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Zumo Launches Oxygen MiCA Compliance Module to Help EU Crypto Firms Meet MiCA Regulatory Requirements

Zumo Launches Oxygen MiCA Compliance Module to Help EU Crypto Firms Meet MiCA Regulatory Requirements

Bitget2024/09/19 13:45

Zumo, a B2B digital asset infrastructure provider, 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 Act (MiCA), according to CrowdFund Insider. zumo's Oxygen MiCA Compliance Module leverages the sustainability data of its strategic partner Crypto Zumo's Oxygen MiCA Compliance module utilizes sustainability data from strategic partner Crypto Carbon Ratings Institute (CCRI) to provide CASPs with sustainability metrics for MiCA compliance. This feature automates the generation of MiCA website disclosure reports and streamlines the sustainability compliance process for CASPs.

MiCA's sustainability requirements will be in effect for a strict period of time, involving 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 and generate ESMA-compliant outputs.” MiCA requires CASPs to disclose the environmental impact of the crypto assets they offer by December 30, 2024 on their websites. Failure to comply could face fines of at least €5 million or 5% of annual turnover. However, industry research suggests that over 80% of CASPs may be unaware of the need to report ESG data by the European Securities and Markets Authority (ESMA) deadline.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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