Urgent legislation to update financial regulations to cover cryptocurrency

The legislation must be in place by the time EU regulations come into place on December 30.

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.