Cryptocurrency prices fell during the Asian trading session on Friday, with XRP and Litecoin falling more than 3% after Ireland tightened its anti-money laundering laws, including restrictions on the use of cryptocurrencies.

By 08:30 Moscow time, the Bitcoin rate decreased by 1,95% to $3,774.9, and the Ethereum rate decreased by 2,86% to $147,4.

On the Poloinex exchange, the XRP rate fell 3,32% to $0,35471. Litecoin fell 3,61% to trade at $31,438.

The Irish Government has approved the Criminal Justice Act 2019, which provides measures to combat money laundering. According to The Irish Times, the Act restricts the use of virtual currencies to finance terrorism and the use of prepaid cards. The effectiveness of protections for financial transactions with potentially dangerous third countries is also being enhanced.

The law was created after the EC issued its Fifth Anti-Money Laundering Directive, which came into force in July last year. These measures include limiting the use of anonymous payments using prepaid cards. At the same time, cryptocurrency exchanges are now subject to anti-money laundering laws.

It is predicted that EU countries will implement the new laws in their legislation by January 2020.

Earlier this week, New York State announced the creation of a working group to study cryptocurrencies and blockchain technology. After this, according to a report by BusinessDay, South Africa also created a regulatory working group to investigate digital currencies and blockchain technology.

South African Finance Minister Tito Mboweni said: “Following extensive discussion and engagement with industry representatives, the Crypto Asset Regulation Working Group is expected to be ready to issue a final research paper on this issue during 2019.” Mboweni said the Inland Revenue will introduce taxation on cryptocurrencies.