**Ireland Races to Update Crypto Laws Ahead of EU Regulations**

Ireland is gearing up to draft urgent cryptocurrency regulations before the European Union's new Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws take effect on December 30. Finance Minister Jack Chambers announced the move, although specific details on the legislation remain under wraps.

The upcoming EU regulations will empower financial intelligence units to suspend transactions and enforce stricter reporting requirements for crypto exchanges. They also impose a €10,000 limit on cash payments and demand rigorous monitoring of large transactions.

These new rules complement the Markets in Crypto-Assets Regulation (MiCA), which came into effect in June 2023. Ireland aims to stay ahead in safe innovation and prevent its financial system from being exploited for illicit activities. The Central Bank of Ireland has already approved 15 virtual asset service providers, including big names like Gemini and Coinbase.