Ireland to tighten regulation of the cryptocurrency industry

The Irish cabinet intends to introduce tougher rules to combat money laundering and the financing of terrorism using cryptocurrencies, according to Irish Examiner.

Justice Minister Helen McEntee said she had secured Cabinet backing to amend the existing legislation.

The amendments provide that the application of the Money Laundering Act would be extended to participants in the cryptocurrency industry, as well as dealers and intermediaries in the trade of artworks.

The bill would ensure the implementation of the provisions of the EU’s Fifth Anti-Money Laundering Directive (5AMLD EU).

Other proposed measures would ban banks from creating anonymous safe-deposit boxes for storing valuables and would increase transparency regarding the owners of legal entities.

In January, the 5AMLD EU came into force, negatively affecting the EU crypto industry. For example, in the Netherlands the XRParrot exchange ceased operations, the non-custodial trading platform KyberSwap left Malta and relocated to the Virgin Islands.

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