Irish lawmakers are introducing laws targeted at fighting illicit cryptocurrency activities.
Ireland’s cabinet will soon introduce new anti-money laundering (AML) laws, according to the Irish Examiner. The legislation will reportedly focus on the usage of digital assets in criminal financial activities such as terrorist financing and money laundering.
The bill in question will bring cryptocurrency businesses under the purview of government agencies under the EU’s fifth anti-money laundering directive (AMLD-5). According to the report, a specific focus will be on wallets and exchange platforms.
The new laws could pose further difficulties for cryptocurrency market participants in the country, especially with respect to the cost of compliance. Commercial banks in Ireland have previously been accused of refusing services to cryptocurrency businesses.
This move by Ireland appears to be a common theme across Europe, especially with several member states adopting the AMLD5. Back in December, the EU had issued an ultimatum to cryptocurrency companies in Europe to adapt their operations to fit in with the new rules.
Other provisions designed to stop banks and financial institutions from creating anonymous safe-deposit boxes as well as greater transparency on who really owns corporate entities.
Justice Minister Helen McEntee said criminals sought to exploit the EU’s open borders, and for that reason EU-wide measures were vital.