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- Irish Central Bank has expanded the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) guidelines to cover Bitcoin and crypto
- The new regulations are the product of Ireland’s implementation of the most recent European Union Anti-Money Laundering Directive
- For the first time, crypto-asset service providers in Ireland must comply with AML guidelines and other laws
Crypto firms required to perform due diligence check
Due diligence check to be performed by crypto firms who deal with crypto assets and offer services to them. The check will be on their clients and account, for the origin and destination of funds.
Ireland’s businesses must reassure the central bank that their anti-money laundering and anti-terrorist financing policies meet the same standards as those placed on mainstream financial service providers. Cryptocurrency has long existed outside of complex Irish legal structures, enabling merchants to anonymously invest in digital assets.
Josh Hogan, co-chair of the FinTech & Funds Affiliation of Eire welcomed the incoming rules, and stated:
“Eire has the opportunity to leverage its well-deserved reputation in finance and technology to establish itself as the primary jurisdiction in which to establish an EU-regulated crypto-services enterprise.”
This could eventually result in real business benefits in terms of employment, sales, and taxes,” he added.
Europe & Cryptocurrency
Some European jurisdictions have already introduced “bespoke” home rules for cryptocurrencies. Hogan noted that Ireland has placed itself to “excel at being a ‘quick follower’ in the application of this new area of EU monetary services regulation.”
In recent months, European legislators have cited crypto property as an area of particular regulatory concern, warning that stablecoins could jeopardize countries’ financial sovereignty if they are permitted to grow unfettered by regulation.
The European Securities and Markets Authority issued a warning on March 16 about the recent rise in awareness of “non-regulated crypto-assets.” The authority credited crypto’s acceptance to “strong investor demand and the quest for yield despite unprecedented foreign fiscal and financial stimulus.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
