Ireland Wants to Tighten Crypto Regulation to Fight Money Laundering
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Aug. 10, 2020
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The Government of Ireland is one step from tightening laws to fight money laundering, including the use of cryptocurrencies in funding terrorism, local news outlet Irish Examiner has learned.

According to Justice Minister Helen McEntee, she received approval from the Government to publish the Money Laundering and Terrorist Financing Amendment Bill 2020.

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The bill would reportedly give effect to the provisions of the fifth EU Money Laundering Directive.

While it is unclear how exactly Ireland plans to change the regulation of the cryptocurrency market, the bill will affect not only virtual currency providers and online wallet providers for virtual currencies, but also dealers and intermediaries in the art trade.

"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," Irish Examiner added.

In 2018, Industrial Development Authority of Ireland (IDA) launched an information source platform "Blockchain Ireland."

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The state body positions the Republic as the world's leading center of blockchain and a place that is friendly to international companies.

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