Cryptocurrency companies in the Republic of Ireland will have to comply with anti-money laundering rules, the country’s central bank has warned.
- Cryptocurrency traders in Ireland will no longer be able to buy and sell anonymously, the Irish Independent reported Tuesday.
- Companies offering buying and selling services for cryptocurrency will have to complete due diligence on their customers to account for provenance and destination of their funds.
- This will bring cryptocurrency organisations on to the same plain as mainstream financial services providers.
- The new requirements will effect in April when the European Union’s 6th Anti-Money Laundering Directive enters into Irish law.
- Coinbase Custody International calls Ireland home while Facebook’s Diem project is also likely to have a presence there.
See also: Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering