Ireland Tightens Crypto Regulations with Enhanced Checks on Private Wallets

Ireland has published its first National Anti-Money Laundering Strategy, which includes enhanced checks on private crypto wallets and stricter due diligence on overseas crypto firms. The strategy builds on a 30-point action plan published in June that promised enhanced safeguards around crypto-assets and digital finance.

The final elements of the EU Transfer of Funds Regulation will introduce new obligations for crypto-asset service providers, requiring 'enhanced checks' on transfers involving private crypto wallets. This includes the FATF travel rule, which requires information on the originator and beneficiary to accompany a transaction.

Tánaiste and Minister for Finance Simon Harris said that criminal organizations are exploiting new technologies, crypto-assets, and complex international financial networks to conceal profits, and that the launch sends the message that 'Ireland will not be a safe place to launder criminal proceeds.'