According to ChainCatcher, B2B digital asset infrastructure provider Zumo has launched a new feature to help EU crypto asset service providers (CASPs) comply with the sustainability requirements of the upcoming Crypto Asset Market Regulation Act (MiCA). Zumo's Oxygen MiCA compliance module uses sustainability data from strategic partner Crypto Carbon Ratings Institute (CCRI) to provide CASPs with MiCA-compliant sustainability indicators. This feature can automatically generate MiCA website disclosure reports to simplify the sustainability compliance process for CASPs.
“MiCA’s sustainability requirements will come into effect against a strict deadline and involve complex data issues and potentially high fines,” said Nick Jones, founder and CEO of Zumo. “Our MiCA solution will help CASPs consolidate data through a single interface to produce ESMA-compliant outputs.” MiCA requires CASPs to disclose the environmental impact of the crypto assets they offer on their websites by December 30, 2024. Failure to comply could result in a fine of at least €5 million or 5% of annual turnover. However, industry research shows that more than 80% of CASPs may not be aware of the need to report ESG data by the European Securities and Markets Authority (ESMA) deadline.
