Central bank deputy governor Derville Rowland emphasized the efforts of the European Supervisory Authorities (ESAs) to ensure a consistent approach to the implementation of the Markets in Crypto-Assets Regulation (MiCA). Speaking on Monday, Rowland noted Ireland’s active collaboration with EU partners to align on MiCA regulations.
“For the first time, MiCA will introduce a harmonized regulatory framework that includes prudential and conduct obligations for issuers of e-money tokens, asset-referenced tokens, and crypto-asset service providers,” Rowland explained. “Additionally, there will be obligations for public offers of crypto-assets other than asset-referenced or e-money tokens.”
MiCA was developed to unify crypto-asset regulations across EU member states, addressing the fragmentation that existed before its introduction. The new framework aims to standardize rules, fostering market cohesion and reducing regulatory inconsistencies.
Rowland highlighted the importance of a unified implementation approach by the ESAs, stating, “This is critical work. MiCA represents a first attempt at regulation in this area and offers a significant opportunity to prevent divergent approaches in different jurisdictions.”
Growing Crypto Adoption in Ireland
As interest in cryptocurrencies rises, Ireland has become home to a diverse array of businesses, including crypto exchanges and blockchain startups. The growing popularity of digital payments is particularly strong among young, tech-savvy individuals and finance professionals exploring new investment opportunities.
Many businesses in Ireland are increasingly adopting crypto payments, driven by global trends and the potential for lower transaction costs.
Ireland: A Top Destination for Crypto Firms
Earlier this year, Steven Eisenhauer, Ramp’s chief risk and compliance officer, identified Ireland as a leading destination for crypto companies. Despite its small size, Ireland is home to about 12 virtual asset service providers. Eisenhauer noted that around half of the crypto firms preparing for MiCA are considering Ireland, along with France, Germany, and Belgium, as potential bases for their operations.
This emphasis on compliance and a supportive regulatory environment positions Ireland as a key player in the evolving cryptocurrency landscape within the EU.
