The country’s finance minister, Jack Chambers, has called for quick action to update regulations. This is to keep up with the EU’s tough Anti-Money Laundering (AML) and terror financing standards.
These EU rules are set to go into effect on December 30, and Ireland wants to be ahead of the game.
Ireland Gears Up for New Crypto Rules
The upcoming EU regulations will require stricter oversight of crypto transactions. They are known as the “Anti-Money Laundering and Countering the Financing of Terrorism Act”. Financial intelligence units will have more power to pause transactions and will closely watch large amounts of money being moved around.
Crypto exchanges will also have to follow strict reporting rules, with a limitation of 10,000 euros (around $10,850). The idea is to clamp down on illegal activities like money laundering and terrorism financing.
🇮🇪 Ireland is rapidly developing new #cryptoregulations in response to the EU’s Anti-Money Laundering standards (#MiCA).
What are the implications for Ireland, the EU, & the #cryptocurrency landscape? 🌍🧵 pic.twitter.com/FnMzPAxI0U
— Shyft Network (@shyftnetwork) October 17, 2024
Ireland aims to align its new laws with these changes before they are enforced across Europe. The country is already home to several major crypto companies like Gemini, Ripple, and Coinbase. They have received approval from the Central Bank of Ireland. However, these companies must follow the new rules to stay in compliance.
Ireland is no stranger to the fast-paced world of finance. As a small but open economy, the country sees these regulations as crucial to staying ahead in a world that’s rapidly adopting crypto. Derville Rowland, the deputy governor of the Central Bank of Ireland, emphasized the importance of keeping Ireland’s financial system safe and up to date. She noted that regulations like MiCA (Markets in Crypto-Assets Regulation) are key for Europe to lead in safe crypto innovation.
More About MiCA
MiCA, a separate set of EU rules that kicked off in June 2023. It ensures responsible use of crypto assets and manages them carefully. Ireland is working to stay at the forefront of these efforts.
With both the Irish government and EU regulators keeping a close eye on crypto. The goal is to keep innovation moving forward while preventing bad actors from taking advantage.
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