Irish government toughens cryptocurrency regulation

January 04, 2019
Chris Wheal

The Irish government is taking actions to prevent money laundering and terrorism financing by introducing stricter laws.

This initiative will give more regulatory power to the European Union Fifth Anti-Money Laundering Directive that was established in July. Initially, this directive solely aimed to fight against money laundering and terrorism financing by setting up crypto regulation. Today, the initiative has the same premise with the exception of a few additional functions. For instance, the updated directive will regulate crypto wallets and platforms, end the ability to start-up anonymous banking accounts, and improve the security of transmitted information for regulators. It’s also important to note the Criminal Justice Bill 2019 will limit the use of pre-paid cards in the crypto industry.

Reportedly, this directive requires all the members of the European Union to fully comply with it by January of 2020.

In support of the directive, the European Blockchain Observatory and Forum stated,

“the reality is that money laundering is a crime that helps serious criminals and terrorists to function, destroying lives in the process… Criminals seek to exploit the EU’s open borders and EU-wide measures are vital for that reason. Ireland strongly supports the provisions in the fifth EU money laundering directive.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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