Irish government enacts cryptocurrency money laundering laws

On August 10, BeIncrypto announced that the Irish Treasury had announced the Money Laundering and Criminal Procedure Reform Act 2020 to protect the financial system, including the regulation of cryptocurrencies. However, this bill is not the only violation of all cryptocurrencies. European Financial Institutions (EBAs) have announced that this law puts trading participants in a direct interaction between existing currencies and virtual currencies (for example, virtual currency exchanges), bringing them within the scope of the 5th EU Anti-Money Laundering Directive (AMLD 5). Enforce financial protection policies and prevent violence against these participants by eliminating “physical demands”. In other words, the EU wants to ban money laundering, but it should strive to regulate the integrity of blockchain technology.