Ireland’s Finance Minister Jack Chambers has announced plans to draft urgent legislation aimed at updating financial regulations to include cryptocurrency and digital asset firms. According to the Irish Examiner, this legislation is crucial to ensure compliance with new European Union money laundering and financing of terrorism laws, which are set to take effect on December 30. The Cabinet highlighted the importance of having this legislation in place, especially in light of recent law enforcement actions where the national police service of Ireland seized approximately €6.5 million worth of cryptocurrency, including bitcoin and monero, during a long-running investigation into darknet markets and money laundering.
Ireland Moves to Draft Urgent Legislation for Cryptocurrency Regulations Ahead of EU Deadline
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