Europe is targeting crypto influencers and influencers with the new MiCA issue. The crypto community questions why the element doesn’t apply to equities and other financial markets.
MiCA is aimed at crypto influencers and influencers!
A number of elements of the EU’s Crypto Asset Markets (MiCA) bill point to strict regulation. Therefore, it is possible that it will significantly influence crypto influencers. Circle’s head of EU strategy and policy, Patrick Hansen, draws attention to this, saying that commenting on a digital asset and profiting from it without disclosure can be called market manipulation.
Patrick Hansen shared the screenshot of the relevant part. Here are the following words:
While it has already been the case for a crypto currency, without simultaneously disclosing this conflict of interest to the public in an appropriate and effective manner, to share an opinion about it in the middle or systematic way to the classical or electronic media, and then to determine the effect of the ideas brought into the language on the price of this cryptocurrency. take advantage of its influence.
The article is unknown and leaves room for more than one interpretation. However, it shows that the EU can take action against those who promote crypto assets without disclosing their interests in the asset. The bill sparked mixed reactions from the community. While many have described it as helpful in fraud prevention, others have criticized it. Because the application leaves a lot of room for terrible use. Also, questions have been raised as to why it applies to cryptocurrencies and not stocks and other financial markets.
Regulators around the world are paying more and more attention to crypto influencers. Koindeks.comAs you follow, the US SEC has recently fined Kim Kardashian $1.26 million for the undisclosed EthereumMAX (EMAX) promotion.
In the middle, the MiCA bill is not expected to become law until 2024. Regulators argue that the rules ensure consumer protection. But crypto community members say the regulation will transform DeFi into another classical financial system.
EU needs MiCA to be a big player in crypto
EU’s MiCA Rapporteur Dr. Stefan Berger says regulation is necessary if Europe wants to become a big player in the crypto game.
According to Berger, regulation will create belief amid space and regulators. At the same time, it will provide a conducive environment for companies to innovate. Lidia Pereira, a member of the European Parliament, says that blockchain technology can be used to tackle money laundering and even tax evasion due to the public and unauthorized nature of the technology.