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ARTICLE · 22 APRIL 2021

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Coming In From The Cold – Crypto-Asset Regulation

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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On 14 April 2021, crypto-asset services became subject to regulation in Ireland for the first time. On that date, the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021,...

IrelandGovernment, Public Sector
Keith Waine
Keith Waine
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On 23 April 2021, crypto-asset services became subject to regulation in Ireland for the first time. On that date, the relevant sections of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021, which gives effect to provisions of the EU's Fifth Money Laundering Directive (Directive 2018/843/EU), came into force.

Although focused on anti-money laundering compliance, the new supervisory regime will have wider implications for firms providing crypto-asset services, their managers and their owners.

What services are in scope?

The new legislation introduces the concept of a "virtual asset service provider" (VASP). A VASP is defined as a person or firm who by way of business carries out one or more of the following activities on behalf of another:

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