Ireland implements stricter checks on private crypto wallets to combat money laundering.

Ireland has announced a new anti‑money‑laundering strategy that will impose stricter checks on private cryptocurrency wallets and on firms that work with overseas crypto companies. The Central Bank of Ireland released the plan on Tuesday, saying it will give the regulator more power to investigate and enforce compliance in the crypto market.

The move comes as regulators worldwide tighten rules around digital assets. Money‑laundering groups have used crypto to move large sums across borders, and the European Union’s Markets in Crypto‑Assets Regulation (MiCA) requires all EU member states to keep up with the new standards. Ireland is a key hub for crypto exchanges and fintech firms, so the country wants to keep its reputation while preventing illicit activity. Recent high‑profile cases in other jurisdictions, such as the UK’s crackdown on unregistered crypto platforms, have shown that weak oversight can lead to large losses for consumers and tax authorities.

Under the new strategy, firms that deal with foreign crypto companies must carry out enhanced due diligence. They will need to verify the source of funds, monitor wallet addresses, and report suspicious activity to the Financial Intelligence Unit. Private wallet holders will also face new reporting thresholds, meaning that holders of large balances will have to disclose their holdings. The Central Bank will roll out the rules over the next six months, with a phased approach that starts with high‑risk jurisdictions. Firms that fail to comply could face fines of up to 10 % of their annual turnover or a ban from operating in Ireland.

The announcement has been welcomed by some regulators but criticised by a few industry groups that say the rules could drive businesses abroad. The Central Bank said it will work with the European Banking Authority and the European Commission to ensure that the new measures fit within EU-wide efforts. If the strategy is successful, it could set a benchmark for other EU members and help Ireland keep its crypto sector clean and competitive.