Ireland Working with EU Nations to Ensure Uniform MiCA Compliance

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

September 24, 2024 03:44 EDT

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Ireland is collaborating with EU partners and authorities to align on MiCA regulation, central bank deputy governor Derville Rowland said on Monday.

“For the first time, MiCAR will introduce a harmonised 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 said. “There are also obligations for offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens.”

The EU crafted MiCA to unify crypto-asset regulations across member states. Prior to MiCA, crypto rules differed greatly, fragmenting the market. Now, the framework seeks to standardize these rules, promoting market cohesion and minimizing regulatory discrepancies.

Rowland said that the European Supervisory Authorities (ESAs) are pushing for a unified approach to implementing MiCA across national authorities.

“We see this as highly important work. MiCAR, being a first attempt at regulation in this area, is an important opportunity to avoid divergent approaches emerging in different jurisdictions,” she added.

Crypto Adoption Grows in Ireland as Businesses Embrace Digital Payments

Ireland hosts a wide range of businesses, from crypto exchanges to blockchain startups. Crypto interest is particularly strong among young, tech-savvy individuals and finance professionals exploring new investments.

More businesses in Ireland are adopting crypto payments, fueled by global digital currency trends and the potential for lower transaction costs.

Ireland Ranks High for Crypto Firms Seeking MiCA Compliance

Earlier this year, Steven Eisenhauer, Ramp’s chief risk and compliance officer, highlighted Ireland as a top destination for crypto companies. He pointed out that despite its small size, Ireland hosts about 12 virtual asset service providers.

Further, he estimated that around half of crypto firms preparing for MiCA consider Ireland, alongside France, Germany and Belgium, as potential bases.