Further to the Blockchain Ireland Webinar with the Central Bank of Ireland’s Eoin FItzgerald, the consultation period on “Central Bank approach to innovation engagement in financial services” is still open.
The consultation period is open for responses from 8 November 2023 to 8 February 2024.
Since April 2018 and the launch of its Innovation Hub, the Central Bank has said it has engaged widely with existing and start-up firms within the growing fintech and innovation sectors, becoming recognised by peers and stakeholders as a positive first step to build engagement.
In line with the continuous development of the innovation ecosystem, the Central Bank believes there is value in deepening its current approach by enhancing its Innovation Hub and outreach programme. It has devised a range of engagement initiatives that enable it to:
- Deepen understanding of innovation in the financial services sector, to better understand the opportunities and risks for consumers and the economy.
- Better inform on its regulatory approach, allowing it to ensure that its regulation is aligned with a well-functioning financial system based on good levels of competition and innovation.
- Better explain to innovative firms what being regulated entails – so firms can build regulatory requirements and safeguards into their early stage development.
- Embed a regulatory culture in fledgling and fast growing firms – to ensure they are properly prepared for the responsibilities that come as regulated firms, as well as properly run once authorised.
If you are involved in the world of fintech, DeFi, Web3 or crypto, have your say now.