Ireland is swiftly preparing new cryptocurrency regulations ahead of the European Union's Anti-Money Laundering and Terror Financing legislation, which is set to take effect on December 30. Finance Minister Jack Chambers emphasized the need for urgent legislation to update existing crypto regulations. Although details on the new laws remain undisclosed, the upcoming EU regulations will enhance the powers of financial intelligence units and introduce stricter reporting requirements for cryptocurrency exchanges. Key measures include a cash payment limit of €10,000 and heightened monitoring for large transactions, along with new reporting mandates for high-value interactions. These regulations are part of broader efforts to tackle risks associated with crypto assets and crowdfunding. The Central Bank of Ireland has noted the importance of establishing robust regulations to prevent the misuse of Ireland's financial system. As of July, there were 15 registered virtual asset service providers in Ireland, including prominent names like Coinbase and Ripple. The urgency in drafting new laws reflects Ireland's goal to remain a leader in safe financial innovations.

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