Crypto in Ireland
The Irish government and financial regulators carefully monitor Crypto in Ireland and strictly enforce anti-money laundering (AML) and counter-terror financing (CTF) regulations. This ensures the safety and stability of the digital currency. The country’s leading exchanges are Bitget, KuCoin, Binance, and Exolix, which provide users with an array of trading features. The platforms also implement rigorous know-your-customer (KYC) procedures, ensuring the compliance of their customers with anti-money laundering laws.
Crypto in Ireland: Trends, Regulation, and Future Outlook
While it is not illegal to own or invest in cryptocurrencies in Ireland, they are treated like other investments by the authorities and must be declared to Revenue for tax purposes. In addition, the value of a cryptocurrency is subject to capital gains tax, and each disposal of the asset must be reported to the authority for tax purposes. This includes selling the crypto, exchanging it for another currency, or giving it as a gift.
The Irish government has not yet enacted any specific legislation on crypto-assets, but existing money transmission regulations may apply to cryptocurrencies if they are used as payment instruments. For example, under the European Communities (Payment Services) Regulations 2018 (which implement PSD2 into Irish law), the issuer of a “digital cash” must be authorised by a national competent authority. This could apply to certain types of crypto, such as stablecoins that are linked to a commodity or standard currency such as the euro. Similarly, the E-Money Regulations that regulate the issuers of e-money (which is similar to classic crypto) could also apply to some types of crypto.
