Crypto companies need to implement AML guidelines
Ireland has proposed a new regulation that would make it tough for users to trade cryptocurrencies anonymously. According to the proposal, cryptocurrency entities operating in the country have to register with the central bank and put in place AML guidelines on their platforms.The regulation would come into effect next month. The Central Bank warned all companies that exchange or transfer cryptocurrencies to implement the AML rules or face the penalty. The crypto exchanges and trading platform must know the origin and destination of client assets to ensure that they don’t support money laundering and other vices.
The proposal will also apply to financial institutions that offer services to cryptocurrency issuers. Thanks to the new regulation, the government will be removing a layer of anonymity from cryptocurrency transactions that could have previously been carried out without the standard checks and balances of normal financial services.
Starting next month, virtual asset service providers (VASPs) will be required to register with the apex bank for anti-money laundering (AML) and countering the financing of terrorism (CFT) purposes. The latest regulation came after the recent European Union AML Directive was added to the Irish law.
Cryptocurrency companies will now have to satisfy the central bank by implementing the AML and CFT policies. The Central Bank will have the power to take action against a crypto entity that doesn’t apply the policies and could block senior appointments at such firms.
Irish government clamping down on cryptocurrencies
The Irish government has long discussed the need to clamp down on cryptocurrencies in the country. Last year, the government said it needs to clamp down on cryptocurrency transactions to eliminate money laundering and terrorism funding in the country. This latest regulation is in line with the Irish government’s plan.However, Ireland’s treatment of cryptocurrency platforms isn’t harsh. Several countries globally, including China, Nigeria, and a few others, have made it almost impossible for their citizens to trade cryptocurrencies.
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