Report reveals less than one third of crypto companies fully understand MiCA
22 January 2025 Europe
Image: stock.adobe.com/Patrick
A report from Zumo has revealed that less than one third of crypto companies are knowledgeable about the EU’s incoming Markets in Crypto-Assets (MiCA) regulation’s sustainability reporting obligations.
The survey, produced by the digital assets platform, highlighted that only 25 per cent of respondents said they were already prepared to be compliant with the incoming regulation, and 63 per cent said they were still exploring compliance options.
Over 10 per cent of those surveyed are yet to take any steps towards improving compliance.
In spite of this, 75 per cent of respondents did consider themselves ‘very familiar’ with the regulation.
Half the respondents cited a lack of clarity surrounding regulatory requirements and expectations, as well as a lack of ready-made solutions available as key challenges.
38 per cent added that they believed they lack the required resources to meet the requirements.
Kirsteen Harrison, sustainability director at Zumo, says: “Our report emphasises that sustainability policy outcomes are unlikely to be achieved without further regulatory engagement.
“We’ve been working extremely hard to close the knowledge gaps that exist around MiCA, as well as helping crypto companies to better understand the broader sustainability agenda of which MiCA forms one part.”
The survey, produced by the digital assets platform, highlighted that only 25 per cent of respondents said they were already prepared to be compliant with the incoming regulation, and 63 per cent said they were still exploring compliance options.
Over 10 per cent of those surveyed are yet to take any steps towards improving compliance.
In spite of this, 75 per cent of respondents did consider themselves ‘very familiar’ with the regulation.
Half the respondents cited a lack of clarity surrounding regulatory requirements and expectations, as well as a lack of ready-made solutions available as key challenges.
38 per cent added that they believed they lack the required resources to meet the requirements.
Kirsteen Harrison, sustainability director at Zumo, says: “Our report emphasises that sustainability policy outcomes are unlikely to be achieved without further regulatory engagement.
“We’ve been working extremely hard to close the knowledge gaps that exist around MiCA, as well as helping crypto companies to better understand the broader sustainability agenda of which MiCA forms one part.”
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