Since July, MiCA, a comprehensive legal package for the crypto industry, has been in force in the EU. Now Ripple (XRP), Aptos (APT) and Hedera Hashgraph (HBAR) have joined forces to form an alliance named after MiCA.
The EU passed MiCA, a comprehensive legal package for the crypto industry, which went into effect in July. Now, Ripple (XRP), Aptos (APT) and Hedera Hashgraph (HBAR) have joined forces to form an alliance named after MiCA.
The relationship between regulators and the crypto industry is often strained; for example, in the US, the Securities and Exchange Commission (SEC) is engaged in its own battle against several cryptocurrencies and platforms.
However, things have been more relaxed in the EU ever since the Markets in Crypto-Assets (MiCA) legal package came into effect in July. This development is also reflected in the new MiCA alliance, where Ripple (XRP), Aptos (APT) and Hedera Hashgraph (HBAR) are founding members.
According to the press release, the MiCA alliance aims to help cryptocurrencies and exchanges meet EU requirements and save costs through standard procedures. Ripple has always positioned itself as being close to the industry and has had modest success in bringing XRP into the traditional banking sector as an international bridge currency.
Well-known backers like Andreessen Horowitz and clients ranging from Microsoft to Google can be found behind the Aptos Foundation and APT. Hedera Hashgraph (HBAR) is a major industry startup in which Deutsche Telekom , among others , plays a key role. Anyone who therefore sees the MiCA alliance of the three crypto heavyweights as a lobby association is hardly mistaken.
This continues a trend in the crypto industry
The ideals of the first Bitcoin generation, such as independence from state structures, anonymous finances and rebellion à la cypherpunk, have taken a back seat. Investors have become accustomed to trading Bitcoin and Co. in a regulated environment, sometimes through gritted teeth.
The MiCA alliance of Ripple, Aptos and Hedera will not want to change this but will promote regulation with a sense of proportion in future projects. For example, Ripple wants to launch its own stablecoin and RLUSD could also appear as a MiCA-compliant euro version. Hedera is working on the topic of RWA (Real World Assets), which is intended to be used to tokenize stocks, for example – here too, MiCA will take effect and be interpreted.
Conclusion: MiCA Alliance – another crypto association or a useful initiative?
In Germany, at least two major organizations, the Blockchain Federal Association and the Bitcoin Federal Association, are trying to have a say in crypto regulation; in the EU there are dozens. The MiCA Alliance unites three major Ripple, Aptos and Hedera Hashgraph, which are close to the industry and set to shape blockchain solutions in accordance with the rules.
According to the statute, other Layer 1 and Layer 2 blockchains with their altcoins and crypto exchanges can join the MiCA Alliance. If this offer is taken up, the MiCA Alliance could actually become a well-known and accepted interest group, which the EU sees as a contact for crypto issues.
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