The MiCA Crypto Alliance was launched today with leading blockchain players Ripple, Hedera, and Aptos Foundation as founding members.
Backed by the DLT Science Foundation, the alliance aims to help crypto companies navigate new European Union regulations more effectively, particularly regulations on crypto asset markets, according to a DLT Science Foundation article.
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 the initiative, plans to work closely with companies and developers to foster a compliant and sustainable future for cryptocurrencies.
MiCA Regulation
The MiCA Regulation is part of the EU’s broader efforts to create a safe and innovative digital asset environment. It requires CASPs to publish detailed information on the impact of climate change on their operations.
This regulation requires strict disclosures from service providers, including centralized exchanges, to ensure transparency and sustainability.
However, many companies struggle to meet these requirements due to the lack of a standardized process. The MiCA Crypto Alliance seeks to address this issue by providing its members with access to advanced tools that simplify compliance.
According to DLT, these tools will help assess sustainability and create white papers, making it easier for companies to meet the required standards.
For those unfamiliar with the technicalities, MiCA is a set of rules aimed at making the cryptocurrency world more transparent. Just as traditional financial systems follow regulations to ensure fair operations, regulation in crypto markets ensures that cryptocurrency businesses do the same.
By providing 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 advice and technical support to MiCA Crypto Alliance members, helping them adapt to the changing regulatory environment.
