Premised on new rules and regulations, that are not profitable to their business, there are plethora of examples of crypto industries shutting down in other countries in the UK, the Netherlands and France and according to Jed Grant, the KYC3 CEO, a Luxembourg-based compliance automation provider for alternative investment, stated that there is likelihood of mass exodus of crypto firms in Ireland based on their current stringent rules.
In an interview with Decrypt, Grant opined that the new rules and regulation of will cripple the Crypto industry in Ireland
“New rules will force companies to leave and go to jurisdictions where there’s not so much control,” he said, adding that companies will be forced to “innovate and build non-custodial solutions where they don’t actually hold any of the crypto.”
According to Grant, there’s little doubt that criminals have to be stopped from using crypto and that the police should be able to uncover bad actors. However, he added, “we also need innovation, we need privacy, and we need normal citizens to be respected much more.”