Govt. Of Ireland Approved A New Regulatory Bill That might Affect Cryptocurrencies.

Govt. Of Ireland Approved A New Regulatory Bill That might Affect Cryptocurrencies.

2019-01-04 | Mike Hallen

Govt. Of Ireland Approved A New Regulatory Bill That might Affect Cryptocurrencies.

In line with a recent report 'published' by a native news source ‘Irish Times ’, the managing organ of the govt. of Ireland ‘The Cabinet’, has approved a bill that might offer effect to the EU [European Union] Fifth Anti-Money Laundering [AML] Directive.

The directive — that came into force on 9th July, 2018 — sets a modified legal framework for European Monetary watchdogs to manage digital currencies so as to shield against ML [Money Laundering] along with the terrorism financing.

Specifically, the directive can extend the scope to crypto platforms and crypto wallet suppliers, ending the obscurity of banks and savings accounts, and improve data exchange among authorities. EU member states should incorporate the directive into their respective national laws by 20th Jan., 2020.

In addition to recognizing the EU directive, the Criminal Justice [Money Laundering and Terrorist Financing] [Amendment] Bill 2019 would strengthen existing legislation, together with the employment of “virtual currencies for terrorist financing and limiting the employment of prepaid cards.” Minister of Justice Charlie Flanagan said:

“The reality is that ML [Money Laundering] is a crime that helps serious criminals and terrorists to perform, destroying lives within the process… Criminals look for to use the EU’s open borders and EU-wide measures are very important for that reason. Ireland’s powerfully supports the provisions within the fifth EU ML [Money Laundering] directives. ‘’

If the bill passes, Monetary institutions  would be needed to perform stricter due diligence in regard to new clients, and would be prohibited from opening anonymous safe deposit boxes. Moreover, the new bill can reportedly allow the Garda along with the Criminal Assets Bureau to access bank records within the course of ML [Money Laundering] investigations.

Just last month, the 'European Union Blockchain Observatory' and Forum created a case for digital versions of national currencies on a blockchain, adding:

“Putting digital versions of national currencies on the blockchain suggests that they might become integral components of smart contracts. That might unlock abundant potential innovation of blockchain by permitting parties to make automated agreements, together with direct transactions in these currencies, rather than having to use a cryptocurrency as a proxy.”

Also in Dec., crypto-friendly fintech startup Revolut obtained an EU banking license through the Bank of  Lithuania. Revolut’s users within the 'U.K'., France, Germany, and Poland are expected to induce a “true accounting and a non-prepaid debit card.” Moreover, users’ deposits would also be coated up to about $113,500 USD underneath the European Deposit Insurance Scheme.

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