The cabinet members of Ireland have made a new head turning announcement after it they said new crypto laws would be initiated very soon.
According to Irish lawmakers, the crypto industry has often been used to carry out illegal and evil deeds. The new crypto laws will keep them in check while also eliminating money laundering. In a report submitted by Irish news outlets, Irish Examiner claimed the members of the legislation were hoping to tackle the risk of terrorist financing, amongst other problems arising from the use of crypto.
The government said that it aims to bring all crypto activities under their watchful eyes, which is in line with the European Union’s fifth Anti Money Laundering Directive. In totality, the report says that the government wants to be able to monitor user wallets as well as crypto exchange platforms across Ireland.
Ireland following European Union directive with new crypto laws
With the government aiming to place specific measures to curb illegal activities as a result of the new crypto laws, it means there are unfavorable days ahead for the crypto community in Ireland.
A significant factor to be considered is the cost related issues that might arise from the new law that would be initiated. Initially, banks around Ireland have always allegedly refrained from providing banking services to crypto platforms and businesses.
Ireland’s crypto community is not the only one affected as most European countries have reformed their crypto laws in line with the EU’s directive. Towards the end of last year, crypto companies were asked to tailor their business to follow the new rules or risk being kicked out.
Major countries are initiating new crypto laws to follow FATF guidelines
Looking critically at the main idea behind this new directive shows that the European Union wants a way to monitor and track crypto holders and businesses across the continent.
Going out of Europe, major countries have been trying to initiate new guidelines and crypto laws in their countries to follow the Financial Action Task Force (FATF) guidelines. Recall that in previous reports, the Russian government announced new guidelines to check the activities of digital assets in the country. According to Russia’s new crypto laws, digital assets can be traded but have been exempted from being a means of legal tender to purchase goods and services.