The Markets in Crypto Assets (MiCA) regulation recently got approval from the Council of the European Union on October 05, 2022. The subject of the proposal is the regulation of the European Parliament and of the Council on Markets in crypto-assets.
The Letter was to the Chair of the European Parliament Committee on Economic and Monetary Affairs.
Patrick Hansen, Director, EU Strategy & Policy at Circle, a global financial technology, recently highlighted the warning that was included in the recent MiCA bill under Article 80: Prohibition of market manipulation.
Mr. Hansen intentionally highlighted 2(c) part of the MiCA bill, that include the quote “taking advantage of occasional or regular access to the traditional or electronic media by
voicing an opinion about a crypto-asset, while having previously taken positions on that crypto-asset, and profiting subsequently from the impact of the opinions voiced on the price of that crypto-asset, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.
However, on October 10, 2022, Mr. Hansen quoted the MiCA as another step as the ECON committee confirmed the deal.
MiCA is now another step further. The ECON committee just confirmed the deal.
— Patrick Hansen (@paddi_hansen) October 10, 2022
Most recently, at the Reg3 Conference, at the Orient Museum in Lisbon, it started the discussion “On Decentralized Tech – The Impact of Global Regulations on open projects.” The Reg3 Conference is an annual conference for those who work on better regulation for decentralized technology in Europe.
— The Reg3 Conference (@reg3conf) November 4, 2022
Highlights of MiCA Bill
- The MiCA bill firstly added that “It is important to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies.”
- It also mentioned that “a dedicated and harmonized framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.”
- Whereas, the lack of an overall Union framework for crypto-assets can lead to a lack of users’confidence in those assets, which could significantly hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
- Some crypto-assets fall within the scope of existing EU financial services legislation, in particular those that qualify as financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council.
- However, a full set of Union rules apply to issuers of such crypto-assets and to firms conducting activities related to such crypto-assets.
Source: https://www.thecoinrepublic.com/2022/11/04/find-here-the-details-of-mica-bill-for-crypto-regulation/