Ireland drafts urgent crypto regulations ahead of new EU laws
Scheduled to come into force on 30 December, the EU rules will grant financial intelligence units enhanced powers, including suspending transactions and imposing stricter reporting requirements on crypto exchanges.
Ireland is set to draft urgent cryptocurrency regulations as the country prepares for new European Union standards to combat money laundering and terrorist financing. Finance Minister Jack Chambers revealed that the legislation would update Ireland’s crypto laws before the EU’s new rules come into force on 30 December.
The upcoming EU regulations will give financial intelligence units greater powers, including suspending transactions and enforcing stricter reporting requirements for crypto exchanges. These new rules will also cap cash payments at €10,000 and introduce more stringent oversight of high-value transactions.
Ireland’s Central Bank supports the initiative, viewing it as essential for safeguarding the financial system. The country has already approved 15 virtual asset service providers, including major players like Coinbase and Ripple, as part of its efforts to ensure compliance with these new regulations.
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