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Ireland's Finance Minister, Jack Chambers, has urged the drafting of urgent cryptocurrency regulations before the European Union's new Anti-Money Laundering (AML) and terror financing legislation comes into effect on Dec. 30.

The upcoming EU legislation, known as the "Anti-Money Laundering and Countering the Financing of Terrorism Act," aims to strengthen financial intelligence units, allowing them to suspend transactions and enforce stricter reporting requirements for crypto exchanges.

It will also limit cash payments to $10,850 and impose stringent monitoring and reporting for large transactions.

This new legislative framework covers various areas, including crypto assets and crowdfunding, complementing the existing Markets in Crypto-Assets Regulation (MiCA).

Derville Rowland, deputy governor of the Central Bank of Ireland, emphasized Ireland's goal to lead in safe innovation through MiCA, positioning Europe as a global leader in adopting new technologies. MiCA regulations took effect in June 2023.

“It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and terrorist financing purposes,” stated the Central Bank of Ireland.

The Central Bank of Ireland has approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, Moonpay, and Coinbase, which have agreed to delist non-compliant stablecoins from their European platforms.

With Ireland’s proactive approach, the country aims to maintain a robust financial system free from money laundering and terrorist financing.

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