Irish authorities to review cryptocurrency regulation
By itself, the reason for the development of a new bill does not bear a negative attitude towards cryptocurrencies as such
EU wants to combat money laundering without compromising the integrity of blockchain technology
Irish bill includes guidance for wallet providers, currency exchanges and art dealers
International consortium of news organizations developing transparency standards.
Irish Cabinet of Ministers to Vote to Strengthen Anti-Money Laundering Legislation, Including Cryptocurrency Regulation.
Laundering of money
By itself, the reason for the development of a new bill does not bear a negative attitude towards cryptocurrencies as such. The Cabinet of Ministers drafts the Anti-Money Laundering and Terrorist Financing Bill 2020 in line with the Fifth EU Anti-Money Laundering Directive.
The document provides guidance on combating money laundering associated with the commission of crimes and terrorism. If the bill is approved and becomes a law, many new positions and relevant bodies will appear in the country..
The European Banking Authority (EBA), the author of the EU Anti-Money Laundering Directive, has decided to limit the autonomy of cryptocurrencies and made some recommendations for their regulation, including the need for cryptocurrency exchanges to comply with anti-money laundering and terrorist financing requirements..
In other words, the European Union wants to combat money laundering, but at the same time not violate the integrity of the blockchain technology and not impose strict bans in this space..
Ireland has had to deal with the problem of money laundering involving cryptocurrencies before. In February, an Irish drug dealer lost £ 46 million after losing an aluminum fishing rod case that contained private keys.
Ireland sets the tone
The Irish bill includes guidance for wallet providers, currency exchanges and art dealers. As recommended by the EU, this legislation prohibits banks from creating anonymous safe boxes and is intended to increase corporate transparency..
The Minister of Justice of the country believes that updating the regulation is necessary due to the need to eradicate money laundering, because this crime helps the large inhabitants of the criminal world and terrorists to survive, often killing innocent people. Criminals use open EU borders, which means tougher measures are needed at the regional level.
The bill also affects bank customers. Previously, the Bank of Ireland preferred a wait-and-see approach to cryptocurrency regulation, but at the same time assigned ICO the status of tradable securities. If the bill is approved, it can serve as an example for other EU countries in the field of digital asset regulation.
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