Virtual Asset Service Providers Regulation

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Information about

Virtual Asset Service Providers (‘VASPs’) Regulation of providers of services relating to Virtual Assets

The European Union’s Fifth Anti-Money Laundering Directive (‘5AMLD’) extended Anti-Money Laundering and Countering the Financing of Terrorism (‘AML/CFT’) obligations to entities that provide certain services relating to virtual assets.

Ireland transposed 5AMLD into Irish law by way of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (‘2021 Act’) and the provisions of the 2021 Act that relate to VASPs commenced on 23 April 2021.

The 2021 Act extends the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 (‘CJA 2010 to 2021’) to VASPs.

For the purposes of the legislation, VASPs are firms that provide any of the following services relating to virtual assets:

  1. exchange between virtual assets and fiat currencies;
  2. exchange between one or more forms of virtual assets;
  3. transfer of virtual assets, that is to say, to conduct a transaction on behalf of another person that moves a virtual asset from one virtual asset address or account to another;
  4. custodian wallet provider; and
  5. participation in, and provision of, financial services related to an issuer’s offer or sale of a virtual asset or both.

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