RegSol Blog

Department of Finance - MiCA: Consultation Opened on National Discretions

August 2023

On 9th August 2023, the Department of Finance (“DoF”) launched a public consultation on the exercise of certain national discretions contained in the EU Markets in Crypto-Assets Regulation (“MiCA”). The DoF is consulting on how Irish law should address transitional arrangements for existing Virtual Asset Service Providers (“VASPs”) already providing services in accordance with Irelands domestic regulatory framework.

Thile MiCA was enacted in June 2023, the new framework and obligations that it creates will mostly take effect during 2024. Read our previous blogpost on MiCA here. As an EU regulation, MiCA has direct effect in EU member states, however it does leave certain matters to each member state’s discretion and Ireland’s decision on those matters will need to be implemented through national legislation; thus the DoF’s current consultation.

The DoF is consulting on the following four discretions:

  1. Public Disclosure of Inside Information (Article 88(3))

  2. Administrative Penalties and Administrative Measures (Article 111(1))

  3. Transition Period for Existing Crypto-Asset Service Providers (Article 143)

  4. Simplified Authorisation Application for existing CASPs (Article 143(6))

This consultation represents an opportunity for participants, especially existing VASPs, to have their say on the shaping of some important policy and legislative issues. The consultation closes on 15th September 2023. 

Read the full Consultation here.