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Ireland is preparing to draft “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing standards.
Ireland’s Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws take effect on Dec. 30, the Irish Examiner <a href="https://www.irishexaminer.com/news/politics/arid-41496626.html" rel="noopener noreferrer nofollow" target="null">reported</a> on Oct. 16.
No details were shared about the new crypto legislation or when it might come into force.&nbsp;
The EU’s “Anti-Money Laundering and Countering the Financing of Terrorism Act” will enhance the powers of financial intelligence units, enabling them to suspend transactions.&nbsp;
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 Screenshot from EU AML/CFT guidelines. Source: European Commission
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It will also impose stricter reporting requirements for crypto exchanges and a 10,000 euro ($10,850) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.&nbsp;
The legislative framework covers a range of areas posing risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (<a href="https://cointelegraph.com/learn/markets-in-crypto-assets-regulation-mica" rel="noopener noreferrer nofollow" target="null">MiCA</a>),” the European Commission <a href="https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en" rel="noopener noreferrer nofollow" target="null">noted</a> earlier.&nbsp;
In September, Derville Rowland, deputy governor of the Central Bank of Ireland, <a href="https://cointelegraph.com/news/eu-mica-regulation-ireland-blockchain" rel="noopener noreferrer nofollow" target="null">said</a> that the country aims to stay at the forefront of safe innovation <a href="https://cointelegraph.com/news/mica-crypto-firm-exodus-middle-east-regulatory-expert" rel="noopener noreferrer nofollow" target="null">through MiCA</a>.&nbsp;
She said that crypto regulations were essential for Europe to become a global leader in adapting and adopting new technologies.&nbsp;
The EU’s MiCA regulations — separate from its <a href="https://cointelegraph.com/learn/eus-anti-money-laundering-directive-5-amld5" rel="noopener noreferrer nofollow" target="null">AML/CFT</a> act — came into effect in June 2023.
Related: <a href="https://cointelegraph.com/news/ireland-approves-cryptocom-vasp-expansion" rel="noopener noreferrer nofollow" target="null">Crypto dot com gains approval from Ireland’s central bank</a>
“It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and terrorist financing purposes,” <a href="https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism" rel="noopener noreferrer nofollow" target="null">said</a> the Central Bank of Ireland.&nbsp;
As of July, the Central Bank of Ireland had <a href="https://registers.centralbank.ie/DownloadsPage.aspx" rel="noopener noreferrer nofollow" target="null">approved</a> 15 virtual asset service providers. These included Gemini, Ripple, Paysafe, MoonPay and Coinbase, which agreed to <a href="https://cointelegraph.com/news/coinbase-delist-non-compliant-stablecoins-mica" rel="noopener noreferrer nofollow" target="null">delist</a> non-compliant stablecoins from its European platform.
Magazine: <a href="https://cointelegraph.com/magazine/rabby-scammer-konpyl-crypto-ceo-mountain-victims/" rel="noopener noreferrer nofollow" target="null">Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims</a>

Ireland drafting urgent crypto laws before EU money-laundering rules

Cointelegraph

Other articles published on Oct 17, 2024

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