Lawrence Damilola
Ireland is working closely with its European Union partners to align with the Markets in Crypto-Assets Regulation (MiCA), according to Derville Rowland, deputy governor of the Central Bank of Ireland.
“For the first time, MiCA will introduce a harmonized regulatory framework for the sector that introduces prudential and conduct obligations for issuers of e-money tokens, asset-referenced tokens, and for crypto-asset service providers,” Rowland stated on Monday. She added that the regulation also imposes obligations for public offers of crypto-assets that are not classified as asset-referenced or e-money tokens.
Deputy Governor Rowland delivered a keynote address, this afternoon, at @AFME_EU 8th Annual European Compliance and Legal Conference, entitled "Change and challenges – responding to uncertainty, transforming for the future and driving innovation". Read on: https://t.co/mjCtYVszUJ pic.twitter.com/pK13A6Mgnj
— Central Bank of Ireland (@centralbank_ie) September 23, 2024
The EU-developed MiCA seeks to unify regulations related to crypto-assets across its member states. Before MiCA, varying rules across countries resulted in market fragmentation. The framework now aims to standardize these regulations to promote consistency and minimize discrepancies.
Rowland emphasized the significance of adopting a cohesive strategy for the execution of MiCA. She noted that the European Supervisory Authorities (ESAs) advocate for a consistent method of applying MiCA throughout national agencies, considering it crucial
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She added that MiCA, as a first attempt at regulating the crypto sector, presents an important opportunity to prevent divergent approaches in different jurisdictions.
In Ireland, cryptocurrency adoption continues to grow, with many businesses integrating digital payment options into their day-to-day transactions. The country hosts a range of companies, including crypto exchanges and blockchain startups. Interest in digital currencies is particularly prevalent among young, tech-savvy individuals and finance professionals exploring new investment opportunities.
As the global trend toward digital payments accelerates, more businesses in Ireland are accepting cryptocurrency due to the potential for reduced transaction costs.
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At the beginning of this year, Steven Eisenhauer, who serves as the chief risk and compliance officer at Ramp, shared his insights on why Ireland is attractive to cryptocurrency companies. He pointed out that Ireland is regarded as a prime location for businesses aiming for MiCA compliance. The country ranks high alongside nations such as France, Germany, and Belgium.
Despite its modest size, Eisenhauer highlighted that Ireland is home to approximately 12 virtual asset service providers. Furthermore, he suggested that about half of the cryptocurrency companies gearing up for MiCA are looking at Ireland as a potential headquarters.
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LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
