Irish Finance Minister Jack Chambers has told the Cabinet that emergency legislation will be drafted to update cryptocurrency regulations before the European Union law comes into force on December 30. No details were given about the new cryptocurrency legislation or when it will take effect. The European Union's Anti-Money Laundering and Combating the Financing of Terrorism Act, which will come into force in December, strengthens the powers of financial intelligence units to enable them to suspend transactions. The bill also imposes stricter reporting requirements on cryptocurrency exchanges and imposes a $10,850 (€10,000) limit on cash payments. Monitoring of large transactions will be stricter and new reporting requirements for high-value transactions are introduced. The legislative framework covers a range of areas where such risks exist, including crypto assets and crowdfunding. In an earlier statement, the European Union Commission noted that it also "complements other regulations such as the Crypto Asset Markets Regulation (MiCA) ".