Ireland designates crypto as major financial crime threat, plans new rules

The Irish government has identified cryptocurrency as a major financial crime threat in its recently published "National Risk Assessment" report and plans to strengthen related regulations, Decrypt reported. The new plan to combat financial crime includes enhanced safeguards for crypto and digital finance. Specifically, new industry standards will be introduced that mandate identity verification and due diligence procedures for crypto to be recognized as a source of funds. Additionally, the Gambling Regulatory Authority of Ireland plans to establish criteria for thoroughly verifying the source of funds for companies handling cryptocurrencies by the second quarter of 2027.