Country overview

#48

Ireland

Country stats

Rating Points

195

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

1.1%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

140

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

55 000

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

85.6

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

Legally allowed

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

Legally allowed

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Minor danger

The overall level of security in a given country based on open data.

Crypto Salaries

No info

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

Medium

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

Low

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

Crypto-to-crypto

This license type allows VASP to provide legal exchange from one cryptocurrency to another.

Crypto-to-fiat

This type of license regulates the exchange from cryptocurrency to fiat.

Wallet/Custody

This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.

ICO/STO

This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.

Good

Medium

Bad

intro

Ireland is one of the leading EU countries in fintech and digital. It is not surprising that the crypto business is also developing here. Coinbase recently received a license here.

Security level

Ireland has a Minor danger security level according to our rating. Jurisdiction has 53.9 points (from 100) for safety level in Numbeo crime rating (1). The homicide level (2) is 0.4 per 100,000 inhabitants a year. Story of firearm-related death (3) 0.87 per 100,000 inhabitants a year.

Crypto Payments

Cryptocurrencies are not (4) legal tender and are neither guaranteed nor regulated by the Central Bank of Ireland (“CBI”).

Crypto Salaries

We need a link to a legal document allowing crypto salaries in Ireland. However, it's likely possible.

Legal

The Central Bank of Ireland (CBI) is the primary crypto regulator. Although there is no separate crypto framework, the CBI regulates the industry by issuing bylaws.

According to CBI's official website (5), The 2021 Act extends the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 ("CJA 2010 to 2021") to VASPs. You can find more information in the official CBI VASP Registration guide (6)

Moreover, based on the CBI report (7), before MiCA came into force, crypto-assets had no regulatory framework in Ireland.

Based on Field Fisher's overview (8), it's legally possible to provide crypto investment activity in Ireland by launching the following types of legal entities:

-Undertakings for the Collective Investment in Transferable Securities (“UCITS”)

-Alternative Investment Funds (“AIFs”)

Token offerings are also legal, although there are still no cases.

Based on Funds Europe (9), the first AIFs got approval in 2022 to “obtain indirect exposure to bitcoin by acquiring cash-settled bitcoin futures listed on the Chicago Mercantile Exchange.”

Taxation

Tax name	Index
PIT tax Min	20
PIT tax Max	40
Corporate tax (CIT)	25
Min Individual CGT (for crypto)	33
Max Individual CGT (for crypto)	33
Wealth tax Min	0
Wealth tax Max	0

PIT

For transactions subject to Income Tax, you'll pay(10) Income Tax at either 20% or 40% depending on which Income Tax band you fall into.

CIT

Corporation tax is chargeable(11) as follows on income and capital gains: Standard rate on income('trading rate') is 12,5%, Higher rate on income('passive rate') is 25%.

CGT

For transactions subject to Capital Gains Tax, there is (12) a flat rate of 33%.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)List of countries by firearm-related death rate

4)Field Fisher. Article

5)CBI website

6)CBI VASP Application

7)CBI Report

8)Field Fisher. Article

9)Funds Europe

10)Koinly Ireland Crypto Guide

11)PWC Taxsummaries Ireland

12)Koinly Ireland Crypto Guide

Articles

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In this research, we’ve provided a clear overview of crypto staking rewards taxation worldwide

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Full overview of crypto regulation and relocation options in Eastern Carribean countries - Grenada, Dominica, St.Kitts, Antigua.

article

India: the Biggest Crypto Market Enables New Regulations Soon

Short review of current crypto regulation agenda in India

intro

Ireland is one of the leading EU countries in fintech and digital. It is not surprising that the crypto business is also developing here. Coinbase recently received a license here.

Security level

Crypto Payments

Cryptocurrencies are not (4) legal tender and are neither guaranteed nor regulated by the Central Bank of Ireland (“CBI”).

Crypto Salaries

We need a link to a legal document allowing crypto salaries in Ireland. However, it's likely possible.

Legal

The Central Bank of Ireland (CBI) is the primary crypto regulator. Although there is no separate crypto framework, the CBI regulates the industry by issuing bylaws.

Moreover, based on the CBI report (7), before MiCA came into force, crypto-assets had no regulatory framework in Ireland.

Based on Field Fisher's overview (8), it's legally possible to provide crypto investment activity in Ireland by launching the following types of legal entities:

-Undertakings for the Collective Investment in Transferable Securities (“UCITS”)

-Alternative Investment Funds (“AIFs”)

Token offerings are also legal, although there are still no cases.

Based on Funds Europe (9), the first AIFs got approval in 2022 to “obtain indirect exposure to bitcoin by acquiring cash-settled bitcoin futures listed on the Chicago Mercantile Exchange.”

Taxation

Tax name	Index
PIT tax Min	20
PIT tax Max	40
Corporate tax (CIT)	25
Min Individual CGT (for crypto)	33
Max Individual CGT (for crypto)	33
Wealth tax Min	0
Wealth tax Max	0

PIT

For transactions subject to Income Tax, you'll pay(10) Income Tax at either 20% or 40% depending on which Income Tax band you fall into.

CIT

Corporation tax is chargeable(11) as follows on income and capital gains: Standard rate on income('trading rate') is 12,5%, Higher rate on income('passive rate') is 25%.

CGT

For transactions subject to Capital Gains Tax, there is (12) a flat rate of 33%.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)List of countries by firearm-related death rate

4)Field Fisher. Article

5)CBI website

6)CBI VASP Application

7)CBI Report

8)Field Fisher. Article

9)Funds Europe

10)Koinly Ireland Crypto Guide

11)PWC Taxsummaries Ireland

12)Koinly Ireland Crypto Guide