The MiCa bill comes back to the fore fairly regularly, each time with a new point that will increase the fortunes of dentists. This time it’s the influencers who will grind their teeth.
The MiCa-banne for bad influencers
Adopted October 10 by the Committee on Economic and Monetary Affairs of the European Parliament, MiCa is launched on its way, like the TGV on its rails. We do not yet know exactly when it will arrive (like the TGV in fact), but it will arrive. Probably between December 2022 (nice year-end surprise) and the very beginning of 2023 according to some voices. Others think that the delay will be much longer and that MiCa should not be effective before 2024.
This time it’s Patrick HansenDirector of Strategy and European Policy at Circle, who issued the alert. Indeed, he spoke on Twitter on November 1 to highlight the precise point of the law which expresses that an “influencer” (everyone will adopt their definition of this word) risks serious criminal charges if not fully transparent.
« Crypto-influencers beware: Talking about crypto assets in (social) media without disclosing them and profiting from them will be considered market manipulation in the EU once the MiCA comes into force. »
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A real MiCa-deau for consumers?
In detail, the law aims to “ protect » the consumer, threatening to charge influencers for market manipulation.
Clearly, if during a tweet or a video, your favorite influencer talks about a token, or a crypto project, and puts it forward frankly, without specifying that he himself has financial interests in the project: he will be committing a serious fault.
Presenting a sponsored project is not prohibited. However, it must be explicitly displayed from the start. If the person earns money thanks to a project, and he speaks about it to his community without indicating it, this action can lead him to the prison box.
The goal is clear: prevent market manipulation (some influencers have a real weight in the balance) and insider trading.
And some points of the MiCa bill are causing outcry, it seems rather well received. It really seems written with the aim of protecting the consumer. The only question that arises is: will there still be crypto consumers in Europe, when we see the rest of the content of this project? To be continued in the months to come!
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