Irish lawmakers seek to tighten cryptocurrency laws to combat illicit activities.

Ireland's cabinet will soon introduce new anti-money laundering (AML) laws that would regulate the use of crypto in the country.

Ireland’s cabinet is all set to introduce new anti-money laundering (AML) laws, according to the Irish Examiner report. The legislation will reportedly focus on the usage of cryptocurrencies in criminal financial activities such as terrorist financing and money laundering. The proposed bill aims to bring cryptocurrency businesses under the purview of government agencies under the EU’s fifth anti-money laundering directive (AMLD-5). According to the report, a specific focus will be on wallets and exchange platforms. 

 

European countries continue to strengthen crypto laws. 

The new crypto laws could pose further difficulties for cryptocurrency market participants in Ireland, especially with respect to the cost of compliance. Commercial banks in Ireland have previously been accused of refusing services to crypto businesses. Ireland is not the only country to tighten crypto laws to fight money laundering. Several other European countries are also working on adopting AMLD5. Later last year, the EU had issued an ultimatum to cryptocurrency companies in Europe to adapt their operations to fit in with the new rules. The new crypto regulations ask for crypto businesses to comply with regulators and even provide information about their customers to track illicit activities. 

 

Governments continue to adopt FATF guidelines. 

Several countries across the world are enforcing crypto regulations based on the Financial Action Task Force guidelines. As reported earlier, the Russian government has enforced new crypto regulations in the country. Cryptocurrencies can be traded, but no goods and services in Russia are allowed to be priced in it, according to the new laws. South Korean and Singapore have passed legislation that forces crypto companies to comply with anti-money laundering frameworks as proposed by the FATF.

 European Union also introduced a new anti-money laundering law that puts crypto in the same legal category as banks and payment processors. However, the new anti-money laundering law has forced a few crypto companies to shut down their operations.  

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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