Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 07 JULY 2021

Market Intelligence Thought Leadership Award Winner

Crypto-Assets – Long Awaited Clarification On Regulation Of VASPs In AML

Matheson
Explore more from Matheson

Ian O'Mara, senior associate: "As noted above, on 23 April 2021, the 2021 Act was commenced transposing the 5MLD into Irish law.

IrelandTechnology
Ian O'Mara
Ian O'Mara
Author LinkedIn connections

Ian O'Mara, senior associate: "As noted above, on 23 April 2021, the 2021 Act was commenced transposing the 5MLD into Irish law. One of the most far-reaching changes introduced by the 2021 Act is the new requirement for VASPs to register with the Central Bank. Firms providing virtual asset services are now "designated persons" for the purposes of the 2010 Act and are therefore required to comply with the AML/ CFT obligations contained under Part 4 of the 2010 Act.

On 16 March 2021, the Central Bank published the details of the new process for VASPs to apply for registration with the Central Bank and commenced its supervision of VASPs on 23 April 2021. The Central Bank notes on its website that firms providing virtual asset services will be required to register with the Central Bank for AML/CFT purposes only. Firms not established in Ireland and/or not carrying on business as a VASP immediately prior to the 2021 Act coming into force on 23 April must be registered

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

EU Commission Publishes Cybersecurity And AI Action Plan

The European Commission has published an Action Plan addressing the dual-edged nature of frontier artificial intelligence models in cybersecurity, outlining how the EU will harness AI's defensive capabilities while protecting against AI-powered cyber threats. Through nine key actions spanning 2026-2027, the plan establishes frameworks for safe AI evaluation, structured access to advanced AI capabilities, and the scaling of European sovereign AI cybersecurity solutions across critical infrastructure sectors.
European UnionTechnology
Matheson
Matheson
Article

Time Running Out As AI Transparency Guidelines Published

The European Commission has published comprehensive guidelines on AI transparency obligations under Article 50 of the EU AI Act, with enforcement beginning August 2, 2026. These guidelines establish how organizations must disclose AI systems, mark synthetic content, label deepfakes, and demonstrate compliance, with significant penalties for non-compliance reaching up to €15 million or 3% of global turnover.
IrelandTechnology
William Fry LLP
William Fry LLP
Article

Irish Government Publishes The Regulation Of Artificial Intelligence Bill 2026

The Irish Government has published the Regulation of Artificial Intelligence Bill 2026, establishing Ireland's framework for implementing the EU AI Act. This landmark legislation creates the AI Office of Ireland as an independent statutory entity and designates existing sectoral authorities to oversee AI regulation within their domains. The Bill introduces a comprehensive administrative sanctions regime and enforcement toolkit while reflecting Ireland's National Digital and AI Strategy.
IrelandTechnology
Matheson
Matheson
Article

Ireland's Domestic AI Legislation Comes Into Force

Ireland has established the AI Office as its central coordinating authority under the EU AI Act, introducing a comprehensive regulatory framework that includes sector-based supervision, enforcement powers, and administrative fines reaching up to €35 million. The new legislation empowers market surveillance authorities like the Central Bank and Data Protection Commission to oversee AI compliance while creating a regulatory sandbox to foster innovation within legal boundaries.
IrelandTechnology
Arthur Cox
Arthur Cox
Article

CJEU Clarifies The Limits Of The Hosting Safe Harbour For Online Platforms

The Court of Justice of the European Union has delivered landmark judgments that fundamentally reshape how online platforms can claim immunity from liability for user-generated content. These decisions establish that algorithmic content distribution and commercial partnerships with creators may strip platforms of their safe harbour protections, forcing a reassessment of how social media companies, video-sharing services, and digital marketplaces structure their operations and revenue models.
IrelandTechnology
Matheson
Matheson
Article

Cyber Resilience Act: New Vulnerability Reporting Requirements Now In Force

The EU Cyber Resilience Act introduces mandatory reporting obligations for manufacturers of digital products, requiring them to notify authorities within 24 hours of discovering actively exploited vulnerabilities or severe security incidents. This regulation establishes strict timelines for early warnings, detailed vulnerability notifications, and final reports, fundamentally changing how manufacturers must respond to cybersecurity threats.
IrelandTechnology
Browne Jacobson LLP
Browne Jacobson LLP
Article

The AI Digital Omnibus – Simplifying The Path To EU AI Compliance

The European Commission's AI Digital Omnibus proposes targeted amendments to the EU's AI Act, aiming to simplify compliance requirements and address implementation challenges while maintaining core safeguards. The revision extends timelines for high-risk AI systems and provides additional regulatory privileges for small and mid-cap enterprises navigating the world's first comprehensive horizontal legal framework for artificial intelligence.
IrelandTechnology
Matheson
Matheson