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Justice Minister in Ireland proposes new strict Crypto rules

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Countries like Jamaica, Hong Kong, China, Japan, Singapore and many more have started process on building digital currencies backed by the country’s central bank. This new development has started in other countries as well. It is to save financial institutions from any possible economic havoc. Other policies are being drafted in other countries.

Ireland has joined the moving train as it has just approved policies that will affect two issues; Money laundering and Terrorist financing amendment Bill 2020. The amendment addressed terrorist attacks that have been majorly funded with cryptocurrency of recent.

With the backing of the Irish cabinet, Helen McEntee, Justice minister in Ireland is ready to make public the 2020 Money laundering and Terrorist financing bill. This was born out of the recent illegal use of cryptocurrency. The bill will curtail the illegal use of crypto.

However, according to the minister, some specific bodies will be given regulation oversight if peradventure the bill metamorphoses into law soon. These bodies will be cryptocurrency exchanges, crypto wallet providers, crypto issuers as well as traders. These entities will checkmate activities in the trading space to track down crypto criminals.

The minister said that criminals take advantage of the EU’s borders and this requires the EU to take wide precautions – “criminals sought to exploit the EU’s open borders, and for that reason, EU-wide measures were vital”. The bill will therefore transcend borders, accommodating provisions from the 2018 EU money laundry order (Anti-Money Laundering laws) that required states to implement into law by 2020.

Moves on stricter crypto rules
Chagpeng Zhao, CEO, Binance, popularly known as CZ made comments on this issue around April that implementation of stricter anti-money laundering rules in the crypto space will result in merger of exchanges, especially in Asia. Some countries like Czech Republic, Russia and some countries in Asia have very strict laws as well.