The Foundation Cardano has taken a significant step towards regulatory compliance and sustainability by partnering with the Crypto Carbon Ratings Institute (CCRI) to release an update on its compliance indicators with the future regulation of Cryptoasset Markets (MiCA) in the European Union. This move, which came six months ahead of schedule, not only strengthens Cardano’s position in the market but also sets a new standard for the cryptocurrency industry.
The report emphasizes Cardano’s adherence to MiCA’s mandate, which requires cryptoasset issuers and service providers to disclose sustainability indicators. The partnership with CCRI ensures the quality of monitoring and data collection methodology.
One of the key highlights of the report is Cardano’s use of an energy-efficient consensus protocol on its blockchain. Compared to proof-of-work protocols like Bitcoin, Cardano consumes significantly less electricity. The report also provides sustainability metrics in line with the regulatory technical standards (RTS) proposed by the European Securities and Markets Authority (ESMA) under MiCA.
The European Union has taken the lead in establishing detailed legislation for the regulation of cryptoassets with the introduction of MiCA. This regulation, expected to be fully implemented by 2024, marks a new phase in the regulation of digital assets and recognizes their growing importance in the financial environment.
Please note that the views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.