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
[email protected]
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