On 8 November 2024, the Irish Minister for Finance, Jack Chambers, signed a statutory instrument designating the Central Bank of Ireland (Central Bank) as the National Competent Authority (NCA) under the Markets in Crypto Assets Regulation (MiCAR).
The Central Bank is responsible for granting regulatory authorisations to Crypto-Asset Service Provider (CASP) applicants and supervising authorised entities under MiCAR in Ireland.
Statutory Instrument No 607 of 2024, European Union (Markets in Crypto-Assets) Regulations 2024:
- Designates the Central Bank as the National Competent Authority.
- Outlines the administrative penalties and measures for Regulated and non-Regulated Financial Service Providers.
- Specifies the duration of the transition period for firms that provided crypto services before 30 December 2024.
The Operational Date/Commencement date of the SI is 8 November 2024 and the regulation is to be published in Iris Oifiúigil next Tuesday.
For further information please see the Department of Finance website.
We expect the Central Bank to shortly publish its initial application form for CASP authorisation, which is known as a Key Facts Document (KFD).
Other
The Central Bank last updated its MiCAR web page on 10 September 2024 to expand on its views on implementing MiCAR. For further information, please see our article here. This can be read in conjunction with the Central Bank's comments on preparation for MiCAR at an industry event held on 18 July 2024. For further information, please see our article here.
For access to our suite of articles and briefings on MiCAR and authorisation as a CASP in Ireland, please visit our dedicated MiCAR hub here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
