Ireland Pushing Cryptocurrency Entities to Comply with AML Laws

Ireland will ask cryptocurrency entities to register with the central bank and institute anti-money laundering (AML) laws to prevent anonymous trading.

Ireland has proposed a new regulation that would prevent users from trading cryptocurrencies anonymously.

The new anti-money laundering (AML) rules require cryptocurrency entities to begin implementing measures, starting from the next month, that would prevent anonymous trading of these currencies.

Ireland Buffs Crypto Regulation Standards

The regulation targets Virtual Asset Service Providers (VASPs), a broad group of cryptocurrency entities that include exchanges. These companies will have to register with Ireland’s Central Bank for both AML and counter financing of terrorism. The regulation follows the European Union’s most recent AML stipulation.

In 2020, the Irish government seemed to indicate that it would clamp down on cryptocurrencies. Thsi discussion also focused on countering terrorism funding and AML issues. The latest change to the regulation is a follow up on a discussion that took place last year.

But Ireland’s stance on cryptocurrencies has not been all bad. Analysts believe that Brexit could make the nation a hub for fintech innovation, Managing Director of ConsenSys Ireland, Lory Kehoe, even said that Ireland is “at a turning point.”

Critics of cryptocurrency have argued that the assets could be used to fund terrorism, though cash remains one of the biggest means by which it is funded. Similarly, they argue that Bitcoin transactions are anonymous — which is untrue. Cash, however, is extremely difficult to trace.

Some Hot, Some Cold

Ireland’s measures to tackle AML and terrorism financing issues are far from the strictest in the world. In fact, it could even be said that it’s on the more friendly side. Other countries, on the other hand, are considering outright bans on the asset class.

Most notably, there’s India, and the rumors are that it is considering banning private cryptocurrencies and launching its own central bank digital currency (CBDC). Officials have not made any formal statements yet, though a formal proposal will arrive in the weeks to come. This would make India a country with one of the strictest approaches.

Most other countries are taking the stance that Ireland is somewhere between ensuring compliance with existing laws and prohibiting certain assets. Privacy coins, for example, remain a huge point of contention. Notably, South Korea will soon ban privacy coins entirely. Besides asking for regulatory compliance.

Disclaimer


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