Kraken Did It - Guide How to Get a MiCA Crypto License in Ireland

‍

Ireland has transitioned from a light-touch AML registration regime to a fully-fledged licensing framework in line with the EU's Markets in Crypto-Assets (MiCA) Regulation. 

The Central Bank of Ireland (CBI) now acts as the National Competent Authority, requiring all crypto‑asset service providers (CASPs) - including exchanges, wallet custodians, and investment platforms - to be MiCA-authorized by 29 December 2025, following a transitional period from 30 December 2024

Recent Milestone: Kraken’s License in Ireland

• Kraken, one of the world’s largest crypto exchanges, recently became the first major platform to receive a MiCA license from the CBI.
  
• This license grants Kraken an EU-wide passport to operate across all 30 EEA countries, covering a wide range of services (spot trading, derivatives, custody, payments) and is seen as a testament to Ireland’s robust regulatory environment.
  
• CBI's rigorous vetting - through pre-application “pre‑scan” engagements and detailed Key Facts Document (KFD) review - reflects the high bar for compliance.
  
  

Regulatory Requirements for Irish CASPs

✔ Licensure & Authorization

• Must apply for MiCA CASP authorisation from the CBI. No separate AML-only registrations are sufficient post-2024.
• Process begins with pre-application engagement, followed by KFD submission, formal application, and CBI assessment.

✔ Financial & Operational Standards

• Own funds mandatory:
  
  • ≥ €150 k for trading platforms
  • ≥ €125 k for custodians/exchanges
  • ≥ €50 k for other CASP types
• Must establish effective governance, client asset segregation, incident response, cybersecurity, and have qualified Irish-based senior management.

✔ AML-CFT & Travel Rule

• Firms must maintain existing AML/CFT controls under the Criminal Justice Acts, while MiCA adds detailed disclosure, reporting, and stablecoin safeguards.
• Wire-and-crypto-transfer regulation: all transfers ≥ €1,000 require full sender/receiver info.

✔ Passporting

• Once authorized in Ireland, CASPs can passport services across the entire EU/EEA via notification - no need for additional licenses.

Implications for Stakeholders

• Operators: Must secure MiCA licenses by end-2025 or wind down services. Pre‑application support (e.g., via CBI’s Innovation Hub) is available.
  
  
• Consumers: Benefit from enhanced transparency, consumer protection, and safe custody/segregation standards.
  
  
• Investors & Industry: Kraken’s license strengthens Ireland's reputation as a fintech hub. Momentum is building - expect more MiCA approvals in 2025.

How Scorechain Helps You Stay MiCA-Compliant

At Scorechain, we work with crypto businesses across Europe to simplify their compliance journey. Our platform brings everything you need to stay ahead of MiCA - without adding complexity to your day-to-day operations.

Crypto Transaction Monitoring

Get automated, real-time risk scoring for every transaction. Detect suspicious wallet activity and stay in line with EU AML standards.

Travel Rule Compliance

Scorechain connects directly with Notabene and CryptoSwift, making it easy to handle identity verification and secure data exchange between VASPs.

Blockchain Risk Analytics and KYT

Track wallet behavior, monitor on-chain risks, and generate audit-ready reports in minutes - with clear flags for fraud, darknet exposure, or sanction links.

Sanctions and Blacklist Monitoring

Screen wallets against global sanction lists and block high-risk addresses before transactions are confirmed.

Ready to Launch?

Scorechain supports over 150 financial institutions and crypto companies across the EU with advanced tools for crypto compliance, risk monitoring, and regulatory reporting.

If you're preparing to apply for a CASP license in Ireland - or just want to see how our solution fits into your compliance strategy - we’re here to help.

‍