Focus on Sustainability & MiCAR Compliance: Bank Frick Uses Crypto ESG Data from Crypto Risk Metrics
- Deliberate decision to source data from a neutral third party after intensive due diligence to prevent potential greenwashing
- Compliance with Markets in Crypto-Assets Regulation (MiCAR) of great importance for regulated market participants
Bank Frick relies on high standards for ESG data
Frankfurt am Main, November 21st, 2024. With Bank Frick AG, Crypto Risk Metrics has closed another reputable client for the provision of ESG data for cryptocurrencies. The Liechtenstein-based institution was one of the first banks to offer a comprehensive range of digital assets and is considered a pioneer in the traditional financial world in this area.
Neutral, well-founded data against greenwashing in the crypto sector
With regard to the decision to use data from Crypto Risk Metrics, Jonas Gantenbein, Head of Digital Assets at Bank Frick, explains: “We have deliberately chosen to source ESG data for cryptocurrencies from Crypto Risk Metrics, a provider certified under IDW PS 951 standards. Their robust compliance frameworks and proven technical expertise were key factors in our decision. Engaging an independent, highly specialized third party underscores our commitment to regulatory compliance.”
Tim Zölitz, CEO of Crypto Risk Metrics, adds: “We are pleased that Bank Frick is extending its cooperation with us to the area of crypto ESG data following an intensive technical due diligence process. We also feel vindicated in our strategy of never having accepted payments from blockchain protocols for the calculation of ESG metrics: The potential conflicts of interests are simply too high for regulated financial market participants, as under MiCAR they are ultimately responsible for the content of the data they report.”
MiCAR regulation: ESG reporting becomes mandatory
The Markets in Crypto-Assets Regulation (MiCAR) obliges so-called crypto-asset service providers to report various ESG key figures from December 30, 2024. As a leading data provider in this area, Crypto Risk Metrics is, for example, the exclusive ESG data provider of the ISO 24165 issuing body for the Digital Token Identifier Foundation and cooperates with data providers such as Infront and the Stuttgart Stock Exchange for easy integration into the systems.
Source: Press release Crypto Risk Metrics
To gain a deeper understanding of the ESG disclosure requirements under the MiCAR regulation, explore our article on ESG Disclosure Requirements for Crypto-Asset Service Providers in Europe – Everything You Need to Know.
For further reading on our recent developments and partnerships, check out the following articles:
