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Ireland to tighten regulation of cryptocurrency industry

Ireland to tighten regulation of cryptocurrency industry

Ireland will introduce amendments to the legislation that will tighten the regulation of the cryptocurrency industry to combat money laundering and the financing of terrorism.

The Irish justice Minister, Helen McEntee, said that a bill aimed at implementing the Fifth European Union anti-money laundering Directive (5AMLD), which came into force in January 2020, will be submitted in the near future. The Cabinet of Ministers supported amendments to the current legislation. The updated law on money laundering will contain provisions for all participants in the cryptocurrency industry. One of them will enter the trading platform and cryptocurrency wallets.

Irish regulated banks and financial institutions will also be prohibited from creating anonymous safe Deposit boxes for storing valuables. McEntee added that when updating the legislation, politicians had to work closely with regulatory authorities to correctly formulate the wording regarding working with crypto assets. She believes that amendments to the regulation of digital assets are necessary to protect the rights of cryptocurrency investors.

Note that due to the 5amld Directive, many trading platforms had to change their jurisdiction. Thus, due to the new EU regulation, the non-custodial kyberswap exchange left Malta and registered in the British virgin Islands. For the same reason, the Deribit cryptocurrency derivatives exchange moved from the Netherlands to Panama.