Zumo introduces new MiCA compliant feature 18 September 2024UK Reporter: Clelia Frondaroli
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Zumo has introduced a new feature to their digital asset infrastructure, enabling EU active crypto-asset service providers (CASPS) to comply with sustainability requirements under the Markets in Crypto-Assets (MiCA) regulation.
Under the new MiCA legislation, CASPS that have failed to disclose the environmental impact of their crypto-assets offerings will risk a fine of at least €5 million after 30 December.
Zumo’s new feature, the Oxygen MiCA compliance module, is said to provide CASPS with access to sustainability metrics for listed crypto-assets.
The company says this will improve sustainability compliance and help crypto-asset service providers to align digital asset activities with net zero principles.
Nick Jones, founder and CEO of Zumo, emphasises: “MiCA’s sustainability requirements are going live to a tight deadline, and bring with them complex data questions as well as potentially hefty fines.”
“It’s become clear that CASPs across Europe simply aren’t ready. With our MiCA solution, CASPs will be able to access a single interface that helps them cut through all the complexity associated with pulling data together, formatting an appropriate template, and providing the output that the European Securities and Markets Authority (ESMA) is looking for.”
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