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Central Bank of Ireland guidance on EU MiCAR: authorisation and supervisory expectations for CASPs and ART/EMT issuers, including governance, client asset safeguarding, operational resilience (DORA), conduct and AML

Published on: 28 January 2025

Published by a LexisNexis Ireland - Banking & Financial Services expert
Legal News
Article summary

In December 2024, the Central Bank of Ireland (Central Bank) issued guidance (MiCAR Guidance) outlining its expectations on authorisation and ongoing supervision for firms applying to offer crypto-asset services under the EU Markets in Crypto-Assets Regulation (MiCAR). MiCAR took full effect on 30 December 2024. The MiCAR Guidance covers issuers of Asset-Referenced Tokens (ARTs), issuers of Electronic Money Tokens (EMTs), and firms seeking approval as a crypto-asset service provider (CASP). It also highlights supervisory expectations that will apply to authorised entities on an ongoing basis.

Cross sectoral guidance

The MiCAR Guidance should be read alongside the Central Bank’s Guidance on expectations for applicant firms seeking authorisation to operate as a regulated firm (Cross Sectoral Guidance) published in November 2024. For more detail on the Cross Sectoral Guidance, please see our article here.

Central Bank’s MICAR risk appetite

The Central Bank’s MiCAR Risk Appetite informs its approach to authorising and supervising ART and EMT issuers, and CASPs, under MiCAR. It has been shaped by:

  • the MiCAR legislative framework
  • established authorisation and supervisory expectations
  • the Central Bank’s learnings from engagement with firms with crypto-related business models
  • the external environment and crystallised risks (eg FTX)
  • the nature of product offerings and their utility...

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