Ireland Collaborating with EU Nations to Ensure Consistent MiCA Compliance
Ireland is working closely with its EU partners and authorities to ensure a uniform implementation of the Markets in Crypto-Assets (MiCA) regulation, according to central bank deputy governor Derville Rowland. MiCA aims to establish a harmonized regulatory framework for the crypto sector, introducing obligations for issuers of e-money tokens, asset-referenced tokens, and crypto-asset service providers. It also includes obligations for public offerings of crypto-assets. The EU designed MiCA to standardize crypto-asset regulations across member states, promoting market cohesion and reducing regulatory discrepancies. Rowland emphasized the importance of a unified approach to implementing MiCA across national authorities to avoid divergent approaches emerging in different jurisdictions.
Crypto Adoption on the Rise in Ireland as Businesses Embrace Digital Payments
Ireland is home to a diverse range of businesses, including crypto exchanges and blockchain startups. The country has seen growing interest in cryptocurrencies, particularly among young individuals and finance professionals seeking new investment opportunities. More businesses in Ireland are adopting crypto payments, driven by global digital currency trends and the potential for lower transaction costs.
Ireland Ranked as a Top Choice for Crypto Firms Seeking MiCA Compliance
Steven Eisenhauer, Ramp’s chief risk and compliance officer, highlighted Ireland as a preferred destination for crypto companies. Despite its small size, Ireland is home to around 12 virtual asset service providers. Eisenhauer estimated that about half of the crypto firms preparing for MiCA consider Ireland, along with France, Germany, and Belgium, as potential bases.