Fintech companies looking for licenses are urged to speak to the central bank as soon as possible

According to a regulator official, fintech companies should work with the Central Bank of Ireland early on before applying.

Denise Delaney — head of the central bank’s horizontal policy and risk function — citing a recent industry event said startups need to be proactive when approaching regulators.

Many licenses require businesses to hold pre-application meetings with regulators — although this is optional for some licenses, including the latest crypto business framework.

Delaney said fintech operators should use pre-application meetings to avoid delays in their formal application process.

“It allows for an interaction where we can iron out some of the issues that can arise from an incomplete application,” she said.

“What we find is that where an applicant does that, a better application comes to us, which in turn means a better process.”

Delaney spoke at a recent event hosted by Fintech Corridor, an industry group working to strengthen fintech links between Ireland and Northern Ireland.

The workload of financial regulators has increased with the growth of fintech and new technologies such as cryptocurrency and blockchain that require increased oversight.

In recent years, the Central Bank of Ireland has begun oversight of crowdfunding platforms and introduced a new licensing category for cryptocurrency businesses called Virtual Asset Service Providers (VASPs). The latter do not require any preliminary talks.

Another regulation of cryptocurrency and digital asset companies is on the way with the EU Regulation on Markets in Crypto Assets (MiCA).

“We are already starting to see early-stage requests to regulate crypto asset markets,” Delaney said.

“This will introduce new types of regulated entities to crypto asset service providers, so we’re already seeing engagements with these firms over the last 12 months.” Fintech companies looking for licenses are urged to speak to the central bank as soon as possible

Fry Electronics Team

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