The Government of Ireland has submitted its own consultation on possible regulation of digital assets or crypto.
The European Union has approved crypto asset regulation under MiCA. Ireland, part of the EU, is flexing its prerogative to present its own consultation on possible regulation or Markets in Crypto Assets Regulation (MiCAR).
In a statement today, the Minister of Finance of Ireland said it was exercising its “national discretion” to launch the public consultation.
Ireland states that the comments received will be taken into consideration when deciding how best to transpose the MiCAR into Irish law.
The package aims to “bridge the gap” in EU legislation while supporting innovation alongside sufficient consumer protection.
The proposals seek to bring crypto assets into a regulatory framework and incorporate stablecoins, “asset-referenced tokens,” and EMTs or e-money tokens. Utility tokens are covered under the proposal if they provide access to a good or service.
Issuers must be authorized by the Central Bank of Ireland as well as “CASPs” or crypto-asset services providers.
The consultation period will run from August 9, 2023 to September 15, 2023. Comments may be submitted here.
The consultation is available below.
