Ireland is working closely with the European Union’s regulatory agencies and authorities to align the country’s stance with the Markets in Crypto-Assets (MiCA) regulation, according to Central Bank Deputy Governor Derville Rowland.
Rowland revealed this during her speech at the Association for Financial Markets in Europe (AFME)’s 8th Annual European Compliance and Legal Conference, which was held on 23 September 2024 at London.
According to Rowland, they regard the regulatory framework as a “highly important work” because it is the first attempt to create a “unified regulatory framework for the crypto sector” through the region.
She highlighted Ireland’s “approach of continuous improvement” to developing the regulatory framework for the crypto sector. She emphasised that even when the framework comes into full effect in the country, it will remain like that.
MiCA was first introduced in 2023 and passed into law in 2023. The regulatory framework was designed to harmonize the varying regulatory approaches across the member states, which created market fragmentation across the Union. The framework is expected to bring consistency and cohesion while reducing regulatory gaps. Notably, the Bank of Italy has announced plans to issue guidelines for implementing the framework soon.
Meanwhile, Ireland has emerged as a key contender alongside France and Germany for crypto firms trying to establish a European presence. It is now home to around 12 registered virtual asset service providers. Crypto.com recently got regulatory approval from the country’s Central Bank to offer its full range of services, including crypto-to-fiat exchanges and fiat wallets.
Similarly, UK-based crypto firm Ramp Network set up its European base in Ireland, joining a growing number of cryptocurrency companies that had established headquarters there. Steven Eisenhauer, Ramp’s chief risk and compliance officer, noted that Ireland was a top destination for crypto.
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