Central Bank of Ireland: “cryptocurrencies are a big problem”

According to one of the top managers of the Central Bank of Ireland, Derville Rowland (Derville Rowland), cryptocurrencies have become a “big problem” for the regulator.

“Crypto assets are highly speculative, unregulated investments. Investors should expect that by investing in such assets, they can lose everything, ”- said Rowland.

Rowland previously said that she expects a noticeable increase in the attention of European regulators to cryptocurrency investments. According to her, such investments are too similar to gambling, which means they should be regulated.

Already this July, Rowland is due to take over as chairman of the European Securities and Financial Markets Service’s permanent investment management committee, which is responsible for preparing regulation for the financial industry.

In March, it was reported that the Central Bank of Ireland extended the anti-money laundering laws to cryptocurrency firms – starting from April, companies will have to conduct special customer checks. Recall that AMLD5 was adopted in the European Union in January 2020, and already in the middle of the year, Irish officials spoke about the application of the new rules.

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