2 weeks Ago By Jung So-yeon
London, UK — The DLT Science Foundation (DSF) is proud to support the launch of the MiCA Crypto Alliance, with Hedera, Ripple, and Aptos Foundation as founding members, as announced on September 16. This groundbreaking association brings together some of the most influential players in the blockchain space and aims to streamline and enhance compliance with the Markets in Crypto-Assets (MiCA) regulation, with a view to fostering a sustainable and compliant crypto ecosystem. The Markets in Crypto-Assets (MiCA) regulation will be fully applicable by the end of this year and has been established by the European Union to provide a comprehensive regulatory framework for the crypto market, ensuring transparency, consumer protection, and market integrity.
The cryptocurrency industry is in a state of rapid evolution, as global regulatory bodies recognize the urgent need for a solid framework that addresses the need for transparency, investor protection, and cybersecurity. The MiCA regulation is being introduced at a critical time, providing much-needed clarity for the European market and fostering a more secure and dependable environment for cryptocurrency assets. In addition to introducing well-publicized governance and transparency obligations, MiCA also introduces stringent sustainability-focused disclosure requirements that mandate Crypto-Asset Service Providers (CASPs), which include centralized exchanges and other regulated entities, to share information about the climate impact of their operations while promoting uniformity and standardization.
The regulation requires that this climate impact assessment be shared via publicly accessible white papers and website descriptions. However, the absence of an official template or guideline document for these communications risks leaving CASPs potentially facing non-compliance through no fault of their own. The MiCA Crypto Alliance, with the DLT Science Foundation (DSF) as its technical partner, is a member-governed initiative that aims to solve this problem by coordinating compliance efforts among leading blockchain projects, blockchain foundations, and CASPs.
By standardizing white paper content and sustainability indicators, the MiCA Crypto Alliance seeks to ensure consistency and comparability, ultimately reducing the complexities associated with regulatory compliance. With over a third of crypto hedge funds expecting increased legal and compliance costs in the near future, largely due to market volatility and evolving regulatory environments, the MiCA Crypto Alliance encourages blockchain innovators and exchanges to participate in this new initiative aimed at fostering a more standardized and compliant industry that will help reduce these costs, increase transparency, and promote uniformity. Members will gain access to shared resources, such as advanced compliance tools, expert advice, and networking opportunities with prominent figures in the industry.
Commenting on the launch of the Alliance, Dr. Paolo Tasca, Founder & Chairman of the DSF, said, “In bringing regulatory clarity to the blockchain sector, MiCA represents a significant step towards mass adoption of digital assets and decentralized technologies. The sustainability disclosure requirements contained within the regulation are designed to drive climate accountability from projects operating within this space and encourage the responsible development of these powerful technologies.
In enabling the launch of the MiCA Crypto Alliance, we are committed to setting the standards for compliance with the regulation and providing projects with the tools and knowledge they need to thrive in this new landscape.” Members of the MiCA Crypto Alliance, including Hedera, Ripple, and Aptos Foundation, will have access to exclusive sustainability indicators and AI-powered white paper generation tools developed and provided by DSF. These resources are designed to help members meet MiCA requirements efficiently and effectively, promoting a high standard of compliance and sustainability within the industry.
Hedera, thanks to its unique consensus algorithm, will contribute its expertise in sustainability metrics, while Ripple's strong commitment to transparency will help ensure regulatory compliance across the network. Finally, Aptos Foundation brings its experience in furthering blockchain-based security and scalability, further strengthening the alliance’s efforts. Nilmini Rubin, Chief Policy Officer at Hedera, commented, "Becoming a founding member of the MiCA Crypto Alliance is a strategic move that allows us to collaborate with industry leaders, leveraging our combined expertise to achieve shared objectives.
By partnering with other esteemed members, we aim to enhance transparency and establish a cohesive regulatory framework. Our goal is to develop a more efficient, transparent, and well-regulated environment that benefits consumers and the entire industry.” Lauren Weymouth, Director, University Partnerships at Ripple, said: "Ripple is delighted to become a founding member of the MiCA Crypto Alliance.
This is a unique opportunity to promote collaboration between the academic community and leaders in the digital assets space, supporting sustainability best practices and regulatory compliance. This underlines Ripple's long-standing position as an advocate for industry regulation that protects consumers and provides clarity to enterprise, which is essential for the sustainable development of the crypto sector." "Aptos Foundation is honored to be a founding member of the MiCA Crypto Alliance.
In addition to delivering exceptional data and boosting interoperability across ecosystems, we believe that coordinated efforts in standardizing disclosure obligations are crucial for the long-term success and credibility of Web3," added Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation. Prof. Dr.
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Roman Beck, member of the Steering Committee, MiCA Alliance, and Head of the European Blockchain Center said: "At a time when transparency, compliance, and security are becoming increasingly important in the rapidly evolving blockchain and crypto landscape, the MiCA Crypto Alliance offers a unique opportunity to fill an existing gap to help organizations meet these regulatory requirements. The collaboration between some prominent names in the industry will not only foster trust among regulators and market participants but also pave the way for a more sustainable and scalable future for the industry." From today, the MiCA Crypto Alliance welcomes new applicants to join this alliance and partner with other members in their collective ambition to enhance transparency and foster the sustainable development of the crypto industry.
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