Ireland to tighten regulation of the cryptocurrency industry

The Central Bank of Ireland will extend the scope of the anti-money-laundering and counter-terrorism financing regime to the cryptocurrency industry from April, according to Irish Independent.

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New rules will place companies dealing with digital assets on an equal footing with traditional financial-services providers. Registration with the regulator and comprehensive customer checks will become mandatory.

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The new requirements align with the European Union’s Fifth Anti-Money Laundering Directive (5AMLD).

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Josh Hogan, co-chair of Ireland’s fintech and payments association, wrote in Business Post that the country has the opportunity to become a leading jurisdiction for creating a regulated cryptocurrency business.

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\”Ultimately this will bring real commercial benefits in terms of jobs, business revenues and taxes,\” Hogan said.

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In August 2020, authorities in Ireland proposed tightening regulation of digital assets.

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Directive 5AMLD EU obliges national registers to disclose the beneficial owners of companies registered in EU member states and prohibits financial institutions from servicing anonymous accounts.

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Earlier, Austria’s financial regulator urged stricter regulation of the cryptocurrency industry amid rising fraud activity.

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