Markets in Crypto Assets Regulation (MiCAR)

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aria-labelledby="mobile-nav"> <h3 class="sr-only" id="mobile-nav">In this Section</h3> <div class="sidebar-mobile-menu visible-xs"> <a href="#">Markets in Crypto Assets Regulation (MiCAR) </a> <ul> <li class=""><a href="/regulation/markets-in-crypto-assets-regulation/micar---frequently-asked-questions" target="_self">MiCAR - frequently asked questions</a></li> </ul> </div> </nav> </div> <div class="container standard-content"> <div class="sf_cols row"> <div class="col-sm-8 main-content"> <article id="MainContentPlaceholder_T225F410C003_Col00" class="sf_colsIn" data-placeholder-label="Main Content"> <h1>Markets in Crypto-Assets Regulation (MiCAR)</h1><p>The Markets in Crypto-Assets Regulation (MiCAR) introduces a new regulatory framework for crypto-assets. MiCAR aims to protect consumers and investors and mitigate risks to financial stability.</p><p>As part of the European Commission’s Digital Finance Strategy, MiCAR establishes an EU framework for the regulation of specified activities involving crypto-assets that are not already covered by EU law, namely:</p><ul><li>Issuance of crypto-assets</li><li>Custody and administration of crypto-assets </li><li>Operation of crypto-asset trading platforms and exchanges (to fiat or other crypto).</li></ul><p>MiCAR was published in the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2023:150:TOC" target="_blank" title="This link will open in a new window" data-sf-ec-immutable="">Official Journal of the European Union</a> on 9 June 2023.</p><p>MiCAR became applicable to issuers of Asset Reference Tokens (ARTs) and E-Money Tokens (EMTs) on 30 June 2024 and will become applicable to Crypto-Asset Service Providers (CASPs) on 30 December 2024.</p> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Issuers-of-Asset-Reference-Tokens-ARTs-and-EMoney-Tokens-EMTs-bf94c81c-eb44-4b7b-9891-7e74c1734850"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Issuers-of-Asset-Reference-Tokens-ARTs-and-EMoney-Tokens-EMTs-bf94c81c-eb44-4b7b-9891-7e74c1734850" aria-expanded="false" aria-controls="Issuers-of-Asset-Reference-Tokens-ARTs-and-EMoney-Tokens-EMTs-bf94c81c-eb44-4b7b-9891-7e74c1734850"> <strong class="gtm-expanding">Issuers of Asset Reference Tokens (ARTs) and E-Money Tokens (EMTs)</strong> </a> </div> </div> <div id="Issuers-of-Asset-Reference-Tokens-ARTs-and-EMoney-Tokens-EMTs-bf94c81c-eb44-4b7b-9891-7e74c1734850" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Issuers-of-Asset-Reference-Tokens-ARTs-and-EMoney-Tokens-EMTs-bf94c81c-eb44-4b7b-9891-7e74c1734850" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p>MiCAR brings issuers of certain types of crypto-assets into the regulatory framework. Specifically, MiCAR establishes new rules for issuers of crypto-assets known as "stablecoins" including ARTs, EMTs, along with new rules for utility tokens. </p> <p>As defined by MiCAR:</p> <ul> <li>ARTs reference multiple currencies, commodities or other crypto-assets;</li> <li>EMTs reference a single official currency and</li> <li>Utility tokens provide access to a good or service supplied by the issuer of that token.</li> </ul> <p>From 30 June 2024, issuers of ARTs and EMTs have the following regulatory obligations: </p> <ul> <li>A requirement to be authorised by their National Competent Authority (NCA)and to publish a white paper containing information on the relevant ART/EMT for consumers</li> <li>Conduct and governance requirements around marketing, disclosure of information and dealing with conflicts of interest and</li> <li>Prudential requirements to ensure sufficient liquidity and the ability to meet redemption requests.</li> </ul> <p>MiCAR recognises that some ARTs or EMTs may be significant due to their size and other factors and as a result may present an increased risk. Accordingly, the <a href="https://www.eba.europa.eu/" title="This link will open in a new window" target="_blank">European Banking Authority (EBA)</a> will have supervisory responsibilities for issuers of significant ARTs and EMTs.</p> <h2>Issuers of ARTs and EMTs - engagement with the Central Bank</h2> <p>A legal person or other undertaking that intends to offer to the public or seek the admission to trading of ARTs should contact the authorisation team (<a href="/cdn-cgi/l/email-protection" class="__cf_email__" data-cfemail="82e3f2f2eeebe1e3f6ebedecf1c2e1e7ecf6f0e3eee0e3ece9acebe7">[email protected]</a>) at their earliest opportunity.</p> <p>A credit institution that intends to offer an ART to the public or seek its admission to trading should engage directly with its supervision team at its earliest opportunity.</p> <p>A credit institution or Electronic Money Institution (EMI) that intends to offer an EMT to the public or seek its admission to trading should contact their supervision team for further guidance.</p> <h3><a href="https://www.eba.europa.eu/sites/default/files/2024-07/7dcd9ce9-96e3-4c5c-8d86-39d7784d1f03/EBA%20statement%20on%20Application%20of%20MiCAR%20to%20ARTs%20and%20EMTs.pdf" title="This link will open in a new window" target="_blank">EBA Statement on the application of MiCAR to ARTs and EMTs (July 2024):</a></h3> <p><a href="https://www.eba.europa.eu/sites/default/files/2024-07/7dcd9ce9-96e3-4c5c-8d86-39d7784d1f03/EBA%20statement%20on%20Application%20of%20MiCAR%20to%20ARTs%20and%20EMTs.pdf" title="This link will open in a new window" target="_blank">In this statement</a>:</p> <ul> <li>The EBA outlines it expects that any person which intends to commence ART or EMT activities to comply fully with MiCAR from 30 June 2024.</li> <li>The EBA notes that consumers considering buying an EMT or an ART, should check whether the issue, offer, or admission to trading is carried out in accordance with MiCAR. </li> <li>This information should be signalled clearly in the white paper for the crypto-asset and on the issuer’s/offeror’s trading platform/website, and also documented in the ESMA register (when available).  Authorisation information may also be verified on the website of the relevant NCA.</li> <li>It is important for consumers to be aware that if an issue, offer, or admission to trading of an ART or EMT is not carried out in accordance with MiCAR, the safeguards set out in MiCAR do not apply, and consumers should be extremely cautious in acquiring such crypto-assets.</li> <li>The EBA also notes that from the 30 June 2024, stakeholders carrying out ART/EMT activities should assess their compliance with MiCAR, and refrain from carrying out services which constitute offering to the public, seeking admission to trading, or placingnon-compliant ARTs/EMTs.</li> </ul> <p>The Central Bank has not approved or been notified of any crypto-asset white paper for an ART or EMT under MiCAR issued by any Irish undertaking. </p> <h3><a href="https://www.eba.europa.eu/sites/default/files/2024-07/cf6eb8a7-3255-4101-82cb-2891ca7369d1/Priorities%20for%20the%20supervision%20of%20for%20ART%20and%20EMT%20issuers.pdf" title="This link will open in a new window" target="_blank">EBA Statement - supervisory priorities for issuers of ARTs and EMTs 2024 /2025 (July 2024)</a>:</h3> <p>On 5 July the EBA published a separate <a href="https://www.eba.europa.eu/sites/default/files/2024-07/cf6eb8a7-3255-4101-82cb-2891ca7369d1/Priorities%20for%20the%20supervision%20of%20for%20ART%20and%20EMT%20issuers.pdf" title="This link will open in a new window" target="_blank">statement</a> for the attention of persons issuing to the public, offering to the public, or seeking admission to trading of  ARTs and EMTs and for consumers. The EBA also sets out key topics for supervisory attention across the European Union for issuers of ARTs/EMTs in 2024/2025.</p> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-CryptoAsset-Service-Providers-CASPs-58f200e1-0d4d-46dd-999f-89f2a5c799cd"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#CryptoAsset-Service-Providers-CASPs-58f200e1-0d4d-46dd-999f-89f2a5c799cd" aria-expanded="false" aria-controls="CryptoAsset-Service-Providers-CASPs-58f200e1-0d4d-46dd-999f-89f2a5c799cd"> <strong class="gtm-expanding">Crypto-Asset Service Providers (CASPs)</strong> </a> </div> </div> <div id="CryptoAsset-Service-Providers-CASPs-58f200e1-0d4d-46dd-999f-89f2a5c799cd" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-CryptoAsset-Service-Providers-CASPs-58f200e1-0d4d-46dd-999f-89f2a5c799cd" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p><span style="font-size: 13px;">CASPs shall require authorisation in order to operate within the EU. The types of crypto-asset services and activities covered by MiCAR include:</span></p> <ul> <li>Providing custody and administration of crypto-assets on behalf of clients</li> <li>Operation of a trading platform for crypto-assets</li> <li>Exchange of crypto-assets for funds</li> <li>Exchange of crypto-assets for other crypto-assets</li> <li>Execution of orders for crypto-assets on behalf of clients</li> <li>Placing of crypto-assets</li> <li>Reception and transmission of orders for crypto-assets on behalf of clients</li> <li>Providing advice on crypto-assets</li> <li>Providing portfolio management on crypto-assets</li> <li>Providing transfer services for crypto-assets on behalf of clients</li> </ul> <p>At a high level, CASPs authorised under MiCAR will be subject to anti-money laundering, prudential and conduct requirements. </p> </div> </div> </div> <h2>Crypto-Asset Service Providers (CASPs) Authorisation overview process </h2><p><img alt="Cryto-Asset Service Providers" src="/images/default-source/regulation-img/cryto-asset-service-pro.png?sfvrsn=2854661a_4" sf-size="33545" /></p> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Initial-engagement-stage-a63c311b-cb24-4c32-b278-fbc3a437b3d7"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Initial-engagement-stage-a63c311b-cb24-4c32-b278-fbc3a437b3d7" aria-expanded="false" aria-controls="Initial-engagement-stage-a63c311b-cb24-4c32-b278-fbc3a437b3d7"> <strong class="gtm-expanding">Initial engagement stage</strong> </a> </div> </div> <div id="Initial-engagement-stage-a63c311b-cb24-4c32-b278-fbc3a437b3d7" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Initial-engagement-stage-a63c311b-cb24-4c32-b278-fbc3a437b3d7" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>Initial engagement meeting</li> <li>A presentation on the Applicant’s proposal to be submitted at least five working days in advance of the arranged meeting date. The Central Bank will provide details on the expected content of this presentation.</li> <li>At the meeting the Central Bank will outline: <ul> <li>The stages of the authorisation process</li> <li>Its authorisation and supervision expectations and</li> <li>The detail and purpose of the Key Facts Document (KFD)</li> </ul> </li> <li>Following the meeting, the Central Bank will communicate any issues identified that need to be addressed if the application is to proceed to the KFD stage.</li> </ul> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-KFD-stage-15a718be-7577-4234-92ab-7447496061ba"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#KFD-stage-15a718be-7577-4234-92ab-7447496061ba" aria-expanded="false" aria-controls="KFD-stage-15a718be-7577-4234-92ab-7447496061ba"> <strong class="gtm-expanding">KFD stage</strong> </a> </div> </div> <div id="KFD-stage-15a718be-7577-4234-92ab-7447496061ba" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-KFD-stage-15a718be-7577-4234-92ab-7447496061ba" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>The Applicant will submit a KFD (using the standard template and associated guidance)</li> <li>The Central Bank will perform an assessment of the KFD to determine if the application is aligned with the Central Bank’s authorisation and supervision expectations</li> <li>There will be continuous engagement with the Applicant and additional information may be required</li> <li>The Central Bank will communicate any issues identified that need to be addressed if the application is to proceed to the application phase.</li> </ul> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Submission-Stage-cad821fd-d68c-407d-a3c7-bb4c6c94bc4b"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Submission-Stage-cad821fd-d68c-407d-a3c7-bb4c6c94bc4b" aria-expanded="false" aria-controls="Submission-Stage-cad821fd-d68c-407d-a3c7-bb4c6c94bc4b"> <strong class="gtm-expanding">Submission Stage</strong> </a> </div> </div> <div id="Submission-Stage-cad821fd-d68c-407d-a3c7-bb4c6c94bc4b" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Submission-Stage-cad821fd-d68c-407d-a3c7-bb4c6c94bc4b" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>The Applicant will be invited to submit a CASP authorisation application form;</li> <li>Review of completeness by Central Bank within 25 working days;</li> <li>Any outstanding items to be submitted within timeframe set by the Central Bank.</li> </ul> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Potential-refusal-to-review-incomplete-application-164ac65e-308f-43bd-9c61-d49c9e9effbf"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Potential-refusal-to-review-incomplete-application-164ac65e-308f-43bd-9c61-d49c9e9effbf" aria-expanded="false" aria-controls="Potential-refusal-to-review-incomplete-application-164ac65e-308f-43bd-9c61-d49c9e9effbf"> <strong class="gtm-expanding">Potential refusal to review (incomplete application)</strong> </a> </div> </div> <div id="Potential-refusal-to-review-incomplete-application-164ac65e-308f-43bd-9c61-d49c9e9effbf" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Potential-refusal-to-review-incomplete-application-164ac65e-308f-43bd-9c61-d49c9e9effbf" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>In accordance with article 63 of MiCAR the Central Bank may refuse to review applications which remain incomplete after expiry of timeframe by the Central Bank to submit outstanding items.</li> </ul> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Assessment-stage-complete-application-a3b3fab0-d679-411a-90a1-d37c6d5d9410"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Assessment-stage-complete-application-a3b3fab0-d679-411a-90a1-d37c6d5d9410" aria-expanded="false" aria-controls="Assessment-stage-complete-application-a3b3fab0-d679-411a-90a1-d37c6d5d9410"> <strong class="gtm-expanding">Assessment stage (complete application)</strong> </a> </div> </div> <div id="Assessment-stage-complete-application-a3b3fab0-d679-411a-90a1-d37c6d5d9410" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Assessment-stage-complete-application-a3b3fab0-d679-411a-90a1-d37c6d5d9410" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>The Central Bank will begin the 40 working day assessment of application;</li> <li>Additional information may be requested from the Applicant, resulting in one suspension of the assessment period (of no more than 20 working days).</li> </ul> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Decision-3368088d-28e2-464f-a3ce-a6be7f0f6283"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Decision-3368088d-28e2-464f-a3ce-a6be7f0f6283" aria-expanded="false" aria-controls="Decision-3368088d-28e2-464f-a3ce-a6be7f0f6283"> <strong class="gtm-expanding">Decision</strong> </a> </div> </div> <div id="Decision-3368088d-28e2-464f-a3ce-a6be7f0f6283" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Decision-3368088d-28e2-464f-a3ce-a6be7f0f6283" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <ul> <li>Communication of outcome of Central Bank assessment to the Applicant within five working days of decision to grant or refuse authorisation. </li> </ul> </div> </div> </div> <br />Potential CASPs Applicants should commence engagement with the Central Bank of Ireland in good time by emailing: <a title="CASPAuthorisations@centralbank.ie" href="/cdn-cgi/l/email-protection#1b585a484b5a6e6f73746972687a6f727475685b787e756f697a77797a757035727e"><span class="__cf_email__" data-cfemail="b0f3f1e3e0f1c5c4d8dfc2d9c3d1c4d9dfdec3f0d3d5dec4c2d1dcd2d1dedb9ed9d5">[email protected]</span></a>.<br /> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Market-Abuse-10ce0397-96d0-4b91-8178-43914cf10cbe"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Market-Abuse-10ce0397-96d0-4b91-8178-43914cf10cbe" aria-expanded="false" aria-controls="Market-Abuse-10ce0397-96d0-4b91-8178-43914cf10cbe"> <strong class="gtm-expanding">Market Abuse</strong> </a> </div> </div> <div id="Market-Abuse-10ce0397-96d0-4b91-8178-43914cf10cbe" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Market-Abuse-10ce0397-96d0-4b91-8178-43914cf10cbe" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> MiCAR also introduces new rules that prohibit market abuse related to any type of crypto-asset transaction or service, including unlawful disclosure of inside information, insider trading and actions that are likely to lead to disruption or manipulation of crypto-assets. </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Transitional-period-for-CASPs-2b435320-4a5c-456d-a118-ff17dbff3d46"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Transitional-period-for-CASPs-2b435320-4a5c-456d-a118-ff17dbff3d46" aria-expanded="false" aria-controls="Transitional-period-for-CASPs-2b435320-4a5c-456d-a118-ff17dbff3d46"> <strong class="gtm-expanding">Transitional period for CASPs</strong> </a> </div> </div> <div id="Transitional-period-for-CASPs-2b435320-4a5c-456d-a118-ff17dbff3d46" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Transitional-period-for-CASPs-2b435320-4a5c-456d-a118-ff17dbff3d46" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p>MiCAR provides for a transitional period for CASPs that provided their services in accordance with applicable national law prior to 30 December 2024. </p> <p>Article 143(3) MiCAR provides for a transitional period of up to 18 months, but allows Member States the discretion to reduce its duration where they consider the national regulatory framework is less strict than MiCAR. Following its public consultation on Member State discretions in MiCAR, the Department of Finance outlined in its <a href="https://www.gov.ie/en/publication/c7040-micar-consultation-feedback-statement/" target="_blank" title="This link will open in an new window">feedback statement</a> that the transitional period, shall be a maximum period of 12 months and will end on 29 December 2025.</p> <p>See also: <a href="/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/virtual-asset-service-providers/impact-of-micar-on-vasp" title="Impact of Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers">Impact of Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers</a></p> </div> </div> </div><p><strong> </strong></p> <p> </p> <h3><span style="font-size: 14px;">ESMA delivers opinion on global crypto firms using their non-EU execution venues (July 2024)</span></h3> <p><span style="font-size: 14px;"></span>On 31 July 2024, ESMA issued  an <a href="https://www.esma.europa.eu/sites/default/files/2024-07/ESMA75-453128700-1048_Opinion_on_broker_models.pdf" title="This link will open in a new tab" target="_blank" style="font-size: 13px;">Opinion</a><span style="font-size: 13px;"> to address the risks presented by global crypto firms seeking authorisation under MiCAR for part of their activities (crypto brokerage) while keeping a substantial part of their group activities (intra-group execution venues) outside the European Union (EU) regulatory scope.  ESMA recommends that NCAs are vigilant during the authorisation process and assess business structures of global firms to ensure that they do not bypass obligations established in MiCAR, to protect consumers and ensure transparent and orderly functioning of crypto markets.  </span></p> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-MiCAR-Level-2-and-Level-3-TextsESMA-and-EBA-QAs--3a14029b-dbf0-4832-9ad0-48b0c215f471"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#MiCAR-Level-2-and-Level-3-TextsESMA-and-EBA-QAs--3a14029b-dbf0-4832-9ad0-48b0c215f471" aria-expanded="false" aria-controls="MiCAR-Level-2-and-Level-3-TextsESMA-and-EBA-QAs--3a14029b-dbf0-4832-9ad0-48b0c215f471"> <strong class="gtm-expanding">MiCAR Level 2 and Level 3 Texts/ESMA and EBA Q&As </strong> </a> </div> </div> <div id="MiCAR-Level-2-and-Level-3-TextsESMA-and-EBA-QAs--3a14029b-dbf0-4832-9ad0-48b0c215f471" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-MiCAR-Level-2-and-Level-3-TextsESMA-and-EBA-QAs--3a14029b-dbf0-4832-9ad0-48b0c215f471" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p>The EBA and ESMA have developed the majority of the level 2 and 3 texts which, will provide greater granularity on the provisions in MiCAR.</p> <p>The texts are not yet finalised. However, in its <a href="https://www.eba.europa.eu/publications-and-media/press-releases/eba-brings-application-micar-attention-issuers-consumers-and-other-relevant-stakeholders-and" target="_blank" title="This link will open in a new window">July 2024 statement</a> the EBA notes that the regulatory and implementing technical standards and guidelines applicable to the issuers and offerors of ARTs and EMTs are available on the EBA’s website. The EBA urges issuers and offerors to have regard to these documents and adjust as if those measures were fully applicable, in the case of technical standards pending their adoption by the European Commission and publication in the Official Journal of the European Union. This includes measures relating to white papers, governance, complaints handling, own funds, reserve assets, recovery and redemption plans.</p> <p>Firms should regularly monitor EBA, ESMA and European Commission’s websites for updates on these texts.</p> <p><a href="https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica" target="_blank" title="This link will open in a new window">See further information available on ESMA’s three MiCAR consultation packages</a> and <a href="https://www.eba.europa.eu/markets-crypto-assets" target="_blank" title="This link will open in a new window">the EBA’s approach to its MiCAR policy mandate</a>.  </p> <p>The ESAs have developed respective Q&A tools which firms can utilise if they have a query regarding the application of MiCAR (refer to <a href="https://www.eba.europa.eu/single-rule-book-qa" title="This link will open in a new window" target="_blank">EBA</a> and <a href="https://www.esma.europa.eu/node/add/questions_and_answers" title="This link will open in a new window" target="_blank">ESMA</a>).  ESMA has also published <a href="https://www.esma.europa.eu/press-news/esma-news/new-qas-available-15" title="This link will open in a new window" target="_blank">a number of Q&A’s relating to MiCAR</a>. </p> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Supervisory-convergence-in-the-MiCAR-transitionary-phase--52b75ea2-2ac2-4b07-99ed-b7831a677c99"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Supervisory-convergence-in-the-MiCAR-transitionary-phase--52b75ea2-2ac2-4b07-99ed-b7831a677c99" aria-expanded="false" aria-controls="Supervisory-convergence-in-the-MiCAR-transitionary-phase--52b75ea2-2ac2-4b07-99ed-b7831a677c99"> <strong class="gtm-expanding">Supervisory convergence in the MiCAR transitionary phase </strong> </a> </div> </div> <div id="Supervisory-convergence-in-the-MiCAR-transitionary-phase--52b75ea2-2ac2-4b07-99ed-b7831a677c99" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Supervisory-convergence-in-the-MiCAR-transitionary-phase--52b75ea2-2ac2-4b07-99ed-b7831a677c99" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p>ESMA published a <a href="https://www.esma.europa.eu/sites/default/files/2023-10/ESMA74-449133380-441_Statement_on_MiCA_Supervisory_Convergence.pdf" title="This link will open in a new window" target="_blank">statement</a> in which it notes that full MiCAR rights and protections will not apply to the provision of crypto-asset services until December 2024. ESMA also encourages preparations for a smooth transition to MiCAR across all EU Member States.</p> <p>Additionally, in a <a href="https://www.esma.europa.eu/sites/default/files/2023-10/ESMA75-840896669-45_Letter_to_MS_on_effective_MiCA_application.pdf" title="This link will open in a new window" target="_blank">letter</a> addressed to the Economic and Financial Affairs Council (ECOFIN), ESMA Chair, Verena Ross, outlines that coordinated action from EU Member States will be paramount to ensure the smooth, convergent, and effective application of MiCAR.</p> <p>Firstly, ESMA note that NCAs will need to establish as early as they can, supervisory procedures related to the authorisation regime set out in MiCAR. Secondly, ESMA expressed concern that extensive use of the transitional period for entities already providing crypto-asset services in the European Union would weaken the effectiveness of the MiCAR rulebook and so ESMA invited Member States to consider reducing the transitional period for entities that are already providing crypto-asset services from eighteen to twelve months.</p> <h3>Simplified procedure for applications for CASP authorisation</h3> <p>MiCAR (Article 143(6)) provides for a derogation from the authorisation requirements contained in Articles 62 and 63, which allows Member States to implement a “simplified procedure” for service providers authorised and operating under national law to provide crypto-asset services prior to 30 December 2024.</p> <p>Following the above public consultation and as outlined in its <a href="https://www.gov.ie/en/publication/c7040-micar-consultation-feedback-statement/" target="_blank" title="This link will open in a new window">feedback statement</a>, the Department of Finance has decided not to exercise the discretion provided for in Article 143(6).</p> <p>This position reflects the advice of European Securities and Markets Authority (ESMA), and recognises that Ireland’s existing VASP regime under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 as amended, is not comparable to the MiCAR CASP requirements.</p> </div> </div> </div> <div class="panel panel-default standard-accordion"> <div class="panel-heading" id="heading-Central-Banks-preparation-60ec78f7-1d0d-4b79-981d-78e7c17ebee1"> <div class="panel-title"> <a class="collapsed gtm-expanding" role="button" data-toggle="collapse" href="#Central-Banks-preparation-60ec78f7-1d0d-4b79-981d-78e7c17ebee1" aria-expanded="false" aria-controls="Central-Banks-preparation-60ec78f7-1d0d-4b79-981d-78e7c17ebee1"> <strong class="gtm-expanding">Central Bank’s preparation</strong> </a> </div> </div> <div id="Central-Banks-preparation-60ec78f7-1d0d-4b79-981d-78e7c17ebee1" class="panel-collapse collapse " role="tabpanel" aria-labelledby="heading-Central-Banks-preparation-60ec78f7-1d0d-4b79-981d-78e7c17ebee1" aria-expanded="false" style="height: 0px;"> <div class="panel-body"> <p>The Central Bank will be designated as the NCA for the authorisation and supervision of entities that will be subject to MiCAR.</p> <p>The Central Bank encourages firms that may provide services or products under MiCAR to engage with the Central Bank.</p> <p>The Central Bank has commenced its preparation for the implementation of MiCAR and has established a cross-sectoral team to integrate MiCAR into the Central Bank’s supervisory and authorisation processes and methodologies.</p> <p>On 18 July 2024, <a href="https://edit.centralbank.ie/news/article/speech-industry-briefing-on-micar-remarks-by-deputy-governor-derville-rowland-18-jul-2024" title="Derville Rowland, Deputy Governor, Consumer & Investor Protection hosted an industry briefing" target="_blank">Derville Rowland, Deputy Governor, Consumer & Investor Protection hosted an industry briefing</a>, which focused on the Central Bank’s approach to implementing MiCAR and also included an overview of:</p> <ul> <li>The Central Bank’s MiCAR Risk Appetite;</li> <li><a href="/docs/default-source/regulation/micar/micar-authorisation-and-supervisory-expectations.pdf?sfvrsn=4e24611a_2" title="The Central Bank’s MiCAR Authorisation and Supervisory expectations">The Central Bank’s MiCAR Authorisation and Supervisory expectations</a>; and</li> <li>The potential next steps for firms preparing to engage with the Central Bank.</li> </ul> <p>The Central Bank will in due course update this webpage regarding the authorisation and notification processes.</p> <p>Finally, the Central Bank will continue to monitor developments related to crypto-assets in order to assess any risks to consumer protection and financial stability.</p> <p><a href="/consumer-hub" title="Consumer information related to crypto assets is available on our consumer hub">Consumer information related to crypto assets is available on our consumer hub</a>.</p> </div> </div> </div> <p><strong>See also:</strong></p><ul><li><a title="MiCAR - frequently asked questions" href="/regulation/markets-in-crypto-assets-regulation/micar---frequently-asked-questions">MiCAR - frequently asked questions</a></li></ul><p> </p> </article> </div> <div id="MainContentPlaceholder_T225F410C003_Col01" class="sf_colsIn col-sm-4 rhs" data-placeholder-label="General Righ hand side"> <nav aria-labelledby="rhsheadingtwo"> <h3 class="sidebar-heading-icon icon-bars hidden-xs" id="rhsheadingtwo"> In this Section </h3> <div class="right-sidebar hidden-xs"> <ul class="left-nav"> <li class=""> <a href="/regulation/innovation-hub">Innovation-Hub</a> </li> <li class=""> <a href="/regulation/central-bank-portal">Central Bank of Ireland Portal</a> </li> <li class=""> <a 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