EU Widens Russia-Related Crypto Sanctions, Bars 14 Platforms From Trading

According to Huo Xing Finance, the European Union on July 23 approved its 21st package of sanctions against Russia, extending its transaction ban to 14 cryptocurrency service providers based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus. The package also adds four new measures aimed at the A7 Russian ruble network. The new rules are set to take effect on August 25. Under the measures, Russian and Belarusian nationals will be prohibited from holding, controlling or serving in any capacity at MiCA-compliant crypto-asset service providers operating in the EU. The restrictions also cover services such as consulting and portfolio management, as well as acting on behalf of clients in crypto-asset transfers. The framework further authorizes the EU to impose a blanket ban on crypto transactions involving third countries that fail to curb sanctions circumvention. The EU's current list of such jurisdictions is empty; any additions would require a determination by the Council of the European Union that a third country has persistently and systematically failed to prevent the provision of crypto-asset services or the operation of related platforms.