Crypto firms still engaging with Central Bank despite downturn via IrishTimesBiz
Although not named in the report, the regulator authorised four crypto companies last year under the VASP regime, including Irish-registered firms owned by digital asset exchanges Coinbase and Gemini.
The authorisation brings the companies under the Irish regulator’s supervision for the purposes of anti-money laundering and criminal financing regulations only. Speaking to The Irish Times in advance of the report’s publication, Sharon Donnery, deputy governor of the Central Bank for financial regulation, said the well-publicised decline in crypto asset prices last year did not manifest in a notable decline in engagement from the industry.“I think the real issuescrypto, particularly around [the collapse of] FTX and so on crystallised more towards the end of last year and early this year,” she said.
“So we do see kind of a lot of debate around crypto and where it’s going and where it’s ultimately going to end. In terms of the report for 2022. I don’t think we’ve really seen that sort of common through yet in terms of the decline in the level of interest or anything like that.”Overall, she said there remains “a high level of interest” in the Innovation Hub despite the decline in the overall number of enquiries.
“What I would say is, we are in a very different monetary policy and interest rate environment and as we know from other discussions, I think our sense from talking to firms, is that there are some changes in the sort of investment and investor appetite for these types of firms as well,” she said. “We’ll be looking out for that this year”.
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