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New MiCA bill led Europe target crypto influencers for Market Manipulation

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Indrani bose Follow

INDIA

Nov, 08 2022

Nov, 08 2022

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New MiCA bill led Europe target crypto influencers for Market Manipulation. The law?is expected to go into effect in 2024.


The European Union is presently interested in offering a regulation measure to digital currencies. This will help to put the ecosystem in a correct state regarding the crypto to economy. This move of the European Union has made some crypto influencers concerned as after the MiCA bill is passed, these crypto influencers will be held accountable for market manipulation. They will have to be vigilant since, in order to protect themselves, they must disclose anticipated interest conflicts. 


The potential for social progress and the sustainability of the market economy, including cryptocurrencies, are among the responsibilities of the European Union. Currently, the European Union is interested in creating rules that would maintain the ecosystem. The European Union's primary concern is the wellbeing of its inhabitants. Appropriate steps will be made to control immigration and deter criminality in order to accomplish this goal. The European Union is fully aware of the impact of cryptocurrency influencers on trade losses. Therefore, to correct this issue, it must establish a policy that would quiet any bitcoin insiders. For this MiCA (Market in Crypto Assets Invoice) bill will be introduced. Before being launched, the MiCA still needs to pass a few obstacles. legislator. On October 10, the Monetary and Economic Affairs Committee of the European Parliament did approve the legislation. The bill makes various observations regarding the new EU policy.  

 

The department has stated that making social media comments about digital tokens without profit or transparency would be considered market manipulation. When the MiCA Act is put into action by the European Union, this will take effect. According to the letter, the MiCA bill's goal is to guarantee each digital code's integrity. The law is not yet been put into effect and is expected to go into effect in 2024. 


Crypto influencers are worried about the European Union's decision to control the regulation of cryptocurrencies. The MiCA Act's goal is uncomplicated. These cryptocurrency influencers will face market manipulation charges. To be safe, they must declare any conflicts of interest.  


The Director of the Department of Strategy and Policy to Issue Stablecoins for the European Union is Patrick Hansen who noted a significant paragraph in his pursuit of the law's provisions. Patrick Hansen's claim that it is merely a formality raises the possibility that it might take longer. 


The new policy's primary goal is one that is shared by the EU. The adoption of the European Union appears to have pleased the crypto community. It is evident from details published on the Reddit platform. In the statement, it is stated that influencers shill some projects and don't bear any responsibility for the losses that people suffer as a result. The EU has made a good call here. The new policy benefits from these influencers.


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Indrani bose

CBW - External Analyst

INDIA

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