Ireland is set to introduce new regulations targeting cryptocurrency transactions ahead of the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism Act, which takes effect on December 30, 2024. Finance Minister Jack Chambers announced that the government will prioritize updating its crypto policies to meet the directive’s standards, although details of the new rules remain undisclosed.
Strengthening Financial Security
The EU’s AML Act will increase the power of national Financial Intelligence Units (FIUs) to monitor and investigate crypto transactions, alongside imposing stricter reporting requirements on financial services. Notably, the Act also introduces a €10,000 limit on cash payments across the EU, further tightening financial regulations.
Ireland’s Approach to Crypto Crime
Ireland has already made efforts to combat crypto-related financial crimes, with its Criminal Assets Bureau (CAB) seizing millions in crypto tied to criminal activities. The incoming regulations signal an effort to align Irish law with EU standards, allowing for better monitoring of illicit activities involving digital assets and enhancing overall financial security.
Source:
The Block
