[Update: The CompliReg page has been updated to include the Central Bank's Supervisory expectations for CASPs and issuers of ARTs and EMTs. You now download from one spot the so-called 'Holy Trinity' of Central Bank of Ireland's cryptoasset documentation as follows:

1) Application Form for Markets in Crypto Asset Regulation
2) The Key Facts Document
3) MiCAR Authorisation and Supervision Expectations

https://complireg.com/casp-micar.html]

Great to finally see that Ireland's National Competent Authority for #MiCAR (Markets in CryptoAssets Regulation) has published:

1) An Application Form (35 pages) to complement the MiCAR Key Facts Document (32 pages)
2) A statement confirming that "to ensure successful implementation of the new MiCAR regime in Ireland, cognisant of business demands and the 12-month transition period, we have put in place a well-resourced and expert team to deal with the CASP authorisation process. This team will continue to engage extensively and constructively with the sector and applicants."

CompliReg has helpfully placed a copy of both the MiCAR Application Form and the previously published Key Facts Document on its website here https://complireg.com/casp-micar.html. Get in touch with them if you are on the journey to become MiCAR authorised in Europe. Ireland is but just one country where the team works on MiCAR and Emoney/Payment authorisations.

We understand that Crypto Assets Ireland is holding its second #DigitalAssets meeting later this month. Since its arrival on the scene in mid January, Crypto Assets Ireland founded by Joe McCann has run informative in-person and online events and has published a lot of useful stuff. Explains why there are more than 600 followers of its linkedin page which went live just over two months ago. Click its name above to follow it (to learn about its next event) and also kindly follow Fintech Ireland which is supporting the Crypto Assets Ireland initiative with content and information.


What is the new MiCAR Application Form?
1. General information
2. Programme of Operations
3. Prudential requirements
4. Governance arrangements and internal control mechanisms.
5. Business Continuity
6. Detection and prevention of money laundering and terrorist financing
7. Management Body
8. Shareholders or members with qualifying holding
9. ICT systems and related security arrangements
10. Segregation of clients’ crypto-assets and funds
11. Complaints-handling
12. Custody and administration policy
13. Operating rules of the trading platform and market abuse detection
14. Exchange of crypto-assets for funds or other crypto-assets
15. Execution Policy
16. Provision of advice or portfolio management on Crypto-assets
17. Transfer Services
18. Cross-border provision of crypto-asset services
19. Other comments
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​Source - Peter Oakes

MiCAR - Industry Roundtable on KFD issued by the Central Bank of Ireland

*** MiCAR Industry Roundtable on the KFD ***

Here it is - the Central Bank of Ireland's MiCAR Key Facts Document. It is hot of the press and having read through it we will point out some of the more interesting and significant aspects of the process and our initial thoughts on the authorisation process at the Fintech Ireland Summit this Thursday 28th November 2024 in Dublin.


Separately Fintech Ireland and MiCA Ready / CompliReg will host a Fintech Ireland /  MiCAReady Industry Roundtable next week for VASPs already registered in Ireland/elsewhere and others yet to start a registration / CASP authorisation journey.


To register your interest for that MiCAR Industry Roundtable - if you are a VASP / future CASP seeking authorisation in Ireland - email: [email protected] (cc [email protected]) with your name and the name of your VASP. We will then revert with details of the event date and venue for next week. And we will update you at the Fintech Ireland Summit on Thursday.


If you are a VASP/CASP and not yet registered for the Summit, come along to start the journey and relationship for your MiCAR journey in Ireland. Remaining tickets for Thursday at https://www.eventbrite.ie/e/fintech-ireland-summit-2024-tickets-913836217727?aff=FI1

For a copy of the KFD click here to download

Ireland is now home to at least 75 regulated fintechs with the registrations of both Foris DAX Global Limited (aka Crypto.com) and Sors Digital Assets Limited.  The two companies were registered by the Central Bank of Ireland under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as virtual asset service providers.  To remind, VASPs are not authorised but registered to provide their services.

Linkedin Post here: https://www.linkedin.com/posts/peteroakes_cryptoasset-virtualasset-micar-activity-7219828976863641601-fNxw

Fintech Ireland is delighted to welcome both firms to the ever-growing Regulated Fintech Map (Version 11) and the VASP Map (version 8).  Thanks to CompliReg and MiCA Ready which support firms in the  in the #cryptoasset / #virtualasset industry.

By the way, did you know that today (19 July 2024) is the second anniversary of the very first registration of a VASP?  That honour belongs to Gemini Intergalactic Europe Limited which was registered on 19 July two years ago.  Happy anniversary!

This registration of Crypto.com on 7 June 2024 and Sors Digital Assets on 16 July 2024 increases the pool of regulated fintech in Ireland to at least 75, comprised of:

* 27 authorised electronic money institutions
* 22 payments institutions,
* 6 standalone open banking firms,
* 15 VASP, and
* 5 crowdfunding services providers.

Those who read the recent Authorisation and Gatekeeping Report issued by the Central bank of Ireland might recall:

• that as at 31 December 2023 there were 14 applicants for a VASP registration in the pipeline as at that date.  Obviously deduct 2, and that means if there have been no withdrawals and no new applications, we might see a further 12 firms become registered before year’s end.  If that is the case the Central Bank will have its work cut out for itself dealing with potentially 27 MiCAR applications. Of course, it would be wise to assume that further companies have applied for registration since the start of this year.
• the average number of days taken to register a VASP is 530 calendar days and is largely driven by time taken by the applicants to respond to queries raised during the assessment. A significant number of firms have withdrawn from the registration process. 

According to Companies Registration Office Records, Sors Digital Assets is a shareholder (32.67%) in Fortuna Digital Custody Ltd which was registered as a VASP by the Central Bank of Ireland earlier this year on 9 May 2024.  Sors Digital Assets is owned by Brian Elders (55%) and Stephen Browne (45%).  Brian Elders is a director of both Sors Digital Assets and Fortuna Custody Ltd.  Sors Digital Assets had net assets of €769K as at 31 December 2023.  Stephen Browne is another director of Sors Digital Assets.

​Foris DAX Global Limited is wholly owned by  Foris Dax Holdings Ltd.  Its directors are Mariana Dinkova Gospodinova, Rafael De Marco E Melo and Antonio Alvarez Lorenzo.  Within the Crypto.com group, Mariana serves as EVP Operations & GM Europe; Rafael is co-founder and CFO; and Antonio is Group Chief Compliance Officer.  Crypto.com's VASP registered operations made a small overall profit (comprehensive income) of €71.4K in the year to 31 December 2022 well down on the €3.120M profit for the previous year.  The company's net assets as at 31 December 2022 were €3.2M.   

We wish both Crypto.com and Sors Digital Assets the very best success for their future endeavours.
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​Sign up to our Newsletter here.​

• Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html. 

LinkedIN Post here - https://www.linkedin.com/feed/update/urn:li:activity:7201146292276711425/​


Ramp Swaps (Ireland) Limited joins the Fintech Ireland Maps following its registration as a Virtual Asset Services Provider on 17 May 2024.

This increases the pool of regulated fintech in Ireland to at least 73, comprised of:
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• 27 authorised electronic money institutions,
• 22 payments institutions,
• 6 standalone open banking firms,
• 13 virtual asset services providers, and
• 5 crowdfunding services providers. 

Ramp Swaps was registered on 17 May 2024 a Virtual Asset Services Provider.  It is the second VASP to be registered thus far in 2024 by the Central Bank of Ireland. The previous registered VASP was Fortuna Digital Custody (see previous blog).

Ramp Swaps was incorporated in Ireland on 25 April 2023. The company is the 13th firm to become registered to provide crypto services in Ireland. 

According to records at the Companies Registration Office, the directors of the company are are Szymon Sypniewicz and Przemyslaw Kowalczyk who are co-funders of the Ramp Group. The group was established to make web3 accessible to all. According to Forbes "They prioritize safety and compliance in crypto and have experience in tech solutions and blockchain lending. Ramp focuses on user experience and partnerships and is registered with financial authorities.".

Ramp, which has been described as a 'PayPal for crypto' by Business Insider also registered as a Cryptoasset Services Provider by the UK FCA.  Poland's Ramp, which is building payment rails to allow more customers to invest in crypto, raised US$70mn in a Series B funding round announced on 11 November 2022. 

The Series B funding co-led by Mubadala Capital and Korelya Capital was a rare silver lining against a bleak crypto backdrop.  Ramp has now raised more than US$122mn in the last 12 months despite the current 'crypto winter'. The fintech will use the money to invest further in its product line, add local fiat currencies and payment methods, expand into new territories and hire fresh talent.

Coindesk reported on the registration on 23 May 2024.  In its reported it noted that:
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• The Ramp Network is a financial technology company building payment rails connecting crypto to the global financial system. This registration will enable its users to exchange fiat currencies for more than 100 crypto assets.
• The company wants to make Ireland its European headquarters and has established a team and operation in Dublin. It intends to get authorized as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCA).

09 August 2023: Ireland's Department of Finance has issued a Public Consultation Markets in Crypto Assets Regulation (EU 2023/1114).  CLICK HERE.

Minister for Finance Michael McGrath TD has today announced the launch of a public consultation on the exercise of national discretions contained within the Markets in Crypto Assets Regulation (MICAR) (EU) 2023/1114.

The Markets in Crypto-Assets Regulation is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The consultation commences 9 August 2023 and ends 5p.m. on 15 September 2023.

The Department of Finance has issed a public consultation, commencing 9 August 2023 ending 15 September 2023 for purpose of obtainin submissions on the transposition of national discretions included within the Markets in Crypto-Assets Regulation (MiCAR) EU 2023/11141. MiCAR is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The legislation provides a set of prescriptive rules that will shape the functioning of the European markets in crypto-assets, including transparency rules, authorisation requirements, customer protection rules and an anti-market abuse framework.

As a Regulation MiCAR has direct effect, however, there are a number of provisions in the Regulation to which full harmonisation does not apply and Member States are given discretion as to whether and how to apply these provisions.

The four national discretions this consultation seeks feedback on include:

• Article 88 (1): Public disclosure of inside information
• Article 111 (2): Administrative penalties and other administrative measures
• Article 143 (2): MiCAR transition period; and
• Article 143 (6): Simplified authorisation procedure.

Section 5 of this consultation document sets out detail of the national discretions contained within MiCAR and the Department invites comments on whether these discretions should be availed of, how they should be availed of and clear reasoning for such a position.

The Department of Finance invites people responding to the consultation to:

• Give their views on the specific questions set out below. You do not have to answer every question – you may choose to answer all of the questions or only those which are relevant to you.
•  Provide details of any issues or concerns you feel should be considered in dealing with the particular topic being addressed in your response.
• Where appropriate, provide some analysis or views on the regulatory and/or financial impact of the proposed approach.

The comments received will be taken into consideration when deciding how best to transpose the MiCAR into Irish law.

The consultation period will run from 9 August 2023 to 15 September 2023. 

The Department of Finance says that any submissions received after this date may not be considered.

If you wish to respond to this consultation paper you may do so either electronically or in writing by 15 September 2023.  Electronic submissions can be sent to https://consult.finance.gov.ie/.  Postal submissions to MiCAR Public Consultation, Financial, Advisory, Department of Finance, 1 Miesian, Plaza, D02 R583, Ireland. 
 

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