Ireland will tighten regulation of the cryptocurrency industry

The Central Bank of Ireland will expand the anti-money laundering and terrorist financing law to the cryptocurrency industry from April. It is reported by the Irish Independent .

The new rules will place digital asset-related companies on a par with traditional financial service providers. Registration with the regulatory body and due diligence of customers will become mandatory.

The new requirements meet the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD EU).

Josh Hogan, Co-Chair of the Financial Technology and Payments Association of Ireland, wrote in the Business Post that the country has the opportunity to become a leading jurisdiction for the creation of a regulated cryptocurrency business.

“This will ultimately bring real commercial benefits in terms of jobs, business revenues and taxes,” Hogan said.

In August 2020, the Irish authorities proposed to tighten regulation of digital assets.

Directive 5AMLD EU obliges national registries to disclose the beneficiaries of companies registered in EU member states, and prohibits financial institutions from serving anonymous accounts.

We will remind, the financial regulator of Austria has called for stricter regulation of the cryptocurrency industry amid the growing activity of fraudsters.

Leave a comment