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ARTICLE · 01 JUNE 2024

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Central Bank Update On The MiCAR Authorisation Process

William Fry LLP
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On 29 May 2024, at Blockchain Ireland Week, Gerry Cross, Director for Financial Regulation, Policy and Risk at the Central Bank of Ireland (Central Bank), updated the crypto assets industry on the Central...

IrelandTechnology
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On 29 May 2024, at Blockchain Ireland Week, Gerry Cross, Director for Financial Regulation, Policy and Risk at the Central Bank of Ireland (Central Bank), updated the crypto assets industry on the Central Bank's approach to applications for authorisation under the Markets in Crypto Assets Regulation (MiCAR).

Mr Cross confirmed that the Central Bank plans to outline its authorisation and supervisory expectations in detail at an industry event in July 2024 and that they will be published thereafter. The Central Bank intends to open its MiCAR authorisation gateway in early Q3 2024.

While further details are awaited, Mr Cross encourages firms seeking to provide services or products under MiCAR to engage with the Central Bank as soon as possible. He also took the opportunity to outline some high-level expectations for firms and to recommend steps that the industry can take now to prepare for the MiCAR authorisation process.

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