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Nikita Veremeev
30.11.2020 | 6 min read
Updated: 16.10.2026
In the Republic of Ireland, financial services are regulated by the Central Bank of Ireland (CBI). Until April 2021, cryptocurrency businesses in Ireland were not subject to a dedicated registration regime, and it was unclear how far existing financial legislation applied to them. That has since changed. From April 2021, virtual asset service providers had to register with the CBI for anti-money laundering purposes. Under the EU’s Markets in Crypto-Assets Regulation (MiCA), which has applied to crypto-asset service providers since 30 December 2024, the CBI is also the authority that authorises them in Ireland.
The CBI has also issued a warning aimed at investors regarding the possible risks connected to potentially losing their funds partially or completely while investing in cryptocurrencies or ICOs.
So, what is the situation with registering a cryptocurrency business in the Republic of Ireland, and is it worth creating a cryptocurrency exchange there?
Process of registration
In March 2018, the Department of Finance published a discussion paper, Virtual Currencies and Blockchain Technology, and the Minister for Finance announced an Intra-Departmental Working Group to monitor developments in this area. A registration regime followed on 23 April 2021, when Ireland transposed the EU’s Fifth Anti-Money Laundering Directive (AMLD5). Virtual asset service providers established in Ireland then had to register with the CBI for anti-money laundering purposes; those already operating had three months to apply. Operating without registration became a criminal offence. MiCA has applied to crypto-asset service providers since 30 December 2024, and S.I. No. 607/2024 designates the CBI as Ireland’s competent authority. Firms that were already providing crypto-asset services lawfully in Ireland before that date could continue during a transitional period. It lasted up to 12 months, ending in December 2025, or until the CBI granted or refused their MiCA authorisation, if that came first. A MiCA applicant must describe how it identifies and manages money laundering and terrorist financing risks, so the licence adds to the anti-money laundering rules rather than replacing them.
On tax, the Revenue Commissioners published guidance on the tax treatment of transactions involving virtual currencies on 15 May 2018. They maintain it as a Tax and Duty Manual that explains how income tax, corporation tax, capital gains tax, VAT and other taxes apply to crypto-asset transactions.
Prognoses for the regulation of cryptocurrencies
The creation of a special organization that focuses on the promotion of DLT and cryptocurrencies in the Republic of Ireland called Blockchain Ireland only highlights the importance of the digital currency sector in the country. The CBI now runs an Innovation Hub to help firms using new technologies or business models understand its regulatory and supervisory expectations. Firms can engage with the Central Bank’s specialists through the Hub.
At the time, the market was waiting for guidance from the CBI and the government on how existing legislation would apply to digital currencies and DLT. It also expected the transposition of AMLD5 to shape the rules for crypto exchanges. The rules have since become clearer: AMLD5 brought virtual asset service providers under Irish anti-money laundering rules in April 2021, and MiCA added an EU-wide authorisation regime for crypto-asset service providers from 30 December 2024.
Do you still have hesitations about establishing a crypto business in Ireland? Just contact COREDO; we will provide you all the necessary advice and help you with registration.