Last Friday (23) the European Union issued its fifth anti-money laundering order (5AMLD). Included In Irish law, news Decrypt.

Thus, crypto companies have up to three months to register with the country’s central bank.

Cryptocurrency Service Providers (VSP) – Convert cryptocurrencies to loyalty, or vice versa, custody, trade, etc. – They must comply with the same anti-money laundering (AML), Consumer Identification (KYC) and Anti-Terrorism Funding (CFT) requirements, as well as banks and other financial institutions.

Until now, users can trade anonymously in Ireland. VASPs should conduct audits and report suspicious activity to the Central Bank of the country.

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According to the guidelines, “failure to comply with obligations is an offense” and “failure to do so may result in a fine, imprisonment or both.”

5AMLD came into force in July 2018, with member states having until January 2020 to incorporate these proposals.

Why are digital identity solutions important?