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1. Department of Finance launches Consultation Paper on MiCA Regulation

On 9 August 2023, the Minister for Finance, Michael McGrath, launched a public consultation on the exercise of national discretions contained within the Markets in Crypto Assets Regulation ("MiCA"). While EU Regulations have direct effect in Ireland, within MiCA, there are a number of provisions to which full harmonisation does not apply and Member States have discretion in how they apply these provisions. It is these provisions which are the subject of the Consultation Paper ("Paper").

The Paper seeks feedback on four discretions:

• Art 88(3): public disclosure of inside information;
• Art 111(2): Administrative penalties and other administrative measures;