Ireland Pushing Crypto Entities to Comply with AML Laws

Share Article
In Brief
  • Ireland to ask cryptocurrency entities to comply with AML and counter-terrorism financing laws.

  • The law will come into effect from April.

  • The goal is to prevent cryptocurrencies from being traded anonymously.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Ireland will ask cryptocurrency entities to register with the central bank and institute anti-money laundering (AML) laws to prevent anonymous trading.

Sponsored



Sponsored

Ireland has proposed a new regulation that would prevent users from trading cryptocurrencies anonymously.

The new anti-money laundering (AML) rules require cryptocurrency entities to begin implementing measures, starting from the next month, that would prevent anonymous trading of these currencies.

Sponsored



Sponsored

Ireland Buffs Crypto Regulation Standards

The regulation targets Virtual Asset Service Providers (VASPs), a broad group of cryptocurrency entities that include exchanges. These companies will have to register with Ireland’s Central Bank for both AML and counter financing of terrorism. The regulation follows the European Union’s most recent AML stipulation.

In 2020, the Irish government seemed to indicate that it would clamp down on cryptocurrencies. Thsi discussion also focused on countering terrorism funding and AML issues. The latest change to the regulation is a follow up on a discussion that took place last year.

But Ireland’s stance on cryptocurrencies has not been all bad. Analysts believe that Brexit could make the nation a hub for fintech innovation, Managing Director of ConsenSys Ireland, Lory Kehoe, even said that Ireland is “at a turning point.”

Critics of cryptocurrency have argued that the assets could be used to fund terrorism, though cash remains one of the biggest means by which it is funded. Similarly, they argue that Bitcoin transactions are anonymous — which is untrue. Cash, however, is extremely difficult to trace.

Some Hot, Some Cold

Ireland’s measures to tackle AML and terrorism financing issues are far from the strictest in the world. In fact, it could even be said that it’s on the more friendly side. Other countries, on the other hand, are considering outright bans on the asset class.

Most notably, there’s India, and the rumors are that it is considering banning private cryptocurrencies and launching its own central bank digital currency (CBDC). Officials have not made any formal statements yet, though a formal proposal will arrive in the weeks to come. This would make India a country with one of the strictest approaches.

Most other countries are taking the stance that Ireland is somewhere between ensuring compliance with existing laws and prohibiting certain assets. Privacy coins, for example, remain a huge point of contention. Notably, South Korea will soon ban privacy coins entirely. Besides asking for regulatory compliance.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join