The Bitcoin Guide Ireland is here to stay, and with it comes a lot of questions. We’re here to help.

In a nutshell, crypto is digital money that uses cryptographic techniques (such as timestamping) to verify transactions and prevent double spending. They also use a public ledger, called a blockchain, to record all completed transactions. This is a huge benefit for businesses that operate in multiple jurisdictions, as it cuts out the costs associated with transferring funds between bank accounts or using third-party services.

Bitcoin Guide Ireland: Investing in Crypto the Right Way

But, despite these advantages, the Central Bank of Ireland describes crypto as more like a high-risk speculative asset than a currency. Its price fluctuations are wildly volatile, it has no legal tender status and there are no consumer protections like deposit guarantees in place. As a result, the CCPC has issued warnings about crypto scams and recommends that consumers think carefully before investing.

Moreover, it’s important to note that any gains on disposal of crypto are subject to Capital Gains Tax and, in some specific circumstances, Corporation Tax. The good news is, however, that there are some exemptions available.

In addition, the new EU Regulation on information accompanying transfers of certain crypto assets came into force on 30 December 2024 and, if an exchange is a VASP under Irish law, it must be authorised by the Central Bank of Ireland to provide those services. That means that it must comply with anti-money laundering and terrorism financing rules, among other things.