Ireland Bars Crypto From State Savings Scheme Targeting $203B in Deposits

In brief

• Tánaiste Simon Harris said Sunday that crypto assets will be excluded from Ireland's new savings and investment scheme.
• Cryptocurrencies, derivatives and interest-bearing cash are all shut out, while shares, bonds, funds and ETFs qualify.
• The scheme is designed to move some of the $203 billion (€175 billion) Irish households hold in bank deposits.

Crypto will have no place in the tax-advantaged savings accounts Ireland is preparing to open to every adult in the country.

Tánaiste and Minister for Finance Simon Harris set out the shape of the scheme on Sunday in a video posted to Instagram, saying he wanted the accounts to “make a real difference in building up your own economic resilience.” Savers will be able to hold shares, bonds, funds, exchange-traded funds and insurance-based products, according to reports. Crypto assets are excluded, along with derivatives and interest-bearing cash.

Each Irish tax-resident aged 18 or over will be entitled to one account. Contributions up to a tax-free threshold will escape tax entirely, with anything above it charged an annual low flat rate. There will be no minimum contribution and no minimum lock-in period, though an annual contribution cap will apply. The thresholds and rates land on Budget day, October 6, with accounts expected to open next year.