The DLT Science Foundation (DSF) has announced its support for the launch of the MiCA Crypto Alliance, which includes Hedera, Ripple, and Aptos Foundation as founding members.
This new association aims to facilitate compliance with the European Union's Markets in Crypto-Assets (MiCA) regulation, set to take full effect by the end of this year.
MiCA Demands Climate Disclosures
MiCA is designed to create a comprehensive regulatory framework for the cryptocurrency market. It seeks to ensure transparency, consumer protection, and market integrity. The regulation includes strict disclosure requirements, particularly concerning the climate impact of crypto operations, which must be detailed in publicly accessible white papers and website descriptions.
Commenting on the launch of the Alliance, Paolo Tasca, Founder & Chairman of the DSF, said: “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.”
However, MiCA does not provide a standard template for these disclosures, potentially leading to compliance issues for Crypto-Asset Service Providers (CASPs). The MiCA Crypto Alliance aims to address this by coordinating compliance among blockchain projects and CASPs. The alliance will work to standardize white paper content and sustainability metrics, aiming to simplify regulatory adherence.
“In addition to delivering exceptional data and boosting interoperability across ecosystems, we believe that coordinated efforts in standardising disclosure obligations are crucial for the long-term success and credibility of Web3,” added Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation.
Hedera, Ripple, Aptos Support
As regulatory costs are expected to rise, with over a third of crypto hedge funds anticipating increased legal and compliance expenses, the MiCA Crypto Alliance provides resources to help mitigate these costs. Members will have access to compliance tools, expert advice, and networking opportunities.
Hedera will contribute expertise in sustainability metrics, Ripple will focus on regulatory compliance through transparency, and Aptos Foundation will support blockchain security and scalability. The DSF will offer exclusive tools and resources to assist members in meeting MiCA requirements and promoting high standards of compliance and sustainability within the industry.
Lauren Weymouth, Director of University Partnerships at Ripple, said: “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 article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments