Ireland Working with EU Nations to Ensure Uniform MiCA Compliance
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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.
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
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.
Ireland hosts a wide range of businesses, from crypto exchanges to blockchain startups. Crypto interest is particularly strong among young, tech-savvy individuals and
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