Practice Areas

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Markets in Crypto Assets Regulation

The Markets in Crypto-Assets Regulation (MiCAR) introduces a new EU-wide regulatory framework for crypto-assets.

MiCAR will apply to issuers of Asset Referenced Tokens (ARTs) and issuers of Electronic Money Tokens (EMTs) from 30 June 2024 and to Crypto Asset Service Providers (CASPs) from 30 December 2024. After this date, CASPs will require authorisation to operate within the EU and any firms seeking to provide crypto asset services to EU/EEA customers from Ireland will require authorisation by the Central Bank of Ireland.

Registered Virtual Asset Service Providers (VASPs) already providing services in accordance with Irish law prior to 30 December 2024 may avail of a 12-month transitional ‘grandfathering’ period and will require authorisation as a CASP under MiCAR in order to continue providing crypto asset services after 30 December 2025.

Shane Kelleher

Partner

Louise McNabola

Partner

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Experience

William Fry’s Financial Regulation team is already supporting firms who will be applying for authorisation under MiCAR and we have extensive experience securing registration of VASPs in Ireland. We are the market leader in securing authorisation of regulated Fintechs such as electronic money institutions and payment institutions and we have acted for one-third of successful applicants for authorisation as an electronic money institution in Ireland to date.

Areas of Expertise

Authorisation requirements and applications for regulated financial services providers and extension of authorisations
Winding down of business of regulated financial services providers and surrender of authorisations
Acquisition and disposal of qualifying holdings in regulated financial services providers
Regulatory issues arising in mergers and acquisitions in the financial services sector
Regulatory capital requirements
Compliance with supervisory requirements and conduct of business requirements applicable to
regulated Fintechs
Fitness and probity regime
Corporate governance issues for regulated financial services providers
Insider dealing and market abuse
Transparency and prospectus requirements
Anti-money laundering compliance
Investigation and enforcement of regulatory standards including Central Bank administrative sanctions procedure.