Ireland Crypto News: Regulations Aligning with EU AML/CTF Legislation
Ireland is gearing up to draft urgent cryptocurrency regulations ahead of the European Union's new anti-money laundering (AML) and counter-terrorism financing (CTF) legislation set to take effect on December 30, 2024.
New Crypto Regulations in Ireland
Finance Minister Jack Chambers announced the move to update Ireland's crypto regulations, aiming to align with the forthcoming EU laws.
The new legislation aims to enhance the powers of financial intelligence units (FIUs) to suspend transactions and impose stricter reporting requirements on crypto exchanges.
No specific details about the new regulations or their implementation timeline have been provided yet.
The EU's "Anti-Money Laundering and Countering the Financing of Terrorism Act" includes:
Enhanced powers for FIUs.
Stricter reporting requirements for crypto exchanges.
A limit of âŹ10,000 on cash payments.
More stringent monitoring of large transactions and high-value reporting requirements.
Irelandâs Stance on Crypto Regulation
In September, Derville Rowland, Deputy Governor of the Central Bank of Ireland, emphasized Ireland's commitment to safe innovation through the Markets in Crypto-Assets Regulation (MiCA). The Central Bank stated that being proactive in preventing money laundering and terrorist financing is crucial for Ireland's financial services industry.
Ireland has already approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, Moonpay, and Coinbase. These providers are required to delist non-compliant stablecoins from their European platforms.
Crypto remains legal in Ireland, though it is largely unregulated. The new EU regulations will mandate that providers of crypto services obtain authorization to operate within the EU.
EU's Upcoming AML/CFT Act
The EU's AML/CFT Act, effective December 2024, enhances FIUs' investigative powers, imposes stricter reporting requirements, suspends transactions, and bans cash payments over âŹ10,000, complementing MiCA regulations for cryptocurrencies and stablecoins effective since June 2023.Â
Ireland's Criminal Assets Bureau (CAB) has begun tackling crypto-related money laundering through officer education and workshops with firms like Binance. Ireland's proactive stance on crypto regulation is expected to strengthen its financial system's integrity and establish the country as a leader in safely adopting new technologies.
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