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Requests for cryptocurrency regulations increase day by day. The Irish government has passed an anti-money laundering law that will have serious consequences on the cryptocurrency sector in the country. The law whose directive came into force on 9 July 2018 provides a framework that European financial regulators should use to regulate digital currencies.
Anti-money laundering regulation and cryptocurrency of the Irish Government
The account provides a complete
framework for the regulation of cryptocurrencies in Ireland. One of the main ones
The goals of these new regulations are to curb the money laundering in the country.
The framework will also serve to ensure that digital coins
like Bitcoin are not used to finance terrorist activities in the country e
to & # 39; abroad.
One of the salient facts of this bill is that it increases the reach of digital currency portfolios and cryptographic platforms. It also terminates the anonymity of savings and bank accounts and improves the exchange of financial information between authorities.
All the states of the European Union are
necessary to implement this directive in their national laws by 20 January,
2020. The adoption of the new law throughout the EU will contribute significantly to
streamline the cryptocurrency sector by eliminating the risks associated with
currencies. It will also ensure that all interested parties get value for the
money invest in blockchain technology and their favorite
cryptocurrencies.
In addition to the acknowledgment of the direction of the European Union, the bill dubbed "Law on Financial Crime and Terrorist Financing", the Law 2019 will make the existing legislation more complete and useful to monitor the financial industry in the region , providing a clear framework for monitoring the use of virtual currencies and limitation of prepaid cards.
Charlie Flanagan, the minister of
Justice, recently told the press that money laundering is a serious crime
it allows terrorists and criminals to operate and destroy the lives of millions of people
people in the process. Charlie went on to say that the criminals put in
to put measures to enable them to take advantage of the European Union
borders to commit crimes.
Ireland fully supports the fifth directive on money laundering of the European Union. He promised to put in place all necessary measures to facilitate its full implementation, if it has passed. In a concise manner, the bill will require all financial institutions to perform rigorous due diligence when dealing with new clients. They will also not be allowed to open safes whose owners are unknown.
It was also reported that the bill gives Garda and Criminal Assets Bureau permission to access and use bank data during investigations involving money laundering and other related crimes.
Only last month, the European Union Blockchain Observatory and the incorporation of digital version forums of national legal technology on blockchain technology will improve the provision of smart contracts. Should this happen, it would bring to light the full potential of blockchain technology by allowing users to create automated agreements. Users will also be able to make direct transactions using these currencies instead of relying on cryptocurrency as a proxy.
Read more about the cryptic trend news here.
