Derville Rowland, deputy governor of Ireland’s central bank, emphasized the efforts of the European Supervisory Authorities (ESAs) to ensure a unified approach to the implementation of MiCA (Markets in Crypto-Assets Regulation). Speaking on Monday, Rowland highlighted Ireland’s collaboration with EU partners to align on this framework.

“MiCAR will, for the first time, introduce a harmonized regulatory framework for the crypto sector, establishing prudential and conduct requirements for issuers of e-money tokens, asset-referenced tokens, and crypto-asset service providers,” Rowland stated. She further explained that the regulation also imposes obligations on public offerings of crypto-assets, excluding e-money and asset-referenced tokens.

MiCA aims to standardize crypto regulations across EU member states, addressing the previously fragmented rules that created inconsistencies in the market. Rowland stressed the importance of this work, noting that MiCAR provides an opportunity to avoid divergent regulatory approaches across different jurisdictions.

In Ireland, crypto adoption is growing, with businesses increasingly embracing digital payments. Crypto interest is particularly strong among younger, tech-savvy individuals and finance professionals exploring new investment avenues. Ireland has become an attractive destination for crypto companies preparing for MiCA compliance, with around 12 virtual asset service providers operating in the country. Steven Eisenhauer, Ramp’s chief risk and compliance officer, identified Ireland as one of the top locations for firms considering MiCA compliance, alongside France, Germany, and Belgium.

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Source: cryptonews.com

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