The DLT Science Foundation (DSF) announced the launch of the MiCA Crypto Alliance on September 16, with Hedera, Ripple, and the Aptos Foundation as founding members, according to a statement shared with CryptoSlate.
The Markets in Crypto Assets (MiCA) Regulation, recently approved by the European Union, aims to create a regulated digital asset environment that protects cryptocurrency users while fostering innovation.
Standardized reports
MiCA imposes strict disclosure requirements on crypto-asset service providers (CASPs), including centralized exchanges. These providers must disclose the climate impact of their operations and share this data through publicly available white papers and online descriptions.
Notably, the Cardano Foundation released the blockchain network’s sustainability indicators in July through a partnership with the Crypto Carbon Ratings Institute (CCRI).
However, the lack of a formal model poses problems for CASPs, which can lead to non-compliance.
The MiCA Crypto Alliance seeks to address this issue with the DSF as a technical partner. It aims to streamline compliance by coordinating efforts across leading blockchain projects, foundations, and CASPs. The alliance hopes to simplify regulatory compliance and improve consistency by standardizing whitepaper content and sustainability metrics.
MiCA Crypto Alliance members, including Hedera, Ripple, and the Aptos Foundation, will have access to proprietary sustainability metrics and AI-powered whitepaper generation tools provided by the DSF. These tools are designed to help members effectively meet MiCA requirements and promote a higher level of compliance and sustainability.
Dr Paolo Tasca, Founder and Chairman of the DSF, said that sustainability disclosure requirements aim to foster climate responsibility of projects and support responsible technology development. He added:
“By enabling the launch of the MiCA Crypto Alliance, we are committed to setting the standards for regulatory compliance and providing projects with the tools and knowledge they need to thrive in this new landscape.”
Nilmini Rubin, Head of Policy at Hedera, highlighted that the MiCA Crypto Alliance allows the network to collaborate with industry leaders to achieve common goals. Rubin added that blockchain aims to improve transparency and establish a consistent regulatory framework that benefits consumers and the industry.
Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation, added:
“Coordinated efforts to standardize disclosure requirements are essential to the long-term success and credibility of Web3.”
