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ARTICLE · 10 MAY 2024

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Central Bank Update On The Impact Of MiCA On VASPs

William Fry LLP
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On 2 May 2024, the Central Bank of Ireland signalled a change in its approach to registering Virtual Asset Service Providers (VASPs) / authorising Crypto Asset Service Providers (CASPs) in Ireland.

IrelandTechnology
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
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On 2 May 2024, the Central Bank of Ireland signalled a change in its approach to registering Virtual Asset Service Providers (VASPs) / authorising Crypto Asset Service Providers (CASPs) in Ireland.

Given that the Markets in Crypto Assets Regulation (MiCA) will apply to CASPs from 30 December 2024 and a period of at least ten months is required to conclude the assessment of an application for the registration of a VASP, the Central Bank considers that firms intending to provide crypto asset services should concentrate on preparing for a CASP application rather than seeking a VASP registration.

Background

Since April 2021, firms seeking to provide any VASP activities are required to be registered by the Central Bank as a VASP prior to commencing operations.

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