knowledge 19 May 2026 |

CBI publishes Notice of Intention regarding crypto-assets and the Minimum Competency Code

MiCA’s Regulatory Perimeter

Crypto-assets and crypto-asset services have become more widely accessible to investors who do not always have the required knowledge to appreciate the complex and risky nature of these services. In response, the MiCA standardised framework has established specific rules to address risks in previously unregulated crypto-asset and crypto-asset services that are not covered by existing consumer protection rules.

Article 81(7) of MiCA requires that natural persons providing advice on behalf of CASPs, have proper knowledge and competence to carry out their obligations. It also requires Member States to establish the criteria for assessing such knowledge and competence and, pursuant to Article 16(3) of Regulation (EU) No 1095/2010 (the ESMA Regulation), obliges both competent authorities and CASPs to make every effort to comply with the ESMA MiCA Guidelines. Competent authorities are also required to integrate the ESMA MiCA Guidelines into their national frameworks. Article 81(15) of MiCA introduces a requirement for ESMA to issue guidelines in relation to assessing those knowledge and competence requirements. The ESMA MiCA Guidelines aim to strengthen investor protection by ensuring that staff within CASPs who provide information or advice on crypto-assets have the appropriate level of knowledge and ability before providing such advice.

Key changes set out in the Notice of Intention:

The CBI’s Notice of Intention includes a number of proposed changes to the MCC to incorporate the knowledge and competence requirements, as set out in the ESMA MiCA Guidelines, including the following:

• adding a definition of ‘appropriate qualification’ in the context of MiCA services, to mean ‘a qualification or other test or training course that meets the criteria set out in the ESMA MiCA Guidelines.’;
• adding a definition of ‘appropriate experience’ in the context of MiCA services, to mean 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 and crypto-asset services';
• changing the definition of ‘consumer’ to align with the Consumer Protection Code 2025 to mean natural persons, groups of natural persons or incorporated bodies with annual turnover not exceeding €5 million, and which includes, where appropriate, a potential consumer;
• adding definitions for ‘crypto-assets’, ‘crypto-asset services’ and ‘crypto-asset service providers’ to align with the MiCA framework, together with a definition for ‘giving information on crypto-assets or crypto-asset services’;
• noting the existing MCC grandfathering arrangements will not apply to MiCA services, requiring all individuals involved in crypto-asset information or advice to meet the new MiCA-aligned knowledge, experience and continuing professional development (“CPD”) requirements; and
• introducing CPD requirements for crypto-asset activities, mandating 10 hours for those giving information and 20 hours for those providing advice in relation to crypto-assets or crypto-asset services.

What happens next?

The CBI is set to publish an addendum to the MCC and the changes set out in the Notice of Intention will come into effect on 28 July 2026. The CBI also notes it is considering whether any amendments may need to be made to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulation 2017 as a result of the changes to the MCC.

How Can McCann FitzGerald LLP Help?

McCann FitzGerald LLP is a premier law firm in Ireland and advises on the full range of legal, tax and compliance activities to be undertaken by CASPs in Ireland. We have experience in guiding applicants through a variety of CBI authorisation processes, including CASP authorisation, and in helping clients to comply with their legal obligations, once authorised. We also have extensive experience in advising on minimum competency requirements. If you are considering applying for authorisation as a CASP in Ireland or require any assistance in relation to the new MCC requirements, please contact us for further information as to how we can help.