Requirements for crypto businesses in Ireland to submit applications to the CBI by 23 July 2021

Virtual asset service providers (“VASPs”) operating in Ireland are now subject to Ireland’s AML/CFT framework following the commencement of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 with all new market entrants required to register with the Central Bank of Ireland (“CBI”) before commencing trade.

Existing VASPs were given a grace period of three months to apply for registration, however, the deadline to register is fast approaching and existing VASPs are required to apply to the CBI for registration before 23rd July 2021.

Any person or entity carrying out VASP activities by way of business in Ireland without registration is at risk of facing a Class A fine (not exceeding €5,000) and/or imprisonment for a term not exceeding 12 months if charged on summary conviction, or a fine not exceeding €500,000 and/or imprisonment for a term not exceeding 5 years for an indictable offence.

Should you require further information on the steps involved in the registration process, please contact Andrew Tzialli or Rachel McCausland to discuss how our team can assist.

News and insights

IETA European Climate Summit 2024

IETA European Climate Summit 2024

Key Contacts: Lev Gantly - Partner  |   Anna Hickey - Partner Lev Gantly, Anna Hickey and Simon Puleston Jones will be attending the European Climate Summit 2024 from the 16-18 April in Florence, Italy. If you are also attending the summit, reach out to the team...

read more
Chambers and Partners Europe Rankings 2024

Chambers and Partners Europe Rankings 2024

We are pleased to be recognised in the latest Chambers and Partners Europe 2024 rankings across the firm. A special thank you to our clients for their continued support. Read the full rankings here.

read more
Paris Arbitration Week

Paris Arbitration Week

Key Contacts: Eimear Collins - Partner  |   Gerald Byrne - Partner Partners Eimear Collins and Gerald Byrne from our litigation team will be attending Paris Arbitration week on March 18. Paris Arbitration Week brings together legal professionals globally to discuss...

read more
Peter Crawford

Peter Crawford

It is with great sadness that we announce the unexpected and tragic passing of our colleague and dear friend Peter Crawford. Peter was with the firm for almost ten years, joining as an intern and most recently becoming a senior associate. He was an excellent lawyer...

read more
Share This