Ireland Drafts ‘Urgent’ Crypto Regulations Ahead of EU AML Legislation
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Ireland is moving to develop new cryptocurrency regulations in anticipation of the European Union’s forthcoming Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) legislation.
Finance Minister Jack Chambers informed the cabinet about the need for urgent updates to crypto laws before the EU’s regulations take effect on December 30, according to a report by the Irish Examiner on October 16.
Specifics of the new legislation remain undisclosed, and it is unclear when the updated regulations might be implemented.
The EU’s AML/CFT act, set to launch in December, will significantly increase the powers of financial intelligence units, including their authority to suspend suspicious transactions.
The legislation introduces stricter reporting requirements for cryptocurrency exchanges and places a €10,000 ($10,850) limit on cash payments.
It also enforces enhanced monitoring of large transactions, with additional reporting mandates for high-value activities.
The framework aims to mitigate risks in areas like crypto assets and crowdfunding, complementing other regulations such as the Markets in Crypto-Assets (MiCA) regulation.
Derville Rowland, the Central Bank of Ireland’s deputy governor, emphasized the country’s commitment to innovation in the financial sector under MiCA in a statement last month.
She highlighted that robust crypto regulations are crucial for Europe to lead in technology adaptation and adoption.
The MiCA regulations, distinct from the AML/CFT act, have been in effect since June 2023.
The Central
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