Mary-Elizabeth McMunn, the Deputy Governor of Ireland’s Central Bank, suggests that Bitcoin and Ethereum fall outside the scope of MiCA.
McMunn made this announcement in a keynote speech at the National Fintech Summit in Dublin. According to McMunn, Bitcoin and Ethereum will not be subject to MiCA rules because neither of these assets has an identifiable issuer.
Although McMunn delivered the speech last month, popular crypto sleuth SMQKE highlighted this key point in an X post today.
“It is important for consumers to be aware that MiCA will not cover all crypto assets. This decision could affect some major cryptos, such as Bitcoin and Ethereum, as they fall outside the regulation’s framework because they have no identifiable issuer,” McMunn remarked.
‼️ MAY 2025: BITCOIN AND ETHEREUM TO BE EXCLUDED FROM EU CRYPTO REGULATIONS ‼️
A speech from the Central Bank of Ireland confirms: “MiCA will not cover all crypto-assets, with some of the most well-known crypto-assets, such as Bitcoin and Ether, not within scope of the… pic.twitter.com/atDXaNV1ty
— SMQKE (@SMQKEDQG) June 5, 2025
Bitcoin and Ethereum Exempt from MiCA
For context, the MiCA (Markets in Crypto-Assets) regulation serves as a unified regulatory framework for the EU’s crypto industry. It provides clear rules for the issuance, custody, and trading of crypto assets within the region.
Recently, McMunn clarified that the MiCA regulation is designed to regulate tokens with identifiable issuers. This suggests that cryptocurrencies issued by specific companies fall under the scope of the MiCA framework. However, those without identifiable issuers will not be compliant under the regulatory purview of MiCA.
Specifically, McMunn mentioned Bitcoin and Ethereum as cryptos that would be excluded from MiCA regulations as they lack identifiable issuers.
Currently, neither Bitcoin nor Ethereum has a single company issuing new coins into the market. The two world’s largest cryptocurrencies by market cap are powered by open-source, decentralized blockchains.
While new Bitcoins are issued through mining based on the network’s proof-of-work algorithm, new Ethereum coins are created through a proof-of-stake validation.
XRP Qualifies as a Utility Token Under MiCA
Meanwhile, SMQKE emphasized that XRP will be regulated as a utility token under the MiCA framework. Tokens with utility classification under the MiCA framework are those designed to grant users access to goods and services offered by their issuers.
It is common knowledge that XRP has a broad utility, ranging from speculative trading to cross-border settlements. Notably, SMQKE backed this assertion with comments from Enoch Chng, an Associate Professor of Information Systems at the Singapore Management University.
The expert indicated that XRP serves as a utility coin, suggesting that it can be traded as a currency and also used to facilitate cross-border payments.
Yes, XRP will be covered under MiCA as a “utility token.”✅
Documented.📝💨 https://t.co/N5tjg8Grgw pic.twitter.com/AXCy2JBXrt
— SMQKE (@SMQKEDQG) June 5, 2025
Unlike Bitcoin and Ethereum, XRP has an identifiable issuer–Ripple. The San Francisco-based company issues XRP into the market via its monthly escrow release. Earlier this month, the company locked 670 million XRP and later released 1 billion coins.
