Ireland is drafting new cryptocurrency regulations ahead of the upcoming European Union anti-money laundering and terrorist financing legislation, as reported by a local publication on Wednesday.
Finance Minister Jack Chambers announced the need for urgent legislation to update Ireland's cryptocurrency regulations before EU laws come into force on December 30.
Although specific details of the new cryptocurrency legislation and its implementation timetable have not been disclosed, the EU's "Anti-Money Laundering and Countering the Financing of Terrorism Act" introduces greater powers for financial intelligence units to suspend transactions.
It also imposes stricter reporting requirements for crypto exchanges and imposes a €10,000 limit on cash payments.