Ireland Excludes Crypto from New Savings Scheme Targeting $203B
Ireland is launching a new savings and investment scheme aimed at mobilizing $203 billion in household deposits. However, crypto assets are explicitly excluded from participating in this initiative. According to Tánaiste Simon Harris, the scheme will allow savers to hold shares, bonds, funds, exchange-traded funds, and insurance-based products.
The government's goal is to encourage Irish households to invest more of their financial assets directly, as they currently hold only 2.3% in direct investments such as listed shares and bonds, compared to an EU average of 7.5%. The scheme will offer tax breaks for contributions up to a certain threshold, with anything above it charged a flat rate.
The Central Bank research found that roughly 10% of adults own crypto-assets, predominantly young men, with an average holding of €2,266. Harris has launched several tightening measures targeting crypto-asset misuse, including enhanced checks on transfers involving private wallets and stricter due diligence on firms dealing with overseas crypto companies.