Written by Bill Hannan
Backround
Crypto-Asset Service Providers (CASPs) have been regulated within the EU under the Markets in Crypto-Assets Regulations (MiCA) since 30 December 2024.
Under MiCA, CASPs providing advice or information on crypto-assets or crypto-asset services must ensure that anyone providing advice or information about crypto-assets or a crypto-asset service on their behalf possesses the necessary knowledge and competence to fulfil their obligations.
MiCA requires Member States to publish the criteria to be used for assessing such knowledge and competence. Furthermore, competent authorities and CASPs are required to make every effort to comply with the European Securities & Markets Authority (ESMA) MiCA Guidelines. Competent authorities are also required to incorporate the ESMA MiCA Guidelines into their supervisory frameworks.
Impact on the Minimum Competency Code (MCC
In accordance with the foregoing requirements, the Central Bank of Ireland (Central Bank) has published an Addendum to the MCC to incorporate knowledge and competence requirements for staff in CASPs to align with the ESMA MiCA Guidelines. These standards will apply to staff in CASPs providing information or advice on crypto-assets or crypto-asset services. These changes will come into effect on 28 July 2026.
Requirements for CASPs
The MCC will include a new retail financial product category – Category 9: Crypto-assets.
Staff in CASPs giving information on crypto-assets or crypto-asset services must meet the knowledge and competence requirements as set out in Section 5.2 of the ESMA MiCA Guidelines. Staff in CASPs providing advice on crypto-assets or crypto-asset services must meet the knowledge and competence requirements as set out in Section 5.3 of the ESMA MiCA Guidelines. In both cases this is achieved by obtaining a qualification or other test or training course that meets the criteria set out in the ESMA MiCA Guidelines. There are no specified qualifications set out in the MCC for Crypto-assets.
Staff in CASPs must also have appropriate experience. This means that a member of staff has successfully demonstrated the ability to perform the relevant services through previous work on a full-time equivalent basis, for a minimum period of six months when giving information about crypto-assets or crypto-asset services and one year when providing advice on crypto-assets or crypto-asset services.
Existing members of staff in CASPs giving information on crypto assets or crypto-asset services on 28 July 2026 may be considered by crypto-asset service providers as having the necessary knowledge and competence to fulfil their obligations, by successfully giving information on crypto-assets or crypto-asset services on a full-time equivalent basis, for a minimum period of one year, prior to the entry into application of the ESMA MiCA Guidelines.
Existing members of staff in CASPs providing advice on crypto-assets or crypto-asset services on 28 July 2026 may be considered by crypto-asset service providers as having the necessary knowledge and competence to fulfil their obligations, by successfully providing advice on crypto-assets or crypto-asset services on a full-time equivalent basis, for a minimum period of one year prior to the entry into application of the ESMA MiCA Guidelines.
New entrants are required to operate under the supervision of an appropriately qualified and experienced person for a maximum period of four years. During this time, the new entrant must be working towards obtaining a recognised qualification and must also be working towards obtaining relevant experience.
Staff in CASPs who are giving information on crypto-assets or crypto-asset services must complete 10 hours CPD each year and staff in CASPs who are providing advice on crypto-assets or crypto-asset services must complete 20 hours CPD each year.
Interaction with the rest of the MCC
The provisions relating to CASPs are very much self-contained within the MCC. The specified requirements apply only to the staff of CASPs.
The provisions relating to CASPs are also quite different to the requirements for retail financial product categories 1-8. There are no listed recognised qualifications, and there are no listed specified competencies; the relevant knowledge requirements are those set out in the ESMA MiCA Guidelines.
The new requirements do not impact on the other eight retail financial product categories in the MCC. In particular, there are new competencies being introduced for retail financial product categories 1-8.
Crypto assets and CPD for retail financial product categories 1-8
Crypto is not a regulated financial product under the Central Bank’s supervisory structures, and there are no safeguards like those in place for traditional financial products, such as the Deposit Guarantee Scheme and the Investor Compensation Scheme.
Consequently, crypto-asset knowledge is not included in the competencies listed in the MCC for retail financial product categories 1-8.
The MCC specifies that the content of the CPD hours for retail financial product categories 1-8 must be related to the relevant competencies set out in Appendix 3 of the MCC. It follows that, as crypto-asset knowledge is not included in these competencies, CPD cannot be awarded for crypto-asset knowledge in respect of retail financial product categories 1-8.