TechFlow news — On September 19, according to CrowdFundInsider, B2B digital asset infrastructure provider Zumo has launched a new feature to help EU crypto asset service providers (CASPs) meet the upcoming sustainability requirements of the Markets in Crypto-Assets Regulation (MiCA). Zumo's Oxygen MiCA compliance module leverages sustainability data from strategic partner Crypto Carbon Ratings Institute (CCRI) to provide CASPs with MiCA-compliant sustainability metrics. The feature automatically generates MiCA website disclosure reports, streamlining the sustainability compliance process for CASPs.
Zumo founder and CEO Nick Jones said: "MiCA's sustainability requirements will take effect within strict deadlines, involving complex data challenges and potentially substantial fines. Our MiCA solution will enable CASPs to integrate data through a single interface and generate outputs compliant with ESMA requirements." MiCA mandates that CASPs disclose on their websites the environmental impact of the crypto assets they offer by December 30, 2024. Non-compliance could result in fines of at least €5 million or 5% of annual turnover. However, industry research indicates that more than 80% of CASPs may be unaware that they need to report ESG data ahead of the European Securities and Markets Authority (ESMA) deadline.
