Ireland's Criminal Assets Bureau reveals criminal gangs renting private vaults to store crypto wallet keys

Odaily reports that Ireland's Criminal Assets Bureau has stated that organized criminal gangs are renting private vaults to store crypto wallet private keys and seed phrases, alongside items such as cash, luxury watches, handbags, and passports. The agency has reported this situation to the government committee tasked with preparing for the implementation of the EU's new anti-money laundering rules.

The upcoming new regulations in Ireland will prohibit cash transactions exceeding €10,000 and require businesses to identify customers whose cash spending reaches €3,000 or more. Crypto asset service providers, luxury goods retailers, and crowdfunding platforms will face stricter scrutiny. A senior official at the Criminal Assets Bureau stated that cryptocurrency usage in local criminal activities remains relatively basic, with cash still being the primary form of funds for illegal activities such as drug trafficking. (Decrypt)