Regulatory Alerts2024-12-16
Central Bank of Ireland MiCAR Authorisation and Supervisory Expectations
The Central Bank of Ireland issued this document to establish supervisory and authorisation expectations for firms seeking authorization to provide crypto asset services, issue Asset Referenced Tokens, or issue Electronic Money Tokens under MiCAR. It mandates that applicants demonstrate robust governance, local substance, financial resilience, and strict protection of client assets while maintaining high consumer protection standards. The guidance outlines specific requirements for operational resilience, ownership transparency, and crisis management to ensure orderly market conduct and mitigate risks associated with crypto activities.
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