Ireland Speeds Up Cryptocurrency Regulation: Adapting to New MiCA Rules

The Irish government plans to update cryptocurrency regulations to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA), which will come into effect on December 30, 2024. Finance Minister Jack Chambers announced that a new bill will be developed to enhance oversight of crypto companies and prevent the use of digital assets for money laundering and terrorism financing. Details of the upcoming changes have not yet been disclosed, but the main focus will be on strengthening control.

Strict Requirements for Cryptocurrency Exchanges and New Limits

With the implementation of MiCA, additional reporting and compliance requirements will be imposed on cryptocurrency exchanges. A cash payment limit of €10,000 (approximately $10,850) will be established, along with increased monitoring of large transactions. These measures aim to enhance transparency and security in the financial sector, which regulators believe will reduce the risks of illegal use of crypto assets.

Derville Rowland, Deputy Governor of the Central Bank of Ireland, expressed confidence that MiCA will be an important step toward ensuring the stability of the country’s financial system. According to her, strict control over cryptocurrency transactions will boost trust in digital assets and open up opportunities for further adoption of advanced technologies.

Ireland as a Leading Center for Cryptocurrency Adoption

Ireland is already taking an active stance on cryptocurrency regulation. As of July 2024, the Central Bank has approved the operations of 15 virtual asset service providers, including major companies such as Gemini, Coinbase, Ripple, Paysafe, and MoonPay. Authorities intend to continue efforts to create a safe environment for the development of the cryptocurrency market.