EU makes it clear that cryptocurrencies are under sanctions against Russia, Belarus – POLITICO

Crypto assets are definitely on the EU sanctions list – in case you didn’t know.

The EU on Wednesday clarified that certain companies and people in Russia and Belarus are prohibited from trading digital assets in the EU. The update comes as part of the announcement that the bloc has extended sanctions against Belarus for its participation in Russia’s invasion of Ukraine.

The European Commission has “clarified” the position of the EU in a declare Wednesday after the European Central Bank and the bloc’s treasury raised concerns about a possible vulnerability in the cryptocurrency market to punishment scammers.

EU officials insist that crypto assets have always been subject to initial sanctions, and Wednesday’s clarification is bringing any uncertainty to a halt.

“The European Union confirms the common understanding that loans and credits can be provided by any means, including crypto-assets, as well as further clarifying the concept of ‘liquidable securities’. transfer’, to unambiguously include crypto assets and thus ensure proper implementation of applicable restrictions,” the statement said.

Some finance ministers had expected the Commission to introduce new sanctions specifically designed to crack down on cryptocurrencies.

But EU officials point out that the current sanctions are sufficient and mitigate the risks of financiers using the crypto market to move their money.

“If there’s a loophole, we’re ready to close. It’s a matter of enforcement,” one of the officials said last week. “We are ready to answer any questions about the sanctions.” EU makes it clear that cryptocurrencies are under sanctions against Russia, Belarus – POLITICO

Fry Electronics Team

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