B2B assets platform Zumo has published a report from Davos regarding the industry’s preparedness for the EU’s forthcoming Markets in Crypto-Assets (MiCA) regulation, with a particular emphasis on sustainability requirements.
The report was released during the World Economic Forum (WEF) global event in Davos, Switzerland, where discussions centered on sustainable development, the global economy, and innovation.
Key findings from the report reveal that 75% of respondents are “very familiar” with the MiCA regulation, yet less than one-third consider themselves “knowledgeable” about the sustainability disclosure requirements. When asked about challenges in complying with MiCA, 50% of participants identified unclear regulatory requirements as the primary obstacle, while 38% pointed to a lack of resources, and 31% noted the limited information available for compliance.
Peter Kerstens, an adviser at the European Commission, emphasized that the sustainability of crypto-assets and their validation protocols is a crucial policy issue. He stated that MiCA includes disclosure requirements to inform consumers and investors about the relative sustainability of crypto-assets, thus enabling responsible decision-making. Kerstens urged Crypto-Asset Service Providers (CASPs) to view MiCA not just as a compliance obligation but as an opportunity to access the EU-wide market.
Zumo’s report also highlighted that respondents perceived the greatest risk of non-compliance as reputational damage (75%), followed by loss of customers due to sanctions (69%), and loss of customer trust (31%).
Kirsteen Harrison, sustainability director at Zumo, noted that the report highlights the necessity for further regulatory engagement to achieve sustainability policy outcomes. She conveyed that Zumo aims to bridge knowledge gaps surrounding MiCA and aid crypto companies in grasping the broader sustainability agenda of which MiCA is a part.
Harrison concluded, “By fostering dialogue, championing actionable steps, and providing new, accessible solutions, we are supporting the transition towards a more transparent, sustainable, and compliant crypto industry.”