Legion Partners with Bluprynt to Simplify MiCA Compliance for Crypto Projects

Legion Partners with Bluprynt – Legion Introduces Streamlined Crypto Fundraising Process with Bluprynt Collaboration

Legion Partners with Bluprynt – On Monday, Legion, a crypto fundraising platform, announced a strategic partnership with the startup Bluprynt to enhance compliance solutions for developers operating within the European Union (EU). This collaboration aims to assist developers in meeting the Markets in Crypto-Assets Regulation (MiCA) requirements during token sales without the need for extensive legal counsel.

Driving Down Compliance Costs

In an interview with Decrypt, Chris Brummer, founder and CEO of Bluprynt, emphasized that their partnership focuses on reducing compliance expenses for projects. He described Bluprynt as an end-to-end solution that not only helps in drafting compliant white papers but also integrates on-chain data. “My goal has been to free up entrepreneurs to concentrate on their vision and put their capital toward its best use,” Brummer explained.

Importance of White Papers in the Crypto Space

White papers have historically been crucial in academia and are now essential for developers to articulate their projects in the crypto industry. Brummer noted that these documents could also attract investor interest, although they vary significantly in detail and accuracy. Since June, MiCA regulations require white papers for any project engaged in token sales, imposing strict disclosure standards. For smaller projects, the financial burden of creating a compliant white paper can exceed €50,000 (approximately $54,000), making it challenging to raise funds.

Streamlining the White Paper Process

Bluprynt is dedicated to simplifying the extraction and formatting of on-chain data to expedite the white paper review process by legal experts. According to Brummer, this collaboration can reduce compliance costs related to MiCA by up to 70% in practice.

Legion’s Mission to Democratize Fundraising

Founded in 2021, Legion’s mission is to enhance retail investors’ access to on-chain fundraising opportunities. The platform aims to put a regulatory-compliant spin on Initial Coin Offerings (ICOs), a concept popularized by Ethereum in 2016. Recently, Legion introduced an investor scoring system to help founders evaluate potential investors based on their contributions to other projects.

“Today’s market is full of projects that are capital-rich but community-poor,” stated Matt O’Connor, founder of Legion. “With MiCA-compliant white papers and a licensed platform for retail investors, teams can now include value-add users at the earliest fundraising stages.”

The Regulatory Landscape in the U.S.

In the United States, ICOs remain largely unregulated, and the Securities and Exchange Commission (SEC) has urged token issuers to register their offerings. Brummer characterized the token issuance process in the U.S. as a high-stakes endeavor fraught with litigation risks. “It’s not easy,” he noted, explaining that existing requirements often do not align with the nature of decentralized projects.

Potential Regulatory Changes Ahead

Depending on the outcomes of the U.S. presidential election, potential digital asset regulations could shift soon, as some lawmakers have promised reform. Meanwhile, Brummer believes standardized white papers represent a significant step toward regulatory clarity in the crypto space, particularly within the EU.

“There are many different ways in which information provided by projects will be coming under some kind of regulatory oversight,” he said. “We started with the white paper because it was a great proof-of-concept—the Europeans have been very forward-looking.”

Through this partnership, Legion and Bluprynt aim to create a more accessible and compliant environment for crypto projects, fostering growth and innovation in the evolving landscape of digital assets.

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