MiCA Bill Is Coming to Get Crypto Influencers
No matter what you say about cryptocurrencies, it is clear that this industry is the most bustling today and also the most talked about on the internet. Whether it’s crypto trading or regulation, people always have something to say about the new digital economics.
Regulation of cryptocurrencies and the market as a whole was always a hot topic. Like many times before, European Union has taken the first step to regulate the industry through a bill called MiCA (Markets in Crypto Assets).
Don’t Say a Word about Crypto
The bill has many clauses to regulate the market. Still, one that stood out and was correctly pointed out by the EU strategy and policy director at Circle, Mark Hensen, was about influencers speaking about cryptocurrencies.
The clause points to the fact that once an influencer has invested in a particular digital currency, they will not be able to speak about it on social media or any media for that matter unless they are willing to disclose their conflict of interest.
In a way, it will stop influencers from taking advantage of people’s misery when they trade with crypto brokers and exchanges to benefit from a market movement resulting from an influencer’s tweet.
So, an influencer can’t comment on a crypto asset, make people take specific actions on it, benefit from their efforts, and back away from taking responsibility for their loss without being held accountable.
If you are investing in crypto, you should keep your opinions to yourself now.
There’s Still Time
The European Parliament Committee on Economic and Monetary Affairs has approved the bill. Still, since it’s political, complete implementation will take a couple of years.
It means that influencers still have time to adjust their online behaviors. Perhaps, for some, it’s time to benefit as much as possible before they can’t do it anymore.
Once the bill is in effect, no influencer will be able to act as a shill for a particular cryptocurrency project unless they also agree to take responsibility for their actions that cause specific reactions from the public.