Ireland is actively collaborating with EU partners and relevant authorities to align on the implementation of the MiCA (Markets in Crypto-Assets) regulation, according to the Central Bank’s Deputy Governor, Derville Rowland, who spoke on Monday.
“For the first time, MiCA will introduce a harmonized regulatory framework for the sector, establishing prudential and conduct obligations for issuers of e-money tokens, asset-referenced tokens, and crypto-asset service providers,” Rowland explained. “There are also specific obligations for public offerings of crypto-assets, aside from asset-referenced or e-money tokens.”
MiCA was designed by the EU to standardize crypto-asset regulations across member states. Before this, regulations varied significantly, leading to a fragmented market. The new framework aims to bring cohesion, ensuring consistent rules and minimizing regulatory disparities across the region.
Rowland emphasized that the European Supervisory Authorities (ESAs) are advocating for a coordinated approach in implementing MiCA across different national regulators.
“We view this as crucial work. MiCA, as the first regulatory attempt in this area, presents a significant opportunity to prevent divergent regulatory approaches across different jurisdictions,” she added.
Crypto Adoption Expands in Ireland as Businesses Embrace Digital Payments
Ireland is home to a growing number of businesses, ranging from crypto exchanges to blockchain startups. Interest in cryptocurrency is particularly high among tech-savvy young professionals and finance experts looking to diversify their investments.
More companies in Ireland are starting to accept crypto payments, driven by global trends in digital currencies and the potential to reduce transaction costs.
Ireland Ranks High Among Crypto Firms Seeking MiCA Compliance
Earlier this year, Steven Eisenhauer, Chief Risk and Compliance Officer at Ramp, identified Ireland as a leading destination for crypto companies preparing to comply with MiCA regulations. Despite its relatively small size, Ireland is home to around 12 virtual asset service providers.
Eisenhauer also noted that nearly half of the crypto firms preparing for MiCA are considering establishing operations in Ireland, alongside other key EU markets like France, Germany, and Belgium.
