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


Thursday, June 10, 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.


Author

Andrew Tzialli

PARTNER


Rachel McCausland

ASSOCIATE

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