Central Bank Formally Appointed as National Competent Authority Under MiCAR

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Central Bank Formally Appointed as National Competent Authority Under MiCAR

November 8, 2024

On 7 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.

How we can help

William Fry’s Band-1-ranked Financial Regulation team has a strong track record of successfully and efficiently securing regulatory authorisations and registrations for a wide range of regulated FinTechs, including virtual asset service providers, payment institutions, crowdfunding service providers, and one-third of the electronic money institutions authorised in Ireland to date.

Contact Us

If you are considering applying for authorisation under the MiCAR regime, please contact Shane Kelleher, Louise McNabola, or your usual William Fry contact.

Contributed by Sean Quinn and Jane Balfe.