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Ireland Accelerates Cryptocurrency Legislation Ahead of EU Standards

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2 hours ago

Ireland is set to introduce new cryptocurrency regulations before the European Union's anti-money laundering and terrorism financing standards come into effect.

Upcoming Regulatory Changes

Ireland's Finance Minister, Jack Chambers, informed the Cabinet about the need to draft urgent legislation to update regulations regarding crypto firms and digital assets. Details of the proposed changes have not yet been revealed.

EU Anti-Money Laundering Standards

The EU's new standards aim to enhance the powers of financial intelligence units, allowing them to suspend transactions. They also impose stricter reporting requirements on crypto exchanges and cap cash payments at €10,000.

It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and terrorist financing purposes.Central Bank of Ireland

Ireland's Role in Global Financial Landscape

Deputy Governor of the Central Bank of Ireland, Derville Rowland, emphasized that crypto regulations are a vital part of Europe's strategy to lead in the global financial industry. The Central Bank of Ireland has approved 15 virtual asset service providers, including Gemini and Coinbase.

The urgent drafting of new regulations underscores Ireland's commitment to ensuring the safety and innovation of its financial system ahead of the EU's AML/CFT standards.

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