Crypto News: MiCA Bill Contains A Clear Warning For Crypto Influencers

MiCA – The European Union (EU) plan aimed at regulating cryptocurrencies may prosecute crypto influencers with market manipulation if they fail to declare any conflicts of interest.

iexclusivenews reports that the European Parliament Committee on Economic and Monetary Affairs passed the Markets in Crypto Assets (MiCA) bill on October 10, and it is expected to become law after a few more hurdles.

Patrick Hansen, the director of EU strategy and policy at stablecoin issuer Circle, has been closely watching the bill’s passage and called notice to a portion in a Nov. 1 tweet that related to public comments made without sufficient disclosure.

Crypto influencers beware: Commenting on crypto assets in (social) media without disclosure and profiting from the effects of that will be considered market manipulation in the EU once MiCA is in force.@zachxbt pic.twitter.com/BflVXPazjS

— Patrick Hansen (@paddi_hansen) November 1, 2022

According to the portion Hansen emphasized, expressing thoughts on crypto-assets after taking interests in them and failing to disclose that conflict of interest appropriately could be considered market manipulation.

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The section is part of measures included within the MiCA bill aiming to “prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of crypto-asset markets.”

The passage has piqued the curiosity of the crypto community, as seen by a linked post on Reddit’s cryptocurrency forum, with the thread’s top comment stating:

“Shilling certain projects and never taking responsibility for the losses they inflict upon people. It’s about time those influencers get what they deserve.”

However, iexclusivenews Nigeria reports that while MiCA is unlikely to be completely implemented until 2024. It is highly likely to pass, with Hansen referring to it as a “sole formality” following the text’s finalization on October 5.