Irish Finance Minister Jack Chambers has told the Cabinet Office that he will be working on legislation to oversee crypto companies to prevent money laundering through cryptocurrencies and the financing of terrorism. Chambers did not provide details about what exactly the new bill would cover or when it might be passed.
In accordance with MiCA, cryptocurrency exchanges will have stricter reporting requirements and will also be subject to a limit of 10,000 euros ($10,850) for cash payments. In addition, the law requires monitoring of large transactions.
Deputy Governor of the Central Bank of Ireland Derville Rowland said MiCA would help ensure the safety of the country’s financial system. She acknowledged that thanks to the regulation of cryptocurrencies, Ireland can become one of the world’s financial leaders in the implementation of the latest technologies.
As of July, the Central Bank of Ireland has approved the activities of 15 virtual asset service providers, including cryptocurrency exchanges Gemini and Coinbase, as well as companies Ripple, Paysafe and MoonPay.
“It is important that Ireland, as a small but open economy with a thriving financial sector, proactively combats money laundering and terrorist financing,” Rowland said.
The Irish authorities were going to tighten the regulation of cryptocurrencies back in 2020 and make appropriate amendments to the legislation. Earlier, the Irish Revenue Authority presented recommendations on the taxation of cryptocurrency transactions.
Source: Bits
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