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Ireland is working alongside EU partners and authorities to synchronize on MiCA regulation, stated central bank deputy governor Derville Rowland on Monday.
“For the first time, MiCAR will establish a unified regulatory framework for the sector that imposes prudential and conduct responsibilities for issuers of e-money tokens, asset-referenced tokens, and for crypto-asset service providers,” Rowland noted. “There are also requirements for public offerings of crypto-assets other than asset-referenced tokens or e-money tokens.”
The EU developed MiCA to standardize crypto-asset regulations among member states. Before MiCA, regulations varied significantly, leading to a fragmented market. The new framework aims to harmonize these regulations, fostering market unity and reducing regulatory inconsistencies.
Deputy Governor Rowland delivered a keynote speech this afternoon at @AFME_EU 8th Annual European Compliance and Legal Conference, titled “Change and challenges – responding to uncertainty, transforming for the future and driving innovation”. Read more: https://t.co/mjCtYVszUJ pic.twitter.com/pK13A6Mgnj
— Central Bank of Ireland (@centralbank_ie) September 23, 2024
Rowland mentioned that the European Supervisory Authorities (ESAs) are advocating for a cohesive strategy to implement MiCA across national authorities.
“We regard this as crucial work. MiCAR, being the initial attempt at regulation in this domain, presents a significant opportunity to prevent divergent approaches from arising in various jurisdictions,” she added.
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