Irish Crypto Companies Now Subject to AML/KYC Rules
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27 April
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Irish cryptocurrency-focused companies are now obliged to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, according to the Central Bank of Ireland.

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Starting from April 23, cryptocurrency providers based in Ireland must comply with the European Union’s Fifth Anti-Money Laundering Directive (AMLD5), which means users from Ireland can no longer buy/sell or trade cryptocurrencies anonymously. The crypto-related companies are also required to register with the Central Bank for AML/CFT purposes.

In January last year, the US-based cryptocurrency exchange Coinbase announced the launch of its custody service in Europe through a new unit in Ireland. The new unit in Europe, known as Coinbase Custody International, is based in Dublin.

Irish Crypto Exchange Bitsane Disappears with Users' Funds

In the meantime, Dutch cryptocurrency exchange Bitonic said that the Preliminary Relief Judge of the Rotterdam District Court ruled on the case brought by Bitonic against the Dutch Central Bank (DNB). The exchange said the court agreed with its objections and doubted on the registration procedure and the legality of the digital wallet verification requirement set by the watchdog.

In November last year, the Dutch Central Bank (DNB) imposed new limitations on cryptocurrency exchanges with an additional verification measure regarding bitcoin (EXANTE: Bitcoin) addresses. According to the local cryptocurrency exchange Bitonic, the DNB has "effectively forced" it to enhance verification process in reference to the Sanction Act.

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