Category: Digital Currencies

Ireland to enforce AML checks for digital currency firms from April in line with 5AMLD

Ireland will impose anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements for digital currency firms starting April 2021. With the new regulations, the Irish central bank will have more oversight over the industry. Buyers and sellers of digital currencies will no longer be able to transact anonymously, local daily Irish Independent reports. Digital currency firms, also known as virtual asset service providers (VASPs), will now have to complete due diligence on their clients. This is after the European nation adopted the EU’s Fifth Anti Money Laundering Directive (5AMLD). 5AMLD is the EU’s latest legal framework for combating… Read More

AFME calls for regulatory certainty on the treatment of crypto assets

The Association for Financial Markets in Europe (AFME) has called for UK authorities to provide regulatory certainty on the treatment of crypto assets in its response to HM Treasury’s consultation on the UK approach to crypto assets and stable coins. AFME has also pushed for a review of existing financial services legislation to identify and address obstacles to distributed ledger technology (DLT) innovation. The association has recommended a more “granular crypto-asset taxonomy” to clarify the treatment of existing use cases that will support the UK approach to fulfil regulatory objectives and encourage innovation. This will support greater certainty on which… Read More