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 organizations on the same footing as mainstream financial services providers.
  • The new requirements will take 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 stablecoin project is also likely to have a presence there.

See also: Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering

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