Simon Harris launches 30-point plan targeting crypto misuse on June 18
Tánaiste and Minister for Finance Simon Harris and Minister for Justice Jim O’Callaghan have launched a new national strategy and a 30-point action plan to disrupt illicit cash flows across the Republic of Ireland. Unveiled on Thursday, June 18, 2026, the strategy places a major emphasis on targeting the misuse of cryptocurrency and digital finance to combat money laundering and terrorist financing. The government’s move comes as crypto-assets are identified as a primary front in the country’s defense against sophisticated financial crime.
The initiative follows an updated National Risk Assessment (NRA) released on June 17, which classified crypto assets as a “very significant” money laundering and terrorism financing risk. This assessment represents the first comprehensive review of the sector in seven years, updating the previous 2019 data. Regulators noted that the maturation of crypto into a large financial channel has attracted serious criminal interest, with growing concerns regarding its use in payments connected to corruption.
Ireland’s overall money laundering threat level remains classified as moderate, while terrorist financing and proliferation financing threats are rated low. However, Simon Harris emphasized that the government “cannot stand still in the face of these threats.” He noted that financial crime is not victimless, highlighting how Bitcoin price drops and other market shifts don’t change the reality that behind every fraud are real families being defrauded.
National Risk Assessment elevates crypto asset threat levels
The updated NRA, jointly published by the Departments of Finance and Justice, assigned crypto-asset providers a meaningfully higher risk rating than in 2019. This reclassification reflects the view that emerging technologies have created loopholes that criminals are increasingly eager to exploit. State agencies, including An Garda Síochána and the Central Bank of Ireland, will now implement enhanced safeguards to prevent digital assets from being used in fraud or money laundering.
The 30-point action plan does not seek to ban crypto activity but raises the bar for operational safeguards. This includes enforcing tougher oversight on digital finance platforms and increasing transparency regarding corporate ownership. Such regulatory rigor is a response to the fact that approximately 10% of the Irish population has invested in crypto assets, making the integrity of these channels a matter of broad public interest.
Under the EU’s Markets in Crypto-Assets Regulation (MiCA), the Central Bank of Ireland is set to take on supervisory authority over Crypto-Asset Service Providers (CASPs). This role expands upon the existing framework of Virtual Asset Service Provider (VASP) registration requirements. Since April 2021, VASPs have been required to comply with domestic AML/CFT mandates, a regime the Central Bank enforced in late 2025 by fining Coinbase Europe Limited roughly $24 million for regulatory breaches.
New action plan targets gambling and industry standards
A significant portion of the 30-point strategy involves introducing tougher anti-money laundering measures within the gambling sector. The plan also mandates closer coordination among financial crime, tax, and customs investigators. By boosting intelligence sharing between state agencies and Revenue, the Irish government aims to close off avenues used for the movement of illicit cash.
State officials are also working toward establishing industry standards covering the acceptance of crypto-related activities as a primary source of funds. These standards are intended to be established by the second half of 2027. This timeline aligns with ongoing negotiations at the EU level regarding a sixth AML Directive and the creation of an Anti-Money Laundering Authority (AMLA), ensuring banking jobs in the compliance sector remain aligned with international best practices.
The Republic of Ireland has already restricted certain uses of digital assets to protect institutional integrity. For instance, political donations involving digital assets have been restricted, following a 2022 proposal to ban Irish political parties from accepting cryptocurrencies such as Bitcoin and Ether. The new national strategy reinforces these boundaries by implementing stricter oversight on how crypto-assets interact with broader financial networks.
Enforcement updates and European regulatory alignment
An Garda Síochána and the Central Bank are tasked with continuously updating enforcement policies through the remainder of 2026. This agile approach is necessary because, as Simon Harris stated, “criminals are becoming increasingly sophisticated, exploiting technology, operating across borders and adapting rapidly to change.” The strategy focuses on being as dynamic as the technologies it seeks to monitor.
The plan is firmly rooted in the European Union’s broader regulatory shift, including the recast of the Funds Transfer Regulation. This recast extends specific obligations to crypto asset service providers, ensuring that Irish enforcement is not operating in isolation. By aligning with MiCA and other upcoming EU regulations, Ireland aims to combat the evolving threats faced by its global financial networks.
Ongoing efforts will also focus on boosting intelligence sharing between An Garda Síochána and international partners to track suspicious Capital flows. While the overall threat of terrorist financing remains low, the “very significant” risk rating for crypto assets ensures that authorities remain focused on high-risk channels. The goal remains a balanced environment where innovation can exist alongside rigorous safeguards to protect the 10% of the population holding digital assets.