EU Regulators Warn of Rise in Crypto Scams Following MiCA Implementation

European regulators have warned of an increase in scams targeting crypto users following the implementation of the Markets in Crypto-Assets (MiCA) Regulation. Since July 1, when MiCA's transition period ended, several watchdogs have reported a rise in impersonation scams directed at customers affected by the migration process.

Fraudsters are posing as financial regulators and licensed crypto firms to deceive users into transferring their assets. Stéphane Pontoizeau, an official at France's Autorité des Marchés Financiers (AMF), said that criminals have been using fake websites designed to resemble official services to persuade users to move their crypto assets.

The European Securities and Markets Authority (ESMA) has also warned that its identity is being misused by scammers. ESMA noted that the regulator's name, logo, and forged documents are being used to appear legitimate. The warning comes as investors increasingly rely on official registers to identify authorized firms.