WASHINGTON, June 24,
2024 /PRNewswire/ -- Bluprynt, the leader in
crypto disclosures, today announced the completion of
the first ever pilot of a MiCA product in the European Union. The
pilot simulation, conducted with the Bank of Lithuania, included the participation of
E-Money Token (EMT) and Asset-Referenced Token (ART)
stablecoin issuers, and ran two weeks, beginning
June 10, 2024.
During the simulation, prospective issuers used Bluprynt to
compose MiCA compliant White Papers, and spent the time drafting,
evaluating and revising responses. Bluprynt plans other pilots with
the Bank of Lithuania in the
upcoming months.
"Getting compliance tools right means building the most
thoughtful, user-friendly technology possible, and developing the
best regulatory expertise in the space," observed Dr. Christopher J. Brummer, an internationally
recognized expert on crypto asset disclosures and
Bluprynt's founder. "We're doing this the right way—with
research-driven applications—and we've been delighted by the
response from founders and government."
The Markets in Crypto-Assets (MiCA) framework, the
EU's rules for the cryptocurrency industry, starts to
come into effect June
30th, 2024. Stablecoins, categorized as EMT's and
ART's under MiCA, are the first products to become subject to the
MiCA mandate, with other crypto assets to follow. The
framework represents a significant step forward in advancing
transparency in crypto markets. Still, rules remain
incomplete, and crypto issuers largely unprepared and
unaware of their disclosure obligations.
To address the uncertainty, Bluprynt's unique team of engineers,
lawyers and a lawyer-programmer has been building tools to assist
companies seeking to comply with MiCA's White Paper
requirements—and for governments as they build their
crypto disclosure and compliance frameworks.
The simulation followed a tabletop top exercise hosted by
Bluprynt with general counsels and policy leaders from leading
global infrastructure providers and stablecoin
issuers--and regulatory observers from the European Commission,
European Banking Authority, and the Bank of Lithuania. As an interdisciplinary dialogue,
leading experts from Ava Labs,
CahillNXT, Coinbase, INX, Kraken, Paxos, Polygon,
Membrane Finance, Solana, Vanderbilt University and VNX collectively engaged
varying insights and interpretations of some of MiCA's ambiguities,
and how they compared to U.S. disclosure rules.
The Bank of Lithuania, Dr.
Brummer noted, was a logical partner for coordinating the pilot.
"Lithuania ranks second in the EU
in terms of the number of registered crypto-asset
companies," he observed. "Plus the Bank of Lithuania in particular is not only one of the
most advanced supervisors in the space, but it also has the
infrastructure within the EU to support data-driven exercises like
these that will be critical if MiCA is to be successful."
About Bluprynt
Bluprynt, the leader in crypto asset disclosures
and regulated communications, is a global financial technology
company that provides infrastructure and tools to help
blockchain-based businesses and governments prepare for the
future. We pair our premier regulatory and technology
expertise to bring unique, first in class disclosure solutions for
layer one blockchains, banks, exchanges, entrepreneurs and
supervisors building their domestic regulatory ecosystems.
Media contact:
CJ Brummer
team@bluprynt.com
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SOURCE Bluprynt