DUBLIN, Ireland—Cryptocurrency firms in Ireland will soon be regulated in line with the latest European legal framework for the prevention of money laundering and terrorism financing.
The Cabinet of Ireland has approved a bill to transpose the criminal justice elements of the European Union’s Fifth Anti-Money Laundering Directive (AMLD5) into national law, thereby strengthening existing legislation, Cointelegraph reported.
Approval from the cabinet gives Ireland’s Minister for Justice and Equality, Helen McEntee, the go-ahead to publish the new bill, entitled The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.
Among other provisions, the bill brings virtual currency providers and online wallet providers for digital currencies under existing AML and counter terrorist financing legislation, Cointelegraph reported.
“The Minister for Finance has also secured Government Approval to bring forward amendments in respect of the regulation of Virtual Asset Service Providers (VASPs) [...] the amendments will ensure that the necessary registration and fitness and probity regime, required by 5AMLD for virtual asset service providers, become statutory requirements,” a government official stated.