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Irish crypto firms must comply with money laundering laws for the first time

April 27, 2021. Summarized by summa-bot.

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Irish virtual asset service providers now have to comply with the EU law, regulating the country’s crypto sector for the first time.

Ireland’s crypto businesses have become subject to regulatory oversight for the first time, with local digital asset firms now observing anti-money laundering guidelines set out by the European Union, or EU.

Irish VASPs must now register with the Central Bank of Ireland within the next three months, and carry out due diligence on their clients — including identification, accounting for the origin and destination of their crypto assets, and reporting suspicious financial activity.

This may be only the beginning for Irish crypto regulation, with all VASPs worldwide that service European countries expected to adhere to the European Union’s Sixth Anti-Money Laundering Directive by June 3.

by summa-bot

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