The European Union is intensifying its efforts to prevent Russia from bypassing economic sanctions through the use of digital assets. In its latest round of measures, the EU aims to bridge existing gaps in the regulatory framework that could allow sanctioned Russian individuals and entities to move funds via cryptocurrency platforms. These new regulations are expected to impose stricter compliance requirements on crypto-asset service providers (CASPs) and enhance the monitoring of cross-border digital transactions. By targeting these potential loopholes, European authorities seek to ensure the full effectiveness of the financial restrictions imposed in response to the ongoing conflict in Ukraine, effectively cutting off alternative avenues for capital flight and sanctions evasion.
Source: EU seeks to close Russia crypto loopholes in new sanctions
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