WILLIAM FRY LLP’s Post

🌐 Navigating Crypto Authorisation in Ireland 🌐 Yesterday, I attended a highly informative webinar titled "Securing Authorisation as a Crypto-Asset Service Provider (CASP) under MiCAR." The session, presented by Shane and Louise from WILLIAM FRY LLP and introduced by Paul Hearns from Blockchain Ireland, focused on the authorisation process for crypto businesses in Ireland. Ireland continues to be a prime location for financial services authorisation, and this holds true for crypto businesses as well. With a tax-friendly environment, a well-regarded regulator, the advantages of a flexible common law system, an excellent pool of English-speaking talent, and numerous government supports, the opportunities here are immense. Although we are still waiting for the official Central Bank of Ireland (CBI) publication on the authorisation journey, much is already known. CBI is currently welcoming pre-application meetings, making it an opportune time to start the process. As with other types of licences, there are common pitfalls that can be avoided with the right guidance. It's crucial to be transparent, understand your business model and its risks, and be able to articulate this clearly. For a swift authorisation, invest the time in crafting a well-prepared application with the assistance of a reputable law firm, rather than submitting a half-baked one and iterating. Hiring staff with the right experience and knowledge is vital, as nominating an individual who will not pass the Fintess & Probity process will significantly delay the process. Similarly, changing the business proposition mid-application can also cause substantial delays. William Fry has been incredibly helpful to me, and I highly recommend Shane and Louise if you are considering a licence in Ireland. I’m also happy to share some of my war stories in exchange for coffee! For more details, here’s a link to William Fry's overview of the CBI process: https://lnkd.in/etjDNVWa #Crypto #FinTech #Authorisation #MiCAR #Ireland #FinancialServices #BlockchainIreland #WilliamFry #CryptoRegulation

Following our William Fry/Blockchain Ireland webinar on Securing Authorisation as a Crypto-Asset Service Provider (CASP) under MiCAR yesterday, our Financial Regulation team published this overview of the latest Central Bank of Ireland positions on CASP authorisations under MiCAR. #CASP #MiCAR #Crypto #VASP #FinTech

For those who missed Shane Kelleher's and Louise McNabola's amazing webinar yesterday with Blockchain Ireland, the below update delves deep into the CBI's expectations around MiCA following the recent industry event. #fintech #finreg #mica #blockchain #stablecoin #crypto #cryptocurrency

🔍 Dive into BlockReg Advisors's latest MiCA Chronicle, "𝗦𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗖𝗼𝗹𝗹𝗲𝗴𝗲𝘀, 𝗣𝗮𝗿𝘁 𝗜𝗜: 𝗡𝗲𝘄 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗶𝗼𝗻," for a comprehensive exploration of evolving financial oversight. Understand the role and function of supervisory colleges, their adaptation within the Single Supervisory Mechanism (SSM) framework in the EU, and their impact on the regulation of significant stablecoin issuers under #MiCA guidelines. Uncover the complexities and potential challenges inherent in this model, including the dynamics between national competent authorities and central entities such as the European Central Bank (ECB). Stay informed about the future of financial supervision with our in-depth analysis. 🔗 Link: https://lnkd.in/dTYv9EuQ #FinancialSupervision #SSM #MiCA #RegulatoryInsights

Interesting read on the lessons learnt by Central Bank of Bahamas in the journey of implementing the CBDC !

At the Swiss National Bank’s recent event, Bank of England Deputy Governor Sarah Breeden outlined the transformative potential of tokenisation in reshaping the monetary system. Breeden predicts a two-phase revolution: initial efficiencies in payment and settlement structures, followed by a more disruptive phase where traditional intermediary layers are flattened, streamlining post-trade processes. Central banks, including the Bank of England, are exploring the integration of wholesale central bank digital currencies (CBDCs). Noteworthy is the creation of the "omnibus" account, leading to innovations like Fnality which utilize tokenised money. This reflects a broader trend where tokenisation facilitates direct transactions without traditional clearing, significantly reducing costs and enhancing speed. The global central banking community, under initiatives like Project Agora by the Bank for International Settlements – BIS (BIS), is actively researching how tokenised banking can coexist within the current financial architecture, enhancing efficiency through smart contracts and programmability. As institutions like the Financial Conduct Authority (FCA) in the UK and companies like BlackRock move towards tokenising funds and other assets, the financial landscape is set to become more efficient, transparent, and inclusive. This shift towards a digital infrastructure where assets are tokenised and traded in decentralized markets represents a fundamental evolution of financial market infrastructure, promising a future where financial processes are not only faster but also universally accessible.

The European Central Bank (ECB) is planning on entering the digital payments scene by building a digital euro. The EU’s plan is to make the new digital currency accessible to all, easy to use, and extremely secure — even promising cash-like privacy. The biggest focus, however, is on offline use. The following items are at the core of the planned digital euro functionality: ⚡️ Offline services ⚡️ Risk and fraud management ⚡️ App and software development ⚡️ Alias lookup ⚡️ Payment data security Learn more about what the digital euro would look like in practice in our payment professionals Sami Nurmi and Mikko Vahter’s article series’ second part. 👇 #digitaleuro

The European Central Bank (ECB) is conducting trials to explore the application of distributed ledger technology (DLT) in wholesale central bank money settlement. This initiative is a forward-looking move towards understanding and leveraging DLT’s potential to enhance the efficiency, security, and resilience of financial transactions – especially in the context of the evolving digital Euro landscape. https://lnkd.in/dp5aJ_AS

The Bahamas launched the world’s first central bank #DigitalCurrency (#CBDC), the SandDollar, which "emerged to solve financial exclusion by eliminating obstacles to financial services." Three years on, as CBDC testing and development takes off worldwide, Derek Sean Rolle, Deputy Governor at the Central Bank of The Bahamas, shares SandDollar’s story so far. Find out more: 👉 bit.ly/48XlRiH #FinancialInclusion #SandDollar #DFS #FinancialServices

In the final part of Qvik’s digital euro series, Sami and Mikko dive into risks. Despite its possible benefits, the digital euro carries multiple serious problems: ⚡️ Threats to financial stability in the case of massive deposit outflows ⚡️ Complications for smaller banks and the resulting effects on loan availability ⚡️ Significant costs to commercial players, especially banks ⚡️ The European Central Bank’s dual role as an overseer and competitor to commercial banks Read more about the possible negative effects of the public digital currency on Qvik’s blog 👇 #digitaleuro