• Ireland is banning all cryptocurrency donations to political parties.
• The escalating Russia-Ukraine war prompted O’Brien to reform crypto laws in Ireland.
• Potential crypto investors were also cautioned by the Central Bank of Ireland against investing in crypto assets.

Ireland is banning all cryptocurrency-based donations to local political parties.

The amendments that were posted by minister Darragh O’Brien also touched on the new rules around foreign donations, misinformation, and other requirements surrounding transparency. These new rules will be implemented as a measure to prevent Russian interference in Ireland’s elections.

O’Brien also added that the new rules are implemented in an effort to protect Ireland’s democratic system “given the escalating threat of cyber warfare targeting free countries.” The new Electoral Commission will be responsible for overseeing compliance with the laws.

The escalating Russia-Ukraine war prompted O’Brien to reform crypto laws in Ireland. To investigate the new laws governing elections, O’Brien established a taskforce. This task force was made up of legal and political experts.

It also provided recommendations to decision makers about a range of possible measures to safeguard the country against election interferences.

The Irish Central Bank is known for not being crypto’s biggest fan as it has had an unfriendly approach to crypto in the past. In February the bank stated that it will not approve investment funds that have to do with crypto because of the lack of a “high-degree level of expertise”.

Potential crypto investors were also cautioned by the Central Bank of Ireland. According to the bank, people need to be alert for all the misinformation in the crypto market as well as potential dangers associated with crypto investments. False advertising is most prevalent in the crypto space, according to the bank.

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