Ireland to draft crypto laws ahead of EU regulations
Ireland is set to draft urgent cryptocurrency regulations ahead of the European Union’s upcoming Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) legislation, which will be enforced from December 30.
Finance Minister Jack Chambers recently informed the cabinet about the plans to update Ireland's crypto regulations before the EU laws come into effect, according to the Irish Examiner on October 16.
The specifics of Ireland's proposed regulations have not yet been disclosed, but they are expected to align with the EU’s AML/CFT framework.
The EU legislation grants financial intelligence units the authority to suspend transactions, imposes stricter reporting requirements on crypto exchanges, and sets a cash payment limit of $10,850 (10,000 euros).
It also mandates additional scrutiny and reporting for larger transactions, addressing risks across financial sectors including crypto assets and crowdfunding.
The EU’s regulations are designed to complement existing frameworks, such as the Markets in Crypto-Assets Regulation (MiCA), which was implemented in June 2023.
Derville Rowland, deputy governor of the Central Bank of Ireland, has emphasised that robust regulations are essential for Europe to lead in technological innovation.
The Central Bank of Ireland remains committed to preventing the misuse of its financial systems for illegal activities.
By July, it had approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, Moonpay, and Coinbase, which agreed to comply with the new standards.
