The DLT Science Foundation (DSF) unveiled the MiCA Crypto Alliance on September 16, bringing together prominent entities like Hedera, Ripple, and the Aptos Foundation as its founding members. This announcement was made through a statement to CryptoSlate.
Recently sanctioned by the European Union, the Markets in Crypto Assets (MiCA) regulation aims to foster a secure ecosystem for digital assets. It seeks to protect users while encouraging innovation in the cryptocurrency space.
Key Features of MiCA Regulation
Standardized Disclosure Practices
The MiCA regulation introduces stringent disclosure mandates for Crypto-Asset Service Providers (CASPs), including centralized exchanges. These organizations are required to reveal the environmental impact of their operations through white papers and publicly accessible online information.
In anticipation of MiCA’s requirements, the Cardano Foundation partnered with the Crypto Carbon Ratings Institute (CCRI) to release its blockchain’s sustainability indicators in July. However, the lack of a standardized reporting template could lead to difficulties in ensuring compliance among CASPs.
Mission of the MiCA Crypto Alliance
With the DSF as a technical partner, the MiCA Crypto Alliance aims to tackle compliance challenges faced by blockchain projects. By fostering collaboration among key players, the alliance seeks to simplify the regulatory process and enhance consistency through standardized white paper content and sustainability metrics.
Exclusive Resources for Alliance Members
Members of the MiCA Crypto Alliance, including Hedera, Ripple, and Aptos, will benefit from unique sustainability metrics and AI-driven white paper creation tools offered by the DSF. These resources are geared towards helping members efficiently comply with MiCA’s regulations while promoting superior standards in sustainability and compliance.
Voices Behind the Initiative
Commitment to Sustainability and Compliance
Dr. Paolo Tasca, Founder and Chairman of the DSF, emphasized that the initiative’s sustainability disclosure requirements are designed to foster accountability concerning climate issues while supporting responsible tech development. He remarked:
“By launching the MiCA Crypto Alliance, we are dedicated to setting compliance standards and equipping projects with essential tools and knowledge to succeed in this evolving landscape.”
Collaboration for Transparency
Nilmini Rubin, Chief Policy Officer at Hedera, stated that the MiCA Crypto Alliance facilitates collaboration among industry leaders towards achieving shared objectives. She pointed out that the blockchain’s goal is to enhance transparency and create a regulatory framework that benefits both consumers and the industry.
Standardization for Web3 Success
Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, added:
“The coordinated efforts in standardizing disclosure obligations are vital for the enduring success and credibility of Web3.”
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