The European Union (EU) bill aiming to regulate cryptocurrencies could result in crypto influencers being charged with market manipulation if they fail to disclose potential conflicts of interest.
The Markets in Crypto Assets (MiCA) bill, which has been approved by the European Parliament Committee on Economic and Monetary Affairs on Oct. 10, is expected to be legislated after a few more hurdles.
Patrick Hansen, stablecoin issuer Circle’s director of EU strategy and policy, has been closely following the passage of the bill and brought attention to a section in a Nov. 1 tweet that referred to public comments made without proper disclosure.
The section is part of measures included within the MiCA bill aiming to “prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of crypto-asset markets.”
It's about time those influencers get what they deserve.”
Whilst MiCA is unlikely to be fully applicable until 2024, it seems very likely to pass, with Hansen even referring to it as a “pure formality” following the finalization of the text on Oct. 5.
Source: Cointelegraph
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