Bridging the gap: are CASPs ready for MiCA’s sustainability requirements?
In December 2024, Zumo conducted a snapshot survey designed to assess the preparedness of Crypto-Asset Service Providers (CASPs) for the EU’s incoming Markets in Crypto-Assets (MiCA) regulation, with a special focus on sustainability requirements.
Building on existing conversations and round-table engagement with a range of CASPs active in the EU, this survey report provides an early quantitative industry snapshot designed to inform key stakeholders on industry-side MiCA preparedness and provide an overview of the state of play in sustainability compliance reporting for crypto-assets in the MiCA environment.
Overall, we conclude that ongoing action is needed to make sure CASPs are ’brought along’ in the sustainability journey.
Key findings
1. A clear sustainability compliance knowledge gap.
Whilst three quarters of surveyed VASPs considered themselves ‘very familiar’ with MiCA regulation, less than a third say they are ‘knowledgeable’ about MiCA sustainability obligations.
2. A demand for continued regulatory liaison.
Regulatory communication is both the number one pain point (unclear regulatory requirements) and number one request (clearer and more detailed guidance) articulated by the industry to help it meet MiCA sustainability compliance requirements.
3. A need for deliberate follow-through action.
Comparative industry-side sentiment around risk quantification and regulatory liaison suggests that sustainability policy outcomes are unlikely to be achieved without further regulatory engagement.
4. A requirement to promote industry solutions.
Half of industry participants felt a lack of ready-made solutions were a blocker in their efforts to achieve MiCA sustainability solutions – despite such solutions already being available in the open market.
5. A willingness to comply.
Despite challenges, businesses are still looking to comply, and comply quickly, with MiCA provisions, wih over two-thirds of surveyed CASPs expecting to achieve full MiCA compliance within a six-month window.
Zumo remains committed to offering accessible and implementable sustainability solutions that bridge the gap that can exist between regulatory text and industry-side implementation. We also continue to liaise carefully with relevant regulators and policymakers to ensure that information asymmetries are reduced and that the industry is given the information and guidance to understand its obligations as clearly as possible.
Doing so successfully means continuing to work to bridge the knowledge gap that currently exists around the MiCA sustainability topic, and leveraging the experience Zumo and others bring to help situate and embed MiCAR’s requirements within the larger sustainability conversation. As an ongoing shift in mindsets and in business practice in a nascent sector, this is what sets the scene for a long-term sustainable digital economy.
If you are a CASP seeking your MiCA license, find out more about how Zumo can help you ensure seamless compliance with the EU MiCA regulations’ sustainability disclosures requirements.