Ireland’s Justice Minister Submits Stricter Crypto Rules for Cabinet Approval

Recently, countries like Singapore and Hong Kong have taken steps to regulate the use of digital currencies to salvage domestic financial institutions. Other nationals are hard at work to release sustainable policies too.

The Irish government has joined the bandwagon as it is poise to approve policies to affect Money Laundering and Terrorist Financing Amendment Bill 2020 to include funding terrorist attacks with cryptocurrency in recent times.

With the aim to curb the illegal use of cryptocurrency for fraudulent activities in Ireland, Justice Minister Helen McEntee gained support from the Irish Cabinet is set to publish the country’s 2020 Money Laundering and Terrorist Financing Amendment Bill.

Moreso, the Minister hopes that if the bill is approved and metamorphosis into law today, the Irish legislation will be required to admit some more “designated bodies” into the number of the already existing legislating body to boost regulatory oversight.

The “designated bodies” will include crypto wallet providers, crypto exchanges, cryptocurrency issuers, and even traders in the market, to checkmate trading activities to track down fraudulent cryptocurrency utilization.

According to McEntee, “criminals sought to exploit the EU’s open borders, and for that reason, EU-wide measures were vital.”

Therefore, the bill will cut across borders to accommodate provisions from the 2018 European Union (EU) Money Laundry Directive  AML 5 that required member states to implement the EU directives into national law by January 2020.

See Also: A Global Crypto Regulation? FATF to Publish New Guidelines for Digital Assets 

More often than not, governmental bodies have taken steps to implement regulations geared at controlling Money Laundering activities within their respective crypto space. Coinfomania reported last August provisions by the Czech Republic of more stringent rules, this time for crypto exchange.

On the same subject, the CEO of Binance Changpeng Zhao (CZ) said in April this year that the implementation of stricter anti-money-laundering rules in the industry, especially in Asia, will lead to the consolidation of exchanges.

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Author: Ruth Shadrac

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Author: Ruth Shadrac