Clarity On The Status Of Cryptocurrencies In Ireland

For those seeking certainty on the current and future regulatory framework for virtual currencies in Ireland, two recent publications indicate a willingness on the part of the Government and Central Bank to adopt a considered and constructive approach to this and other technological innovations in the area of financial services in Ireland:

• A discussion paper on ‘Virtual Currencies and Blockchain Technology’ by the Department of Finance; and
• A speech by the Central Bank’s Director of Policy & Risk, Gerry Cross, on 'financial regulation and technological change' published on the Central Bank’s website.

The paper published by the Department presents research it has carried out into virtual currencies and the blockchain ecosystem that exists in Ireland, Europe and globally. It summarises actions taken by selected countries around the world and sets out the key risks and opportunities these technologies present. Similarly, in his speech, the Director of Policy & R