MiCA EU Crypto Regulation Guideline

[GENERAL] Name and Surname of Main Applicant

Oussama Benmahmoud

[GENERAL] Email address of Main Applicant

oussama.benmahmoud@peak-soft.de

Additional Applicants

Abderrahim Issaoui

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” in this field.

No dependencies

[GENERAL] Will your project outputs be fully Open Source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.” in this field.

Project will be fully open source.

[METADATA] Category of Proposal

Standards and Regulation

[IMPACT] Please describe your proposed solution.

Our proposed solution is a comprehensive online guide and research resource for understanding and implementing the MiCA regulations. We perceive the problem as a significant gap in the market for accessible and easy-to-understand resources regarding these new crypto-asset regulations. This hampers the growth and innovation in the Cardano and wider blockchain community, as businesses and developers struggle to navigate and adhere to these rules.

In response to this problem, we chose to create an online resource because of its wide accessibility and potential for extensive and detailed information. This digital guide will be made available to everyone, from blockchain startups to individual developers, legal practitioners, and enthusiasts who wish to understand the regulatory environment better. It will also serve as a vital tool for Cardano stakeholders who need to ensure their projects are compliant with European regulations.

What's unique about our solution is the combination of deep research, expert consultation, and community engagement. We believe that understanding MiCA is not just about reading the regulation text but about discussing, questioning, and applying it in various blockchain scenarios. Therefore, alongside the guide, we plan to host webinars, Q&A sessions, and community discussions to engage users in active learning and conversation about MiCA.

The benefits of this solution are multifold. It will enhance the Cardano ecosystem's regulatory knowledge, promote legal compliance, and prevent potential violations that could result in penalties or reputational damage. By aiding businesses and developers to navigate MiCA regulations, we indirectly facilitate innovation and growth in the Cardano ecosystem. This project thus aligns with Cardano's vision of delivering a secure, transparent, and robust platform for the development of transformative blockchain solutions.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our proposed solution directly addresses the challenge of regulatory uncertainty and compliance in the Cardano ecosystem. The newly introduced MiCA regulations present both a challenge and an opportunity. Our solution leverages this opportunity by providing an in-depth, accessible guide to navigate these regulations. 

By demystifying the MiCA regulations, we'll empower businesses within the ecosystem to operate with greater confidence and regulatory clarity. This will reduce legal risks, contribute to the long-term stability of projects, and can potentially attract new projects looking for a compliant blockchain ecosystem. 

The benefits to the Cardano ecosystem extend beyond businesses. Improved regulatory clarity can also increase investor confidence, drawing more attention to Cardano's robust and compliant ecosystem. Moreover, by setting an example of proactive legal compliance, we contribute to Cardano's reputation as a responsible, forward-thinking blockchain ecosystem.

As for impact, we expect the online guide to attract a substantial number of users, primarily businesses and investors within the Cardano ecosystem. Our plan also includes frequent updates to the guide to ensure its relevance and utility, making it a living resource within the community.

[IMPACT] How do you intend to measure the success of your project?

The success of our project will be evaluated based on several key qualitative metrics:

1. Usage and Engagement Metrics: One of the key indicators of success will be the usage and engagement with the MiCA regulation guide
2. Community Feedback: We'll actively solicit feedback from the community about the utility and accuracy of the guide
3. Number of Inquiries: We'll track the number of inquiries and consultations related to MiCA regulation that we receive
4. Adoption of Regulatory Practices: In the long term, we aim to see a noticeable increase in Cardano-based projects adopting regulatory practices in accordance with MiC
5. Influence on Policy Discussions: Another measure of success would be our contribution to policy discussions in the Cardano ecosystem

[IMPACT] Please describe your plans to share the outputs and results of your project?

Our approach to disseminating the project's outputs is multifaceted and inclusive. We recognize that the topic of MiCA regulations applies to various stakeholders within the Cardano ecosystem and the broader crypto community. Here's our planned approach:

1. Online Publication: The primary output of our project, the MiCA regulation guide, will be publicly available on a dedicated website
2. Community Engagement: We plan to engage directly with the Cardano community through forums, AMAs, and workshop
3. Collaboration with Cardano Entities: We'll work with the Cardano Community to share our findings and guide
4. Social Media & SEO: We'll employ SEO techniques to ensure our guide is easily discoverable for anyone searching for information on MiCA regulation

As for utilizing the results for future activities, our project sets a foundation for ongoing research into blockchain regulations. The insights gained and community feedback will guide the development of additional resources and tools. Furthermore, we see the potential for developing similar guides for other regulatory frameworks, thereby contributing to a better understanding of global crypto regulations within the Cardano community.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

As PeakSoft GmbH, a Germany-based consulting company, we bring an extensive range of skills and experiences to the table, making us uniquely positioned to deliver this project.

• Company Reputation and Track Record: Over the years, we have established ourselves as a trusted entity, working with large-scale applications and big clients. Our projects' success, including partnerships with leading German automakers, underscores our ability to deliver high-quality results and manage large-scale projects efficiently.
• Solid Team Foundation: Our company boasts six full-time employees, each bringing their expertise in diverse disciplines such as software development, quality assurance, project management, and blockchain technology. This strong internal structure will ensure that all aspects of our project are managed effectively.
• Extended Resources: Beyond our internal team, we have access to an extensive network of external consultants. Should the need arise, we can swiftly deploy additional resources to ensure our project progresses without disruption.
• Web2 and Web3 Expertise: Our team members are pioneers in both web2 and web3 technologies. We have in-depth experience in large-scale software quality assurance and application development. Furthermore, our involvement as Plutus Pioneers and Atala PRISM Pioneers showcases our deep-rooted understanding and commitment to the Cardano ecosystem.
• Transparency and Accountability: We prioritize maintaining clear communication with the community. Regular progress reports and periodic webinars and Q&A sessions will be organized to keep stakeholders updated. Our stringent budgeting and auditing procedures will ensure that funds are managed appropriately and used as intended.

While our current budget allows for the completion of our proposed project, we may consider seeking additional funding in future Catalyst rounds. This would enable us to introduce new features and expand our project's scope. Any additional funding required will be detailed in a separate, new proposal.

To track the progress of our project, we'll implement Agile methodologies, particularly Scrum, and set clear acceptance criteria for each project component and deliverable. We'll also make use of Scrum boards and product backlogs to provide a transparent and constantly updated view of our progress.

For us, success is not merely about reaching milestones. It also involves accomplishing our established acceptance criteria and user stories within our sprints, and successfully delivering the first product increment within the proposed timeline. In essence, success means delivering a product that meets our high-quality standards and offers real value to the Cardano ecosystem.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The main goals of our project are as follows:

1. Create an In-depth Understanding of MiCA Regulations: Our primary goal is to dive into the recently passed MiCA regulations and build a comprehensive understanding of its implications for crypto business
2. Develop an Accessible Online Guide on MiCA: We aim to translate our understanding of the MiCA regulations into a user-friendly, accessible guide that breaks down the complex legal language into practical, actionable insight
3. Engage the Cardano and Broader Crypto Community: We want to ensure that our project is not created in a vacuum, but rather in active engagement with the Cardano community and other interested stakeholders. 
4. Continuous Update and Maintenance of the Guide: As regulations and interpretations evolve, we intend to keep our guide up-to-date, ensuring its continued relevance and utility for the community

Our approach's feasibility will be validated through several means. For the first goal, the successful comprehension and interpretation of the MiCA regulations will be demonstrated through the guide's content and insights. For the second goal, the creation of the online guide and its acceptance by the community will serve as our validation. The third and fourth goals will be validated through community engagement metrics and periodic updates to the guide, respectively.

We'll employ a mix of qualitative feedback (e.g., community feedback, expert reviews) and quantitative measures (e.g., website visits, guide downloads, engagement metrics) to assess our progress towards achieving these goals. Our project combines research, technical development, and community engagement, and we plan to execute it using a structured project management approach, employing proven methodologies for each component.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: In-depth Research on MiCA Regulations (1.5 months)

Tasks:

1. Extensive literature review on MiCA regulations
2. Consultations with legal experts specializing in cryptocurrency regulation
3. Interactions with the crypto community to understand their concerns and questions about MiCA

Success Criteria: Comprehensive report summarizing MiCA regulations and their implications for blockchain businesses.

Milestone 2: Development of Online Guide Content (1.5 months)

Tasks:

1. Translation of research findings into a user-friendly, practical guide
2. Reviews and feedback incorporation from legal experts and community members
3. Preparation of interactive and engaging content (infographics, quizzes, etc.) to supplement text-based material

Success Criteria: Final draft of the guide content, ready for web development.

Milestone 3: Web Development (2 months)

Tasks:

1. Design and development of the website interface
2. Integration of the guide content into the website
3. Testing for usability, responsiveness, and overall user experience
4. SEO optimization

Success Criteria: Launch-ready website hosting the MiCA guide.

Milestone 4: Community Engagement and Guide Launch (1 month)

Tasks:

1. Pre-launch promotions on relevant community platforms
2. Official launch of the online guide
3. Post-launch community engagement, feedback collection, and issue resolution

Success Criteria: Successful launch of the online guide and positive initial community feedback.

Milestone 5: Continuous Update and Maintenance of the Guide (Ongoing)

Tasks:

1. Regular tracking of changes and updates in MiCA regulations
2. Timely updating of the online guide to reflect the latest regulatory landscape
3. Continued community engagement and feedback incorporation

Success Criteria: Regular updates to the online guide and sustained community engagement. This will be an ongoing task post the project completion, ensuring the guide's continued relevance and utility.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: In-depth Research on MiCA Regulations

Deliverable: Comprehensive research report

Outcome: A detailed understanding of MiCA regulations, its implications for blockchain businesses, and the concerns/questions of the crypto community. This research will serve as the foundation for the development of the online guide.

Metrics: Completion of the research report, feedback from legal experts, and quality of insights generated from community interactions.

Milestone 2: Development of Online Guide Content

Deliverable: Final draft of the guide content

Outcome: Accessible and engaging content that translates complex regulatory information into practical advice for blockchain businesses. This will facilitate wider understanding of MiCA regulations within the Cardano community.

Metrics: Completion of the guide content, feedback from legal experts and community members, and level of engagement with interactive elements.

Milestone 3: Web Development

Deliverable: Launch-ready website

Outcome: A user-friendly, interactive, and informative online platform hosting the MiCA guide. The website will enable easy access and understanding of MiCA regulations for the broader crypto community.

Metrics: Usability testing results, page load times, SEO ranking factors, and initial user feedback.

Milestone 4: Community Engagement and Guide Launch

Deliverable: Official launch of the online guide

Outcome: Increased community awareness and understanding of MiCA regulations. The launch will also generate feedback and insights for further improvement of the guide.

Metrics: Number of users visiting the website, time spent on the website, feedback received, and social media engagement metrics.

Milestone 5: Continuous Update and Maintenance of the Guide

Deliverable: Regular updates to the online guide

Outcome: Ensured relevance and utility of the guide in line with the latest regulatory changes. This will foster continued trust and engagement from the community.

Metrics: Frequency of updates, feedback received post updates, and sustained user engagement with the website.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Milestone 1: In-depth Research on MiCA Regulations

Total budget: 25k ADA

This will cover the costs related to data access, scholarly articles, potential consultation with legal experts, and team members' efforts in conducting the research and analysis.

Milestone 2: Development of Online Guide Content

Total budget: 20k ADA

This budget will cater to the time and expertise required to translate the research into comprehensive, accessible, and engaging content. It includes drafting, proofreading, and incorporating interactive elements into the content.

Milestone 3: Web Development

Total budget: 50k ADA

This budget allocation covers the costs of web design and development, domain registration, hosting services, and potential use of third-party web development tools or platforms. It also includes testing and optimization to ensure the website's usability and performance.

Milestone 4: Community Engagement and Guide Launch

Total budget: 30k ADA

This budget will be used for promotional activities, including social media marketing, community engagement events (webinars, AMA sessions), and public relations. It will also cover the costs of monitoring and responding to feedback from the community.

Milestone 5: Continuous Update and Maintenance of the Guide

Total budget: 25k ADA

This budget will cater to regular updates and maintenance of the website to ensure it remains relevant and useful for the community. It includes costs associated with tracking regulatory changes, updating the guide content, and maintaining the website's performance.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Our project's cost offers significant value for money for the Cardano ecosystem due to our team's expertise, our operational efficiency, and our strategic approach to resource utilization.

Our team comprises highly skilled professionals, with extensive experience in large-scale application development, software quality, and connected car projects. This high caliber of expertise might appear to increase the cost, but it also ensures that we deliver high-quality solutions that are designed to stand the test of time, resulting in long-term savings for the ecosystem.

In terms of operational efficiency, we, as PeakSoft GmbH, a Germany-based consulting company, have years of experience working with prominent clients and managing sizable projects. This experience enables us to streamline our operations, reducing overheads and eliminating unnecessary costs.

Furthermore, as a company, we have full-time employees dedicated to this project, ensuring a high degree of accountability, ownership, and commitment, which in turn leads to better cost management and enhanced output. This commitment also extends to the possibility of deploying external consultants, if necessary, to enhance our capabilities without significantly affecting our cost structure.

The budget for this project has been determined considering the average wages for software professionals in Germany, which is one of the higher wage countries in Europe, reflecting the high level of expertise and quality assurance that we bring to this project. However, we're confident that our team's unique combination of skills and experience in both Web2 and Web3 technologies offers exceptional value for the Cardano ecosystem.

Ultimately, our aim is to provide the Cardano community with solutions that not only solve existing problems but also open up new opportunities. By investing in our project, the community is investing in the potential for future growth and innovation within the ecosystem, making it a value-for-money proposition.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept