Ireland Lawmakers are making a conscious effort to regulate cryptocurrency transactions in the country with the sole aim of reducing crypto-related frauds.
The cabinet is set to release laws addressing the issue of crypto fraud, including money laundering. The bill, which is still under consideration, will put crypto firms under the watch of government agencies, and according to report, much attention will focus on exchange platforms and wallets.
The law will also stop banks in the country from creating secret safety deposit boxes and will also provide proper identification means for companies and businesses. The law will undoubtedly lead to more difficulties for crypto clients in the country.
The movement towards a strict digital currency regulation is a popular course across Europe because of the EU’s fifth anti-money laundering directive. Last December, the EU set a deadline for digital asset companies in Europe to adjust their activities and operations to fit in with the new rules.
Source: Cryptopotato
