DSF Partners With MiCA Crypto Alliance To Boost Compliance Standards
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The DLT Science Foundation (DSF) has revealed that it will support the introduction of the MiCA Crypto Alliance, which has Hedera, the Aptos Foundation, and Ripple as founding members.
The goal of this new group is to help blockchain projects follow the European Union’s Markets in Crypto-Assets (MiCA) rules, which will be fully effective by this year’s end. MiCA wants to set clear rules for the crypto market.
These rules will make sure that all transactions are transparent, keep the market fair, and protect customers. The regulation will require detailed information on how crypto projects impact the environment, which must be available in public documents and websites.
The Alliance Will Simplify White Papers And Reports To Help With Rule-Following
The Founder & Chairman of the DSF, Paolo Tasca gave his opinion regarding the introduction of the Alliance. He stated that the regulation’s requirements for environmental impact are meant to make projects more accountable for their climate effects and encourage responsible tech development.
MiCA does not offer a clear guide for these reports and this might make Crypto-Asset Service Providers (CASPs) fail to follow the rules. To address this issue, The MiCA Crypto Alliance will help blockchain projects and CASPs comply with the regulations. The Alliance plans to make white papers and reports easier to follow.
The Head of Grants & Ecosystem at Aptos Foundation, Bashar Lazaar noted that the Alliance provides excellent data and improves how different systems work together. He added that the team believes if all parties work together to set clear reporting rules, it will boost the future success and trustworthiness of Web3.
As rules get more expensive and many crypto hedge funds expect higher legal costs, the MiCA Crypto Alliance offers many resources to reduce these expenses. Members will enjoy benefits like expert advice, compliance tools, and many opportunities to meet other great minds.
DSF Will Provide Tools To Help Meet MiCA Rules And Maintain High Standards
Hedera will bring its knowledge in environmental metrics, Ripple will ensure clear rules for following laws, and Aptos Foundation will help boost the growth of blockchain and make it more secure. The DSF will provide special tools and resources to help members meet MiCA rules and keep high standards in the industry.
Lauren Weymouth, the Head of University Partnerships at Ripple asserted that this is a great chance to build relationships between the academic community and digital asset leaders. The goal of these partnerships is to support the best practices to be sustainable and follow the rules.
The Chief Policy Officer at Hedera, Nilmini Rubin stated that becoming part of the MiCA Crypto Alliance is a smart move. He added that it will allow the group to work with top players in the industry, and use their combined knowledge to reach common goals.
