The role of European duties involve creating the possibility for social progress and the sustainability of the market economy, including the crypto sector. In terms of the crypto economy, the European Union is now interested in providing a regulation bill that will place the ecosystem in a proper state.
Primarily, the European Union focuses on the well-being of citizens. To achieve this purpose, it takes the proper measures to regulate immigration and asylum while preventing crime.
The EU is now fully aware that crypto influencers are one of the reasons traders incur losses during trades. So, to put this situation in order, it needs to establish a policy that will silence the insiders of any digital currency. This is where the MiCA bill comes into play.
Crypto Influencers And MiCA Bill
Crypto influencers are uneasy about the decision of the European Union to regulate digital currencies. The purpose is simple – these crypto influencers will be charged for market manipulation after the legislation of the MiCA bill. This will put them on their toes, as they must disclose expected interest conflicts to stay safe.
In the meantime, the MiCA (Market in Crypto Assets) bill awaits the clearance of some hitches before it becomes legislated. However, the European Parliament Committee of Monetary and Economic Affairs approved the bill on October 10.
The bill contains several comments about the new policy of the European Union. Patrick Hansen, committed to following up on the bill’s content, cited a significant section. Patrick Hansen is the European Union’s strategy and policy Circle’s director for issuing stablecoins.
According to the section, commenting on digital tokens on social media without profiting and disclosure will be seen as market manipulation. It follows that this will take effect after the enforcement of the MiCA bill by the European Union.
Reason Behind Bill And Other Sentiments
The European Union also shared the primary purpose of the new policy yet to be enforced. According to the speech, the MiCA bill’s idea is to ensure each digital token’s integrity. This move will silence anyone unlawfully attempting to disclose market manipulation and inside information about any cryptocurrency.
The crypto community seems to be pleased by the passage from the EU. This is evident from a post shared on the Reddit platform, which reads that influencers shill some projects and don’t bear the responsibility for the losses people incur. So this is a good call from the European Union, as these influencers deserve the new policy.
The bill is slated to take effect in 2024. But it might take longer, considering the statement from Patrick Hansen, which termed the idea a formality.
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Source: https://bitcoinist.com/eu-bill-crypto-influencers-manipulating-market/