Zumo launches the Oxygen MiCA compliance module to help EU crypto businesses meet MiCA regulatory requirements

ChainCatcher news, according to CrowdFund Insider, B2B digital asset infrastructure provider Zumo has launched a new feature to help EU crypto asset service providers (CASPs) comply with the upcoming sustainability requirements of the Markets in Crypto-Assets Regulation (MiCA). Zumo's Oxygen MiCA compliance module leverages sustainability data from its strategic partner, the Crypto Carbon Ratings Institute (CCRI), to provide CASPs with sustainability metrics for MiCA compliance. This feature automatically generates MiCA website disclosure reports, streamlining the sustainability compliance process for CASPs.

Zumo founder and CEO Nick Jones stated, "The sustainability requirements of MiCA will come into effect within strict deadlines, involving complex data issues and potential hefty fines. Our MiCA solution will help CASPs integrate data through a single interface and generate outputs that meet ESMA requirements." 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 fines of at least €5 million or 5% of annual turnover. However, industry research shows that over 80% of CASPs may be unaware that they need to report ESG data before the European Securities and Markets Authority (ESMA) deadline.