Central Bank warns Irish crypto bosses over Iran war risk and Cyber Threats (Joe McCann & Peter Oakes)

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If you require assistance with cybersecurity risks/cyber threats and operational resilience (DORA) issues in order to satisfy your Board's regulatory obligations to the CBI , reach out to Joe McCann at info@intercept.ie (use reference CBI Dear CEO Letter 20260314) to initiate a no obligation discussion about how to conduct and/or interpret an appropriate cyber threat assessment.  Intercept Technologies has assisted several regulated emoney institutions and CASPs both during and post CBI-authorisation to develop and complete cyber risk and DORA ICT Risk Assessment Questionnaires to the exacting standards expected by the Central Bank of Ireland which should be the same standard expected by your Board.

Source, summary of the CBI Dear CEO Letter and audio Fintech Ireland.

The Central Bank of Ireland is growing anxious about the risks to Irish crypto firms of the war in Iran.The regulator on Thursday wrote to chief executives of authorised Irish crypto asset service providers warning that the US-Israel strikes on Iran may have a “detrimental impact on crypto markets and firms’ ability to operate effectively”.The CBI questioned crypto firms about the impact the conflict – and the market turbulence that has followed – has had on their businesses.It also asked the chief executives if they have “assessed and stressed the potential impact of a prolonged war on the firm’s business model, profitability, and operations”, and whether they have conducted a cyber-risk assessment.“What actions are the firm taking to ensure the ongoing resilience of the firm’s business model, profitability and operations from global and geopolitical events?” the CBI asked. It gave crypto firms 24 hours to respond to its questions.The strikes on Iran by Israel and the US have worried investors over recent weeks, with stocks seesawing as oil prices have spiked.Bitcoin, the most valuable cryptocurrency by market cap, has outperformed gold and stocks since the beginning of the war.Bitcoin has risen about 7 per cent since the war started on February 28, trading at close to $72,000 on Friday afternoon.US investigators are looking at whether crypto platforms have enabled state-linked players to evade sanctions when seeking to move money abroad, access hard currency or procure goods, Reuters reported last month.​TRM Labs, the American blockchain intelligence platform, has estimated that there was around $10 billion of crypto activity in Iran last year, against $11.4 billion in 2024.

Joe McCann, managing director of Irish cybersecurity firm Intercept Technologies [and Intercept Fintech and Founder Crypto Assets Ireland], said the conflict presented “heightened risks” to crypto firms, including those in Ireland.McCann said he attended a recent supervisory briefing held by the CBI, adding: “They’re now talking more than they ever had about cyber resilience.“Ultimately, the risk posed to crypto asset service providers, even from a financial services aspect, is significantly higher than any others,” he said. “They’re constantly being targeted.”​McCann said that for crypto firms, guarding against cyber attacks is no longer sufficient.“Protecting isn’t the only thing anymore,” he said. “It’s actually about monitoring and reporting.”

Peter Oakes, the founder of Fintech Ireland, said it was “no great shock” that regulated crypto firms had received letters.“All of them have just passed through authorisation and should be treated like for like as other regulated fintech firms,” he said. “The letter is equally relevant to the trading desks of investment firms and some payments firms.”

A spokesman for the CBI declined to comment on the specifics of its letter to crypto firms, but said the regulator is continuing to “monitor developments relevant to financial firms and services”.“The speed of current geopolitical developments calls for a clear understanding by firms and supervisors of the channels through which multi-faceted geopolitical risks can transmit to their organisations, and the consequent adaptability and resilience they need to nurture so they can respond to, and withstand, unexpected events,” he said.​“This is a routine supervisory focus at a time of fast-moving global developments.”

“This is a routine supervisory focus at a time of fast-moving global developments.”