Bluprynt Shares Standards for Machine Readability for MiCA White Papers

Bluprynt, a leader in digital reporting solutions, has announced the publication of a sample Inline eXtensible Business Reporting Language (iXBRL) taxonomy for the Markets in Crypto-Assets Regulation (MiCAR) white papers. This initiative comes in response to the European Union's MiCAR, which took effect on June 1, 2024, requiring issuers of E-Money Tokens and Asset-Referenced Tokens to publish their white papers in a machine-readable format.  

In creating the taxonomy, Bluprynt has advanced the first and only end-to-end suite of tools to assist MiCA issuers—from fulfilling substantive disclosure requirements to filing in a format required by regulators.  It is also the second “first” accomplished by the young company, which completed the first pilot of MiCA tools in the European Union with the Bank of Lithuania in June.

iXBRL is a standardized, machine-readable format designed for the digital reporting of financial and business information, allowing data to be embedded directly into web pages. Still, the development of a taxonomy in the iXBRL format is a complex and challenging task, particularly due to the need to accurately represent a diverse range of data in a universally comprehensible format.   Thus while publishing a draft taxonomy for MiCAR white papers in early 2024, ESMA’s guidelines were ultimately only partial, covering a fraction of the disclosure fields. Bluprynt took up the challenge to build upon ESMA’s initial work and complete the challenge, and has shared its taxonomy with ESMA to help accelerate and enable MiCA implementation.  The taxonomy is used in its core product, which helps automate the production of MiCA white papers for crypto issuers, and can be used as a standard for regulators and industry alike.

The implementation of MiCA is unfolding in Europe as the United States moves haltingly toward developing its own set of disclosure rules for crypto assets. Some members of Congress are positioning themselves to advance market structure and stablecoin regulations after the U.S. Presidential election during the lame-duck session, a critical window for policymaking before a new Congress is seated. The years-long effort has proven to be not only a political exercise, with lawmakers navigating partisan divides and lobbying interests, but also a technical one.  

“Regulators expect their mandates to be complied with, and the private sector needs the certainty and clarity to do so,” observed Dr. Christopher Brummer, a Georgetown law professor who founded Bluprynt.  “But getting rules off the ground requires technical expertise and input—and publicly-minded firms and stakeholders can serve a vital role in enabling good policy.  We’re here to help.”

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