Nearly four years after the move was first considered, the Republic of Ireland’s government is on the cusp of banning for-profit ticket resale in the country, according to a report in the Irish Times.

The legislation will mean ticket touts will face fines of up to €100,000 (£86,000) or up to two years in prison. It will apply to cultural, entertainment and sporting events.

Former prime minister Leo Varadkar, now tánaiste and minister for enterprise, put forward the Sale of Tickets Bill 2020, which had been in the works since 2017. It was approved by Cabinet last year.

Minister of state for enterprise Robert Troy said the aim of the legislation was to prevent fans from being taken advantage of: “We have heard all too often of the experiences of genuine fans waiting patiently to buy tickets, only to miss out, and then to see those same tickets for sale on a secondary site for far more than they can afford, far more than are willing to pay, and far more than what the original value was.”

Among the Republic of Ireland shows to see tickets sold at vastly inflated prices on nefarious secondary ticketing platforms were concerts by U2 in 2017 at Dublin’s Croke Park, which saw face value tickets of around €90 (£77) sold by resale outlets for up to €1,300 (£1,117).

The legislation is supported by two of the country’s biggest promoters, Aiken Promotions and MCD , as well as the Consumer Association of Ireland.