The move would mean information on cryptocurrency assets will be shared between the different jurisdictions in an effort to clamp down on tax evasion. “We invite other jurisdictions to join us with a view to enhancing the global system of automatic information exchange which leaves no hiding places for tax evasion." Ireland has become a significant base of operations for many cryptocurrency firms in recent years, including the likes of Coinbase. The US-based firm, which is one of the world’s largest cryptocurrency exchanges, chose Ireland as the site of its European hub. The eagerness of cryptocurrency firms to set up in Ireland comes despite the regulator's hostility to digital assets, with Central Bank governor Gabriel Makhlouf previously comparing cryptocurrencies to “Ponzi schemes”.

Source: Irish Independent November 11, 2023 05:31 UTC