Under the proposed regulations, Crypto Asset Service Providers, referred to as CASPs , will require authorisation to operate in Europe. The definition of CASP will cover businesses advising and managing crypto assets, exchanges, trading platforms and custodians to name some examples. Overall the effect will be that any business providing crypto asset services to third parties will be subject to the regulations.
As mentioned in our previous article on MiCA, the regulation will introduce a new regulatory framework for crypto assets in Europe.
Under the proposed regulations, Crypto Asset Service Providers, referred to as CASPs , will require authorisation to operate in Europe. The definition of CASP will cover businesses advising and managing crypto assets, exchanges, trading platforms and custodians to name some examples. Overall the effect will be that any business providing crypto asset services to third parties will be subject to the regulations.
How will it affect my current crypto business in Ireland?
MiCA is expected to become applicable to CASPs 18 months after the regulations are enacted. There will likely be a transition period for CASP's currently operating within national law prior to the date of enactment. This will allow them to continue to trade up to 18 months or until authorisation is granted by the Central Bank who will be the governing body in Ireland. This is a similar transition arrangement that was put in place with the VASP regulations when enacted .
What steps should I take now?
Contact us today for a advice on firstly whether you fall into the definition of CASP , for advice on the steps required to prepare for enactment of MiCA, crypto regulation in Ireland and also to obtain legal advice as to whether you will benefit from the transition arrangement as proposed.
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