Crypto influencers could be significantly affected by the EU’s Markets in Crypto Assets (MiCA) bill, as some clauses suggest strict regulation.
As Circle’s EU strategy and policy director Patrick Hansen pointed out, profiting off a digital asset without disclosing what you are doing was a form of market manipulation.
This clause is ambiguous and open to interpretation, but its existence suggests that the EU might take action against companies that promote crypto assets without disclosing their interests.
As a result of the revelation, the community has had mixed reactions, with many indicating that it would help prevent shilling, while others criticize its application, saying that it could be misused. the cryptocurrency was also questioned as to why it does not apply to stocks and other financial markets.
Europe(EU) needs MiCA to be a big player in the crypto
Europe’s MiCA Rapporteur, Dr. Stefan Berger, said the regulation was necessary if it wanted to be a major player in crypto.
Berger believes the regulation would create trust between the space and regulators as well as create an innovation-friendly environment.
The public and permissionless nature of blockchain technology make it a good tool to combat money laundering and tax evasion, according to Lidia Pereira of the European Parliament.