Virtual Asset Service Providers (VASPs) in Ireland are now required to register with the country’s central bank to comply with anti-money laundering and countering financing of terrorism (AML/CFT) obligations.

The change follows the EU’s Fifth Anti-Money Laundering Directive being transposed into Irish law on 23 April.

It will be a criminal offence to operate as a VASP in Ireland in the absence of registration, the Central Bank of Ireland said.

VASPs have three months to apply to the bank for registration.

The new regulation covers those which:

  • exchange between virtual assets and government-backed fiat currencies;
  • exchange between one or more forms of virtual asset;
  • transfer virtual assets from one account to another;
  • are a custodian wallet provider; or
  • provide financial services for an offer or sale of a virtual asset.

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