Ireland will tighten crypto regulation

The Irish authorities intend to introduce stricter measures to regulate cryptocurrency activities in the country. The actions of the authorities are aimed at suppressing illegal activities related to digital assets and, in particular, money laundering and terrorist financing.

So, according to the Minister of Justice Helen McEntee, the approval of the Cabinet of Ministers has already been obtained to amend the national law regulating measures to combat money laundering, expanding its influence on the cryptocurrency industry. Thus, the regulation will ensure the implementation of the provisions by new participants: suppliers of virtual currency and so-called online wallet providers, as well as dealers and intermediaries in the sale of art objects. Other provisions are intended to prevent banks and financial institutions from creating anonymous deposit safes, as well as to improve efficiency in recognizing who really owns legal entities, according to the Irish Examiner.

We add that the introduction of new rules is aimed at compliance with the fifth EU Directive on anti-money laundering.