Ireland plans industry standards for illicit crypto use
The proposed policies under Ireland’s AML framework included stricter measures on transfers from private crypto wallets and overseas digital asset companies.
Ireland has announced plans to establish industry standards to regulate illicit activities involving cryptocurrencies. The Irish government has unveiled a comprehensive anti-money laundering strategy, outlining measures to tackle digital assets potentially used for money laundering and terrorism financing. The strategy includes stricter regulations on transfers from private crypto wallets and overseas digital asset companies.
The new rules aim to enhance Anti-Money Laundering (AML) and Counter the Financing of Terrorism (CFT) measures by imposing additional checks on crypto-related transactions. Ireland's finance department stated that the government has nearly finalized legislation to implement Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) rules under the European Union's Markets in Crypto Assets (MiCA) framework.
The strategy also addresses the need for industry standards in accepting crypto-related activities as a source of funds for gambling. This initiative marks Ireland's commitment to tackling potential misuse of digital assets and comes after the country released its first crypto-related national risk assessment in June, expressing plans to implement the industry standards by the second half of 2027.
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