Ireland Unveils Crypto Risk Assessment, Targets Industry Standards Implementation

The Irish government has released its first digital assets risk assessment in seven years, highlighting significant concerns about money laundering and terrorism financing.

Crypto assets present 'very significant' risks to these areas, according to the report, which noted an increase in prosecutions related to money laundering since the last assessment. The report also found that crypto was used to bribe corrupt officials responsible for decisions overseeing the industry.

Ireland lacks many of the laws and regulations covering the crypto industry common in other jurisdictions like the European Union and United States, despite having relatively high crypto ownership rates compared to other areas. The government has set a target of implementing industry standards relating to the acceptance of crypto-related activities as a source of funds by the second half of 2027.

The Central Bank of Ireland fined Coinbase Europe Limited $24 million in November 2025 for Anti-Money Laundering and Countering the Financing of Terrorism violations, noting that the company delayed reporting failures in its transaction monitoring system. The risk assessment also highlighted vulnerabilities in the sector, including 'inconsistent international regulation' posing risks to Irish service providers.