addressing sustainability concerns and will hopefully contribute to more and more mining activities being carried out through a renewable-only energy mix," Hansen said.

Berger tweeted that the EU Parliament "has paved the way for innovation-friendly crypto regulation that can set standards worldwide."

"The process is not over yet," he said in German. "Steps lie ahead of us."

Alex Lemberg, CEO of Nimbus Platformsaid that "Proof of Work does have a major drain on energy, there can be no argument there."

"I look at this effort in a positive light and will leave final commentary for when the language is clearer," he said. "The alternative which has been implemented in certain regions simply called for banning of mining and that too proved to be fruitless as bans are almost always removed without any sustainable measures being implemented."

Lemberg added that "governing bodies on a global scale are beginning to understand that the crypto markets arent going away."

"The adoption of Bitcoin is at a level where having a viable replacement is very unlikely in the coming few years," he said. "Therefore an amicable and structured approach in dealing with Proof of Work has to be reached. I do believe, however, that Proof of Stake or similar will eventually become the method used across the board."

Austin Reid, chief of staff of FalconX, said "we're glad to see the European Union take steps to foster digital asset innovation."

"There are important conversations to be had on lowering the energy consumption from Proof of Work mining, but outright bans are counterproductive due to the risk they pose in pushing mining activities to regions with less rules and dirtier energy sources," he said.

Citing the White House's recent executive order, Reid added, "these decisions highlight widespread interest in digital assets, and the increasing competition among regions to maintain competitiveness on a global scale.

Originally posted here:
The European Union Delivers Great News to Crypto Fans and Investors - TheStreet

More than 3 million people have fled Ukraine in the weeks since the start of Russias invasion. Europe hasnt seen an exodus of this scale and speed since World War II. Equally unprecedented is the welcoming attitude that countries neighboring Ukraine have had toward these refugees.

Race, culture, and religion certainly play a role in the warm welcome fleeing Ukrainians have received. But recent history is another factor. Though Ukraine isnt part of the European Union, the ease with which Ukrainians have been able to work and travel to EU countries have made them fixtures in the bloc, and that perhaps even more than geography has contributed to a sense that they are Europeans currently in need of aid from other Europeans.

In the weeks since the start of the invasion, all of Ukraines borders except those with Russia and Belarus have remained open. Most refugees used one of the 31 border checkpoints in western Ukraine and entered Poland, Slovakia, Hungary, Romania, and Moldova. Poland took the majority, close to 2 million as of March 18.

The governments of these nations and non-governmental groups quickly worked out emergency plans to help those fleeing the Russian invasion. The EU announced on March 4 that Ukrainian citizens (who, pre-war, didnt need a visa to stay up to 90 days in the EU territory) would be entitled to the newly enacted temporary protection directive permitting them to live, work, and study in EU member states for up to three years.

The exact implementation may differ from country to country, and some plans may still shift. For the five neighboring countries that opened borders to let Ukrainians in, all except Moldova are EU members.

Non-Ukrainians, however, didnt get the same rights or legal protection. In the first few days of Russias invasion, there were incidents in which Ukrainian citizens were allowed to cross the border while non-Ukrainians faced obstacles to doing so. Now, at least on paper, people can cross the border regardless of nationality. Poland issues a 15-day temporary permit, Romania a 90-day transit visa, and Hungary a 30-day residence permit to non-Ukrainians. Officials expect them to go back to their home countries before those permits expire, or apply for asylum if they wish to stay longer.

The disparity between how Ukrainian and non-Ukrainian refugees are being treated is stark. It brings to the fore longstanding debates about what makes someone European, and who is worthy of Europes protection. Its also key to understanding why Ukrainians have been met with open arms by the rest of Europe.

European countries havent seen such a large number of displaced people in this short period of time in recent history. It took three weeks for 3 million to leave Ukraine. While at least a couple hundred thousand Ukrainians have returned home, thats still an overwhelmingly fast flow of people. When 3 million Syrians fled their country due to the war, it took two years to reach that milestone, and an even longer time for Syrian refugees to reach Europe.

To put the size of the population fleeing Ukraine into perspective, nearly 6 million people applied for asylum in European Union countries from 2013 to 2021. About 2.5 million sought asylum during 2015 and 2016.

Syrian refugees saw a very different reception than the Ukrainians currently fleeing Russias assault have one thats more reminiscent of the welcome non-Ukrainians have received, and consistent with the experiences other refugees of color have faced when trying to reach Europe. Hungarian Prime Minister Viktor Orbn called arriving migrants fleeing the Syrian war a Muslim invasion in 2015 and built border walls to fence them off. Last October, Poland entered a state of emergency when thousands of refugees from Afghanistan and Iraq attempted to cross the border from Belarus into the European Union.

Polls across the EU reflect a deep wariness about certain immigrants. Generally, European countries are less welcoming to immigrants of races and ethnicities that differ from their predominantly white populations. And people in eastern European countries, including Slovakia, Hungary, and Poland, are less likely to think immigrants should be allowed in than their western counterparts, according to the latest European Social Survey, conducted across the bloc in 2018.

A push to repatriate refugees has led to efforts like Denmark working to send its Syrian refugees from Damascus back home. Across Europe, far-right parties have expanded their power, both in individual nations and the EU parliament, partially on an anti-immigration platform.

The different treatment toward Ukrainian refugees is rooted in a sense that, although Ukraine isnt in the EU, its citizens are European. People from European countries see themselves in the Ukrainian refugees fleeing the war. That has been clear from their public statements, including those tinged with racist and xenophobic ideas about what it means to be European.

These people are Europeans, Bulgarian Prime Minister Kiril Petkov said. These people are intelligent. They are educated people. ... This is not the refugee wave we have been used to, people we were not sure about their identity, people with unclear pasts, who could have been even terrorists.

While refugees from Middle Eastern, African, or Asian countries are seen as others, the geographic proximity, similar skin colors and religions, as well as the social-economic ties to the EU states all contribute to the identification of Ukrainians as us Europeans.

An increasingly unified European identity has formed among the eastern European countries that joined the EU in the 2000s. Most citizens of Poland, Hungary, Slovakia, and Romania see themselves as citizens of the European Union.

While Ukrainians arent EU citizens, they have enjoyed visa-free travel in the EU member states since 2017. By 2020, they were the third-largest group of non-EU citizens living in the bloc, behind citizens of Morocco and Turkey.

Before the war, most Ukrainians in the EU came for work. More than half of Ukrainian migrants residing in the EU got their residence permits through work. In 2020, 86 percent of the Ukrainians who applied for residence permits for the first time received their permits for employment-related reasons, the highest among all other nationals.

Ultimately, Ukrainians want their country to join the EU. Four days into the war, Ukraines President Volodymyr Zelenskyy submitted an application for EU membership, an act then mirrored by former Soviet states Moldova and Georgia. The EU application and linkage processes take a long time, and western members of the bloc have rebuffed Ukraines request to fast-track its approval. But after years of roadblocks, the path is open for them to take.

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How to understand the Ukrainian refugee crisis, in charts and a map - Vox.com

As a result of Russias ongoing military intervention in Ukraine, the Swiss Federal Council has implemented a complete revision of the Ordinance on Measures connected with the Situation in Ukraine, thereby adopting further packages of European Union sanctions against Russia. These new measures entered into force at 6 pm on 4 March.In doing so, Switzerlands measures will align with those imposed by the EU. Going forwards, the Federal Council will autonomously decide to adopt further EU sanctions measures against Russia depending on any new developments.

Dual use items and technology

The export of dual-use goods is now prohibited, regardless of the end-user and the intended end-use. The new sanctions measures remove the military use or end-user qualifier, and instead impose a blanket prohibition on the supply of dual-use items to any Russian person or for use in Russia.There is also a prohibition on providing technical assistance, brokering and other services related to dual-use items, and on providing related financing or financial assistance.

Military goods

Furthermore, it is prohibited to export to Russia or Ukraine specific military goods listed in Annex 3 of the Swiss Goods Controls Ordinance that could contribute to the military and technological strengthening of Russia or to the development of the defense and security sector. The provision of services of any kind, including financial services, brokering, technical advice, and the granting of financial means the Russian Federation or Ukraine or intended for use in these countries is also prohibited.

Energy

Switzerland has introduced prohibitions on supplies of items suited for use in oil refining.There are also restrictions on associated services, financing and financial assistance. The list of restricted items is contained in a new Annex 4 which restricts the items based on their customs tariff code. All of the restricted items are contained within Chapters 84 and 85 of the Swiss customs tariff.

SECO may authorise certain derogations insofar as this is urgently necessary to prevent or mitigate an event that could have serious and significant effects on human health and safety or on the environment. In addition, in urgent and duly justified cases, the sale, delivery, export or transit of Annex 4 goods may take place without prior authorisation, provided SECO is informed within five working days of the sale, delivery, export, transit or transport and explains the reasons for these activities.

Switzerland has brought in prohibitions on the provision of drilling, well testing, logging and completion, supplying floating units in Russia, including in its exclusive economic zone and on its continental shelf, in connection with oil exploration and extraction in waters deeper than 150 m, in the area north of the Arctic Circle, or in connection with projects related to the production of oil from resources located in shale formations by hydraulic fracturing.

Aviation and space sector

Switzerland has prohibited the export of all items listed in Chapter 88 of the customs tariff to Russian persons or for use in Russia (listed in a new Annex 3).This includes aircraft, spacecraft, and parts thereof.Consequently, it is now prohibited to export aircraft, spare parts and equipment to Russian airlines and to the Russian space sector. Standard prohibitions on associated services also apply. In addition, the following activities are also prohibited in relation to the items: overhaul, repair, inspection, replacement, modification or defect rectification of an aircraft or component.

Financial sector restrictions

Other EU financial sanctions have also been adopted, affecting in particular the SWIFT messaging system for financial transactions. It is now prohibited to provide specialized financial messaging services used to exchange financial data, to banks, enterprises or entities referred to in Annex 14 (i.e. Promsvyazbank, Sovcombank, VTB Bank, Vnesheconombank, Bank Otkritie, Bank Rossiya, Novikombank) or to any bank, enterprise or entity located in the Russian Federation and more than 50% controlled by banks, enterprises or entities referred to in Annex 14.

Under the new measures, there are restrictions on dealings involving transferable securities and money-market instruments (previously financial instruments), in particular assisting in the issuance, trading, or provision of investment services of securities and money market instruments issued after April 12, 2022 by entities including four Russian banks (Alfa Bank, Bank Otkritie, Bank Rossiya and Promsvyazbank the latter two having been also fully designated earlier in the week), and eight Russian state-owned companies (Almaz-Antey, Kamaz, Novorossiysk Commercial Sea Port, Rostec, Russian Railways, JSC PO Sevmash, Sovcomflot, and United Shipbuilding Corporation).

Moreover, it is prohibited to provide public financing or financial assistance for trade with or investment in the Russian Federation. The prohibition does not apply to funding or financial assistance commitments entered into before March 5, 2022, the provision of public financing or financial assistance up to a total amount of CHF 10,000,000 per project to small and medium-sized enterprises in Switzerland, the provision of public financing or financial assistance for the food trade and for agricultural, medical or humanitarian purposes.

Banks are prohibited from accepting deposits from Russian nationals or natural persons residing in Russia, or from banks, companies or entities established in Russia if the total value exceeds CHF 100,000. Banks must provide SECO by June 3, 2022, with a list of deposits exceeding CHF 100,000 held by Russian nationals or natural persons residing in the Russian Federation, or by banks, companies or entities established in the Russian Federation. Updates on deposit amounts must subsequently be provided every 12 months.

Additionally, transactions with the Russian Central Bank are no longer permitted and there is a prohibition on selling or exporting banknotes denominated in Swiss Francs or Euros to or within the Russian Federation or to any person or entity in Russia including the Government and the Central Bank of the Russian Federation, or for use in that country

Designated party listings

The Federal Council has decided to extend the designated party listings by adding the individuals on the list of persons adopted by the EU on 28 February to Annex 8 of the Ordinance and thereby freeze the assets of further persons with close ties to Russian President Vladimir Putin. Particularly noteworthy are the inclusions of Igor Sechin (CEO of Rosneft), Nikolay Tokarev (CEO of Transneft), Gennady Timchenko (founder of Volga Group), Alisher Usmanov (one of Russias businessmen officials with close ties to President Putin), Mikhail Fridman and Petr Aven (all shareholders of Alfa Group), Vitaly Savelyev (Minister of Transport), and Olga Skabeyeva (the host of Russias most popular political talk-show).

In light of further EU sanctions already announced, we expect further alignment by Switzerland more timely after new EU sanctions have been formally adopted. The same holds true for any new EU sanctions against Belarus where Switzerland has already aligned itself before.

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Switzerland adopts further comprehensive sanctions packages imposed by the European Union against Russia - GlobalComplianceNews

The European Union has reconfirmed rejection to normalization with the Syrian regime, to reconstruction and to lifting of sanctions until a political solution in line with UN Security Council resolution 2254 is firmly underway.

Yesterday marked 11 years since the beginning of the tragic and bloody conflict in Syria, said High Representative of the European Union for Foreign Affairs and Security Policy, Josep Borrell.

Unfortunately, the conflict continues still today, and the humanitarian needs are at their highest with 14.6 million Syrian people in need of assistance inside and outside of the country. Syrian refugees constitute the largest displacement crisis in the world with 5.7 million registered refugees. Another 6.9 million Syrian nationals are displaced within Syria.

He went on saying that the Syrian people remain a priority for the European Union. The international community must keep up the search for a durable and comprehensible political solution in Syria, and the European Union remains fully committed to this goal.

At their meeting with UN Special Envoy Geir Pedersen at the Foreign Affairs Council on 24 January, EU Foreign Ministers restated their unity and reconfirmed the EUs position: no normalization with the Syrian regime, no reconstruction and no lifting of sanctions until a political solution in line with UN Security Council resolution 2254 is firmly underway.

At the same time, the European Union continues to support the efforts of UN Special Envoy Pedersen, including his steps-for-steps approach, and remains committed to the unity, sovereignty and territorial integrity of the Syrian state.

Borrell noted that on 10 May, the European Union will co-chair with the UN a sixth Brussels Conference on Supporting the Future of Syria and the region, with the participation of governments, international organizations and Syrian civil society.

The European Union and its Member States remain the largest provider of international aid and deliver humanitarian, stabilization, and resilience assistance inside Syria and in neighboring countries.

Last year the EU as a whole pledged 3.7 billion in total for 2021 and beyond. Since 2011, the EU and its Member States have mobilized over 25 billion for the conflict in Syria, according to Borrell.

Eleven years have passed on the US-backed terrorist aggression on Syria that mainly aimed to obstruct its economic development, shed blood of Syrian youths and destroy its achievements and infrastructure, SANA reported, citing Syrias Ministry of Foreign Affairs and Expatriates.

On Wednesday, France, Germany, Italy, the United Kingdom, and the United States of America released a joint statement on the occasion of the 11-year anniversary of the beginning of the Syrian conflict.

It is past time for the regime and its enablers, including Russia and Iran, to halt their ruthless attack on the Syrian people, the statement read.

The coincidence of this years anniversary with the appalling Russian aggression against Ukraine they said, highlights Russias brutal and destructive behavior in both conflicts.

We do not support efforts to normalize relations with the Assad regime and will not normalize relations ourselves, nor lift sanctions or fund reconstruction until there is irreversible progress towards a political solution.

We encourage all parties, especially the Syrian regime, to participate in the March 21 meeting of the Constitutional Committee in good faith and call for the Committee to deliver on its mandate.

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European Union Insists on Its Three 'Noes' in Syria - Asharq Al-awsat - English

More than 2.8 million people have fled Ukraine since the Russian invasion, according to the United Nations the swiftest mass exodus of refugees since World War II, some experts say.

The overwhelming majority of refugees from Ukraine are fleeing to European Union countries. More than half of those have fled to Poland, while hundreds of thousands are seeking safety in Hungary, Romania, and Slovakia.

Leah Zamore, who leads the humanitarian crises program at New York Universitys Center on International Cooperation, told VOA the Syrian refugee crisis took several years to reach the number of people who have left Ukraine in less than two weeks.

So the swiftness of this outflow is really, really unprecedented, she said.Zamore said it is going to be difficult for Europe to accommodate so many people so quickly. But it has been a remarkably generous response, at least when it comes to the Ukraine crisis.

What is the current refugee policy for those fleeing the conflict?

Ukrainians already enjoyed visa-free travel to the European Union for up to 90 days. Since the invasion, the situation and the numbers are rapidly evolving. Because of that, the European Unions executive branch, the European Commission, has activated the Temporary Protection Directive, which grants immediate protection to those fleeing the war while providing access to schools, medical care, and work.

How can someone qualify for the Temporary Protection Directive (TPD)?

The European Commissions decision to activate the TPD is historic. This is the first time it has been activated since 2001, when the commission created it. It applies to all Ukrainian nationals and their relatives displaced by the conflict.Under the guidelines, Ukrainian refugees are allowed to temporarily reside and work in European Union countries. But, in order to qualify for humanitarian status, they must have fled Ukraine after February 24, the day the invasion began.

How long can people stay?

Refugees from Ukraine will be granted permission for temporary residence in the European Union for at least one year, with the possibility of an extension for two more years.

What happens to people who are not Ukrainian nationals?

Non-Ukrainian nationals of third countries and stateless persons, as well as their family members, will be protected under TPD as long as they can prove they were legally residing in Ukraine and cannot return to their country of origin.Esther Pozo-Vera, head of the asylum unit and directorate-general for Migration and Home Affairs for the European Commission, said the decision cuts the red tape.

You don't have to apply for temporary protection. This is granted by the decision. The only thing you have to do is basically ask for a residence permit and this residence permit will trigger the other rights, Pozo-Vera said during a recent webinar hosted by the Migration Policy Institute.

What exactly do refugees get under TPD?

Some countries are providing free transportation, which means free rail and bus travel for those fleeing Ukraine. They are also expected to receive medical care and other welfare benefits.

Those younger than 18 are allowed to attend school. Unaccompanied children will be placed under the guardianship of foster families, relatives, or facilities run by government officials that were adapted to welcome minors.

People will be allowed to apply for jobs, receive training in trades, and use their workplace experience to become self-employed workers.

When it comes to housing, members of the European Union must make sure people have access to accommodations, either in reception centers or with European families willing to house them.

Can refugees apply for asylum while being protected under TPD?

Yes. According to the European Commission's website the right to temporary protection is in addition to the right to apply for international protection.

Pozo-Vera explained the hope is that the conflict will not last and because refugees are protected under TPD, they will not ask for asylum immediately. And that means the asylum system of the member states will not be overwhelmed by a new flow of massive applications of asylum.

Are there any other ways to receive protection besides TPD or applying for asylum?

Yes. Those fleeing might be able to apply for a residence permit if they have a family member who is an EU citizen or if they were already legally residing in the European Union as a student, researcher, trainee, or worker.

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European Union Grants Temporary Protection to Ukrainians - Voice of America - VOA News