Ireland Tightens Oversight of Crypto Sector Under New Anti-Crime Plan

The Irish Department of Finance published a new National Risk Assessment on financial crime, alongside an action plan of 30 measures. One measure targets the crypto sector. The Gambling Regulatory Authority of Ireland will create a mandatory standard for verifying the legitimate origin of funds tied to crypto activities. The deadline is the second quarter of 2027.

The risk assessment flagged gambling as a channel for laundering money through crypto. The new standard will require crypto firms handling funds linked to gambling to prove those funds come from legitimate sources. The authority has not yet detailed the verification rules. The measure tightens oversight for a sector that has operated with limited AML requirements in Ireland.

The timeline gives crypto firms roughly two years to prepare. Companies that process crypto payments for gambling operators or offer crypto-based gambling products will need to implement systems to trace fund origins.

The plan is part of a broader European push to regulate crypto under the Markets in Crypto-Assets framework and the EU's anti-money laundering directive. Ireland's move adds a layer specific to gambling, a sector that has drawn scrutiny from regulators across Europe.

The National Risk Assessment also covers other financial crime risks. The crypto-gambling link is the most concrete new measure with a set deadline. Firms operating in Ireland will need to monitor the authority's draft rules, expected before the 2027 implementation date.