Ireland to Implement Urgent Cryptocurrency Regulations by December

Ireland is set to introduce urgent cryptocurrency regulations ahead of the European Union’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards, which take effect on December 30.

On October 16, Ireland’s Finance Minister, Jack Chambers, informed the Cabinet of his intention to draft legislation updating the country’s regulations on crypto firms and digital assets. This move aims to align Ireland with the EU’s upcoming AML/CFT Act.

Currently, specific details on the new legislation remain undisclosed, and there is no clear timeline for when these regulations will be enforced.

EU’s AML/CFT Act: Key Points

The EU’s AML/CFT Act aims to bolster the capabilities of financial intelligence units, including the authority to suspend transactions.

Under the new regulations, crypto exchanges will face stricter compliance requirements. Key aspects include:

  • Enhanced Reporting Requirements: Exchanges must adhere to more rigorous reporting standards.
  • Cash Payment Limit: A cap of €10,000 (approximately $10,850) on cash transactions.
  • Increased Monitoring: Greater scrutiny on large transactions and mandatory reporting for high-value transfers.

The regulations target high-risk areas for money laundering and terrorism financing, including crypto assets and crowdfunding. Additionally, the AML/CFT Act complements other regulatory frameworks such as the Markets in Crypto-Assets Regulation (MiCA).

Ireland’s Commitment to Financial Innovation and Security

On September 23, Deputy Governor of the Central Bank of Ireland, Derville Rowland, emphasized the bank’s commitment to maintaining a secure financial system that fosters innovation, in line with MiCA regulations.

“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,” stated the Central Bank of Ireland.

As of July, the Central Bank of Ireland has approved 15 virtual asset service providers, including prominent names like Gemini, Ripple, Paysafe, MoonPay, and Coinbase.

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