The MiCA Crypto Alliance launched today with key blockchain players Ripple, Hedera, and Aptos Foundation joining as founding members.
Backed by the DLT Science Foundation, this alliance aims to help crypto firms navigate new regulations in the European Union more effectively, particularly the Markets in Crypto Assets regulation, according to a DLT Science Foundation post.
Ripple (XRP), Hedera (HBAR), and Aptos Labs (APT) have joined forces to improve transparency and encourage innovation in blockchain technology. The DLT Science Foundation, which is also behind this initiative, plans to work closely with businesses and developers to foster a compliant and sustainable future for cryptocurrencies.
MiCA regulation
The MiCA regulation is part of the EU’s broader push to create a safe and innovative digital asset environment. It requires CASPs to publish details on the impact of climate change on their operations.
This regulation demands strict disclosures from service providers, including centralized exchanges, to ensure transparency and sustainability.
However, many firms struggle to meet these requirements due to the lack of a standardized process. The MiCA Crypto Alliance seeks to address this by offering members access to advanced tools that streamline compliance.
According to DLT, these tools will assist with sustainability assessments and white paper creation, making it easier for firms to meet the required standards.
For those unfamiliar with the technical aspects, MiCA is a set of rules aimed at making the cryptocurrency world more transparent. Just like traditional financial systems follow regulations to ensure fair operations, the Markets in Crypto Assets regulation ensures that crypto firms do the same.
By offering tools and resources, the alliance helps companies comply with these new rules without being overwhelmed by the complexity of crypto-specific regulations. The DLT Science Foundation will provide strategic guidance and technical support to members of the MiCA Crypto Alliance, helping them adapt to the evolving regulatory environment.
