BNY Mellon Pushing Crypto Regulation Agenda on Irish Government

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In Brief
  • It has been revealed that The Bank of New York Mellon Corporation (BNY Mellon) met with Ireland’s Minister of Finance in May.

  • In the meeting, representatives from BNY Mellon reportedly 'urged' the Irish government to implement cryptocurrency regulations.

  • The bank argued that Ireland’s only alternative, the EU’s MiCA proposal, might not be implemented until as late as 2023.

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The Trust Project is an international consortium of news organizations building standards of transparency.

Ireland’s ‘Independent’ newspaper has published the first details regarding The Bank of New York Mellon Corporation’s (BNY Mellon) meetings with the Irish government on the topic of crypto regulations. The latest of these meetings took place in May, however, this is the first time that any details on this meeting have been revealed to the public.

Independent reports that, during a meeting which took place in May, BNY Mellon actively “urged” the Irish government’s Minister of State at the Department of Finance, Seán Fleming “to introduce full regulations for crypto-assets.”

BNY Mellon argued that Ireland should forge its own path with regard to cryptocurrency regulation rather than waiting to adopt the European Union’s (EU) ‘Markets in Crypto Assets (MiCA)’ proposal. This is because the EU’s proposal would supposedly take a long time to implement, which could be hypothetically problematic in the face of the high pace of growth characteristic of the crypto markets and industry.

According to BNY Mellon, it might not be until the year 2023 that the EU’s proposed regulatory policies may actually come into effect. Many governments around the world have been quick to implement independent policies for regulating cryptocurrency-related financial activities, which is one of the reasons put forth by the bank to the Minister.

Furthermore, Independent has released a small snippet from the briefing notes submitted by BNY Mellon to the Irish government in which the bank outlines its perspective on national crypto regulations, in light of the EU’s MiCA proposal.

The excerpt reads as follows:

Whilst we acknowledge the Markets in Crypto Assets (MiCA) proposal by the European Commission seeks to create a separate regime for crypto assets at the European level, given the timeframe for such legislative action to come into effect, national regimes have quickly started to fill the gap within their respective national jurisdictions and we believe Ireland should follow suit.

BNY Mellon’s Irish crypto conquest

This isn’t the first time that news has emerged relating to BNY Mellon’s presence in Ireland, particularly concerning its ongoing crypto campaign in the country.

In late May, the same month the meeting with Minister Fleming took place (as we now know), news reports circulated that the bank had established a new cryptocurrency-focused initiative in Ireland called the “Digital Innovation Hub.” Through this ‘hub,’ BNY Mellon launched a number of custodial services to customers in Ireland.

At present, Ireland’s official stance on crypto is that the asset class is dangerous and operates in unregulated territory. As such it warns its citizens against participating by highlighting the potential risk of losing capital as a result of investment or participation.


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