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.
The legislation requires firms that operate with crypto assets and custodial wallet providers — dubbed Virtual Asset Service Providers, or VASPs — and the businesses that service VASPS, abide by the same regulatory standards of mainstream financial firms.
Irish VASPs must now register with the Central Bank of Ireland within the next three months, and carry out duediligence on their clients — including identification, accounting for the origin and destination of their crypto assets, and reporting suspicious financial activity.
Ireland’s prior lack of regulation allowed traders to invest in crypto assets anonymously.
This may be only the beginning for Irish crypto