Ireland To Draft Urgent Crypto Laws Ahead
Of EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s
Crackdown On Money Laundering
Ireland To Draft Urgent Crypto Laws Ahead Of EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s Crackdown On Money
Laundering
by Samuel Edyme
4 mins ago
in Crypto regulation
0
Ireland appears to be taking swift action to implement new crypto regulations
in anticipation of the European Union• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s upcoming Anti-Money Laundering (AML)
and counter-terrorism financing (CTF) standards.
Finance Minister Jack Chambers announced to the cabinet that urgent
legislation will be drafted to update the country’s crypto regulations before
the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s new laws take effect on December 30.
Related Reading: Crypto Enthusiasm Peaks In 2024: Andreessen Horowitz Reports
Record Activity Levels
What The Law Entails
So far, the specific details of the proposed legislation have not been
disclosed; however, assessing the move, it seems to align with the broader
objectives of the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s AML and CTF initiatives .
These new regulations are designed to enhance the capabilities
of financial intelligence units, allowing them to suspend suspicious
transactions more effectively.
The EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз legislation will also introduce stricter reporting requirements for
digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges and impose a €10,000 ($10,850) limit on cash
payments.
These measures aim to tighten the monitoring of large transactions and
enforcing new reporting protocols for high-value transactions , thereby
reducing the risk of financial systems being exploited for illicit activities.
Notably, the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз’s Anti-Money Laundering and Countering the Financing of
Terrorism Act represents a significant overhaul of existing financial
regulations, particularly concerning digital assets and crowdfunding
platforms.
According to the report, by expanding the powers of financial intelligence
units, the Act seeks to create a more secure and transparent
financial environment.
The legislation complements other regulatory frameworks, such as the Markets
in Crypto-Assets Regulation (MiCA), which the European Commission• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » Еврокомиссия
• Объект организация » Организации по алфавиту » Организации на Ев » Еврокомиссия has
highlighted as essential for the stability and integrity of the market.
Ireland’s decision to draft its urgent crypto regulations ahead of the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз
mandate reflects the country s move to comply with the impending laws
and curb illicit activities concerning cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
What This Means For The Crypto Industry In Ireland
The forthcoming legislation is expected to have significant implications for
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта businesses operating in Ireland. Stricter reporting
requirements will necessitate enhanced compliance measures for crypto
exchanges and other digital asset service providers.
Companies must implement more rigorous Know Your Customer (KYC) and Anti-Money
Laundering (AML) protocols to meet the new standards set forth by Irish and EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз
regulations.
Additionally, the €10,000 cash payment limit will likely impact how crypto
transactions are conducted in Ireland, encouraging the use of more
transparent and traceable payment methods.
Related Reading: Crypto Tax Hike? Italy Mulls Raising Capital Gains Tax On
Bitcoin To 42%
This shift could reduce the anonymity that often attracts illicit activities
within the crypto space . Aside from that, the increased oversight and
reporting obligations, although they might be quite overwhelming for regional
companies, could also help deter fraudulent schemes.
The Central Bank of Ireland noted:
It is important that Ireland, as a small, open economy with a thriving
financial services• Экономика » Финансы » Финансовые услуги
• Сфера услуг » Финансовые услуги industry, is an active participant in preventing its
financial system from being used for money laundering and terrorist financing
purposes. The global digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market cap value on the 1-day chart.
Source: Crypto TOTAL Market Cap on TradingView.com
Featured image created with DALL-E, Chart from TradingView
