This move comes as Finance Minister Jack Chambers announced to the cabinet that urgent legislation will be drafted to update the country’s crypto regulations before the EU’s new laws take effect on December 30.
Although the specific details of the proposed legislation have not been disclosed, it is expected to align with the broader objectives of the EU’s AML and CTF initiatives, which aim to enhance the capabilities of financial intelligence units to suspend suspicious transactions more effectively. Ireland’s decision to draft its urgent crypto regulations ahead of the EU mandate reflects the country’s move to comply with the impending laws and curb illicit activities concerning cryptocurrencies.
The new regulations will also introduce stricter reporting requirements for digital currency exchanges and impose a €10,000 ($10,850) limit on cash payments.
These measures are designed to tighten the monitoring of large transactions and enforcing new reporting protocols for high-value transactions, reducing the risk of financial systems being exploited for illicit activities.
Ireland is set to implement new crypto regulations in line with the European Union’s Anti-Money Laundering (AML) and counter-terrorism financing (CTF) standards.
