The purpose of the consultation is to obtain submissions on the transposition of national discretions included within MiCA. 

The four national discretions the consultation seeks feedback on include:

• Article 88 (1): Public disclosure of inside information
• Article  111 (2):  Administrative penalties and other administrative measures
• Article 143 (2): MiCA transition period; and
• Article 143 (6): Simplified authorisation procedure.

Section 5 of the consultation sets out detail of the national discretions contained within  MiCA and  the  Department  invites  comments  on  whether  these discretions should be availed of, how they should be availed of and clear reasoning for such a position

Deadline for comments is 15 September 2023. 

She said that, in theory, stablecoins have the potential to make international payments cheaper and faster and could foster greater financial inclusion. However, from a stability and regulatory perspective, they raise a host of issues in respect of the operational stability of payments systems, the protection of consumers and their data, anti-money laundering and terrorism financing, and critically to financial and monetary stability.