CandleFocus Ireland To Draft ‘Urgent’ New Crypto Rules Ahead of EU Money Laundering Crackdown
2024-10-16
Author: Content Editor
Ireland is preparing to draft new legislation to govern cryptocurrencies in response to the European Union's upcoming laws on combatting money laundering and terrorist financing. The Finance Minister is expected to introduce urgent regulations, although no details have been provided regarding their content or implementation timeline. The Anti-Money Laundering and Countering the Financing of Terrorism Act, which will take effect on December 30, 2024, grants stronger investigative powers to EU countries and introduces stricter reporting requirements for financial services firms, including crypto exchanges. Ireland has previously experienced cases of organized crime using cryptocurrencies for money laundering. The country's Criminal Assets Bureau has conducted workshops in collaboration with Binance to educate officers on investigating crypto-related crimes. The new EU regulations have prompted companies to speculate on their impact, with some like Binance leaving certain jurisdictions. However, others, such as Kraken, see the regulations as an opportunity for investment and legal certainty in the region.
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