The Government has launched a public consultation on how Ireland should implement new EU rules on crypto-currencies.

The Markets in Crypto-Assets Regulation (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 includes rules on transparency, authorisation requirements, customer protection and an anti-market-abuse framework.

Penalties

The regulation, however, gives EU member states some discretion on how the legislation is implemented.

These aspects of the legislation include the disclosure of inside information, penalties for breaches of the rules, and the transition period that will apply to providers of crypto-asset services.

The Department of Finance says that the online consultation process will allow interested parties to submit their views on whether and how Ireland should exercise these national discretions.

The consultation period will run to 5pm on 15 September 2023. Submissions can be sent electronically or by post.