Ireland's Commitment to Crypto Regulation Ahead of EU AML Laws

🚀In a recent meeting of the cabinet, Finance Minister Jack Chambers announced that necessary amendments will be brought to the parliament to strengthen the country’s crypto regulation before the EU laws are implemented, the Irish Examiner reports.

🍀The future EU AML laws, which is the “Anti-Money Laundering and Countering the Financing of Terrorism Act,” is expected to enhance the competence of FIUs. These Units will have the power to stop transactions and set a cash payment limit of €10,000 ($10,850). 

💸The regulations also compel platforms selling cryptocurrencies to provide more detailed information on traders and also demand increased supervision of transactions above certain thresholds. Such financial risks as risks to crypto assets and crowdfunding will also be covered in the framework.

⛓️‍💥While the particulars of Ireland’s upcoming legislation have not been revealed, they provide an approximate implementation of the EU’s AML and MiCA directives. MiCA, the Markets in Crypto-assets Regulation, which entered into force in June 2023 – is meant to address the developing cryptocurrency marketthroughout Europe to establish correct investor defense and stop unlawful monetary misconduct.

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