Major Crypto Firms Join Forces to Ensure MiCA Compliance

The DLT Science Foundation (DSF) introduced the MiCA Crypto Alliance on September 16, with Hedera, Ripple, and the Aptos Foundation joining as key partners.

This effort is a direct response to the European Union’s recent Markets in Crypto Assets Regulation (MiCA), which seeks to foster innovation in the digital asset space while enforcing a secure and regulated framework.

MiCA places rigorous reporting demands on crypto asset service providers (CASPs), including centralized exchanges, requiring them to publicly disclose the environmental impact of their operations via white papers and online platforms. However, the absence of standardized reporting formats presents challenges for compliance.

The MiCA Crypto Alliance, with DSF acting as a technical advisor, aims to simplify the compliance process by standardizing both disclosures and sustainability metrics. This will help ensure uniform reporting practices throughout the industry. Alliance members will benefit from access to exclusive resources, such as tools for generating white papers and AI-powered sustainability metrics, to assist with meeting MiCA’s requirements.

Dr. Paolo Tasca, the founder of DSF, emphasized the importance of sustainability disclosures in driving climate responsibility and the ethical development of technology. Nilmini Rubin, Chief Policy Officer at Hedera, spoke about the alliance’s potential to enhance collaboration and transparency within the blockchain sector, while Bashar Lazar, Head of Grants at the Aptos Foundation, noted that standardizing disclosure protocols is crucial for the success and trustworthiness of Web3 technologies.

The overarching goal of the MiCA Crypto Alliance is to create regulatory benchmarks that support a compliant and environmentally responsible crypto ecosystem.