The DLT Science Foundation (DSF) announced on September 16 the launch of the MiCA Crypto Alliance, 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 crypto users while promoting innovation.
Standardized reporting
MiCA imposes strict disclosure requirements for Crypto-Asset Service Providers (CASPs), including centralized exchanges. These providers must disclose the climate impact of their activities and share this data through white papers and online descriptions that are accessible to the public.
Notably, the Cardano Foundation released blockchain network sustainability indicators in July through a partnership with the Crypto Carbon Ratings Institute (CCRI).
However, the lack of a formal model poses challenges for CASPs, potentially leading to non-compliance.
The MiCA Crypto Alliance is trying to address this problem with the DSF as a technical partner. It aims to streamline compliance by coordinating the efforts of major blockchain projects, foundations and CASPs. The alliance hopes to simplify regulatory compliance and improve consistency by standardizing white paper content and sustainability indicators.
Members of the MiCA Crypto Alliance, including Hedera, Ripple and the Aptos Foundation, will have access to exclusive sustainability metrics and AI-powered white paper generation tools provided by the DSF. These tools are designed to help members efficiently meet MiCA requirements and promote a higher standard of compliance and sustainability.
Dr. Paolo Tasca, founder and chairman of the DSF, stated that the sustainability disclosure requirements aim to drive climate responsibility for projects and support responsible technological development. He added:
“By enabling the launch of the MiCA Crypto Alliance, we aim to set the standards for regulatory compliance and equip projects with the tools and knowledge they need to thrive in this new landscape.”
Nilmini Rubin, Chief Policy Officer at Hedera, noted that the MiCA Crypto Alliance allows the network to collaborate with industry leaders to achieve shared goals. Rubin stated that blockchain aims to increase transparency and create a coherent regulatory framework that benefits consumers and the industry.
Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, added:
“[The] coordinated efforts in standardizing disclosure obligations are critical to Web3’s long-term success and credibility.”
