Ripple, Aptos and Hedera Form MiCA Alliance for Crypto in EU

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 relationship between the crypto industry and regulators is not always harmonious; in the US, for example, the Securities and Exchange Commission (SEC) is waging its own battle against dozens of cryptocurrencies and platforms.

In the EU, things have been much more relaxed since the MiCA (Markets in Crypto-Assets) legal package came into force in July. This development is also reflected in the new MiCA alliance, in which Ripple (XRP), Aptos (APT) and Hedera Hashgraph (HBAR) are founding members.

According to the press release, the MiCA alliance wants to help cryptocurrencies and exchanges meet EU requirements and save costs through standard procedures. Ripple has always seen itself as close to industry and has brought XRP into the traditional banking sector as an international bridge currency with modest success.

Behind the Aptos Foundation and APT are well-known donors such as Andreessen Horowitz and customers from Microsoft to Google. Hedera Hashgraph (HBAR) is in any case 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 wrong.

This continues a trend in the crypto industry

Ideals of the first Bitcoin generation such as independence from state structures, anonymous finances and rebellion à la cypherpunk have fallen behind. Investors have become accustomed to trading Bitcoin and Co. in a regulated environment, sometimes with gritted teeth.

The MiCA alliance of Ripple, Aptos and Hedera will not want to shake this, but will promote regulation with a sense of proportion in future projects. Ripple, for example, 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 brings together three major international cryptocurrencies, Ripple, Aptos and Hedera Hashgraph, which are close to the industry and are prepared to design blockchain solutions in compliance 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 accepted, the MiCA Alliance could actually become a well-known and accepted interest group that the EU sees as a contact for crypto issues.

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(Featured image by WorldSpectrum via Pixabay)

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