Ireland is preparing to draft new “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing legislation.
Ireland’s Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws come into force on Dec. 30, the Irish Examiner reported on Oct. 16.
No details were shared about the new crypto legislation or when exactly it could come into effect.
The EU’s “Anti-Money Laundering and Countering the Financing of Terrorism Act,” coming in December, enhances the powers of financial intelligence units enabling them to suspend transactions.
Screenshot from EU AML/CFT guidelines. Source: European Commission
It also requires stricter reporting requirements for crypto exchanges and imposes a $10,850 (10,000 euro) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.
The legislative framework covers a range of areas posing such risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (MiCA),” the European Commission noted in an earlier statement.
In September, Derville Rowland, deputy governor of the Central Bank of Ireland, said that the country aims to stay at the forefront of safe innovation through MiCA.
She said that crypto regulations were an important step for Europe to become a global leader in adapting and adopting new technologies.
The European Union’s MiCA regulations — separate from its AML/CFT act — came into effect in June 2023.
“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 had approved 15 virtual asset service providers. These included Gemini, Ripple, Paysafe, Moonpay, and Coinbase, which agreed to delist non-compliant stablecoins from its European platform.
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