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ARTICLE · 06 JUNE 2023

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Central Bank Remarks On The Forthcoming Implementation Of MiCA

William Fry LLP
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On 30 May 2023, at a Blockchain Ireland event, Gerry Cross, Director of Financial Regulation, Policy & Risk (Director) in the Central Bank of Ireland (Central Bank)...

European UnionTechnology
Shane Kelleher
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On 30 May 2023, at a Blockchain Ireland event, Gerry Cross, Director of Financial Regulation, Policy & Risk (Director) in the Central Bank of Ireland (Central Bank), spoke about the Markets in Crypto-Assets Regulation (MiCA), its implementation from next year, and other related topics.

The purpose of MiCA is to implement and harmonise an EU-wide regulatory framework for crypto-assets (and crypto asset service providers (CASPs)). The Central Bank Director explained that the Central Bank and the Department of Finance in Ireland were closely involved in the EU legislative process to finalise MiCA.

Implementation Timeframe

The Director commented that MiCA is expected to apply to issuers of stablecoins (Asset Referenced Tokens (ARTs) and E-Money Tokens (EMTs)) around July 2024 and to CASPs at the beginning of 2025. MiCA also provides for a potential transition phase of up to 18 months for CASPs already operating under applicable law in the relevant jurisdiction.

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