Urgent legislation to update financial regulations to cover cryptocurrency
Finance Minister Jack Chambers also received approval to implement actions contained in the National Payments Strategy. Picture: Brian Lawless/PA Wire
Legislation is to be drafted to ensure digital asset and crypto firms are covered by the new EU money laundering and financing of terrorism laws.
Cabinet heard that Finance Minister Jack Chambers will draft urgent legislation to update regulations as it must be in place by the time the EU regulations come into place on December 30.
Earlier this year, Gardaí seized approximately €6.5m worth of cryptocurrency, including bitcoin and monero, following a long-running investigation into 'darknet markets' and money laundering.
Separately, Mr Chambers received approval to implement actions contained in the National Payments Strategy which will offer a roadmap for the evolution of the payment system, taking into account how acceptance of cash should be facilitated.
The strategy seeks to align Ireland with a number of European initiatives which are under way, including a regulation relating to mandatory acceptance of cash.
The Nama quarterly report which showed that it generated €76m in cash in the quarter to June 2024 was also noted by Mr Chambers on Tuesday.
Nama recorded a profit after tax of €53m for the six months to June 30 compared to €26m in the same period last year.
The agency also published its annual statement for 2025 setting out its objectives to secure the best financial return for the State, while it aims to conclude its work no later than December 2025.
As members of the hospitality industry protested outside the Department of Finance on Tuesday, Cabinet opted to oppose a private members' motion brought by a group of independent TDs to reduce the hospitality Vat rate to 9%.
Mr Chambers' counter-motion will reiterate that the 9% rate was granted on a temporary basis to mitigate the impact of covid-19 restrictions and underline the need for economic sustainability within taxation measures.
Meanwhile, Health Minister Stephen Donnelly got approval for free, State-funded hormone replacement therapy (HRT) for women from January 2025. The plans, which were announced as part of Budget 2025, will save a woman between €360 to €840 per year based on current monthly spending, Cabinet heard.
If the relevant legislation is not passed before January, free HRT can still be provided for on an administrative basis until it has passed.
Following the passing of the Planning Bill last week, Housing Minister Darragh O'Brien will publish his ministerial action plan, which recommends hiring as many as 400 additional planners to meet increasing demand for housing and infrastructure in Ireland.
