In a flurry of activity, the Irish government is scrambling to draft urgent legislation to bring digital asset and cryptocurrency firms under the umbrella of new EU money laundering and terrorism financing laws. Finance Minister Jack Chambers has been tasked with updating regulations before the EU-imposed deadline of December 30.
According to The Irish Examiner, this move comes in the wake of a significant cryptocurrency seizure by the Gardaí earlier this year. Approximately €6.5 million worth of digital currencies, including Bitcoin and Monero, were confiscated following a lengthy investigation into darknet markets and money laundering.
The urgency of the situation was highlighted during a recent Cabinet meeting, where Minister Chambers outlined the need for swift action to align Irish law with incoming EU regulations.
In related news, the Cabinet approved the implementation of the National Payments Strategy, which aims to provide a roadmap for the evolution of Ireland’s payment system. This strategy will address issues such as the facilitation of cash acceptance and align Ireland with European initiatives, including regulations on mandatory cash acceptance.
The government also took note of the latest Nama quarterly report, which showed a generated cash flow of €76 million in the quarter ending June 2024. Nama recorded a profit after tax of €53 million for the first half of the year, more than doubling the €26 million profit from the same period last year.
As the hospitality industry protested outside the Department of Finance, the Cabinet decided to oppose a motion to reduce the hospitality VAT rate to 9%. Minister Chambers is expected to argue that the previous 9% rate was a temporary measure during COVID-19 restrictions and emphasize the need for sustainable taxation.
In healthcare news, Health Minister Stephen Donnelly secured approval for free, State-funded hormone replacement therapy (HRT) for women starting January 2025. This Budget 2025 initiative is expected to save women between €360 to €840 annually.
Lastly, following the recent passing of the Planning Bill, Housing Minister Darragh O’Brien is set to publish a ministerial action plan recommending the hiring of up to 400 additional planners to meet Ireland’s growing housing and infrastructure demands.
As the government juggles multiple pressing issues, the race to regulate cryptocurrency before the EU deadline remains a top priority, highlighting the increasing importance of digital assets in Ireland’s financial landscape.