This year, the European Union conducted several studies to protect crypto investors from the risks associated with this industry. She proposed a sweeping law that would cover the entire crypto industry, including NFTs. European Parliament officials voted 28 to 1 in favor of this project, which aims to better regulate crypto markets. As a final vote is being prepared before the MiCA regulations go into effect, we discover they contain clauses that could affect influencers in the new industry.
Do MiCA Regulations Target Crypto Influencers?
The MiCA regulations, finalized in September, are a set of sweeping regulations for the cryptocurrency industry. The European Union is preparing to introduce this regulation through a final vote. For crypto analysts, MiCA could slow the adoption of cryptos around the world, and especially in Europe.
However, regulators believe this regulation will help fight money laundering in the new industry. While it was thought that the set of regulations only covered digital assets, it turns out that it is contains clauses, in fine print, that affect crypto influencers.
Indeed, Circle’s director of European strategy and policy has that warned crypto influencers, these 1uh November via a Twitter post. Patrick Hansen said:Beware of cryptocurrency influencers: Commenting on these assets on social media without disclosure and profiting from the effects of this will be considered market manipulation in the EU once MiCA is in effect“.
Regulations whose management remains unclear
According to European regulators, the MiCA regulation is a step forward that will make the countries of the European Union more attractive. In this context, the rapporteur for the MiCA Regulation, Stefan Berger, declared : “If Europe wants to be a major player in the crypto sector, we need these regulations to create trust, to create companies that innovate in this whole field“.
However, the monitoring and enforcement mode from MiCA regulation is not yet clear. In this context, not all crypto players have real confidence in this set of regulations. Many are convinced that this will make it harder for crypto.
The MiCA regulation exists to protect consumers from crypto-related risks. But for many analysts, it will mainly prevent crypto players from fully contributing to the development of the sector.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.