EU Parliament Approves New Sanctions Laws That Also Apply to Crypto
The European Parliament has approved new rules to strengthen sanctions enforcement, including those involving cryptocurrencies. The move comes in response to Russia's invasion of Ukraine and concerns over violations of EU financial sanctions on Russia. The new legislation aims to address inconsistencies and loopholes in national approaches to sanctions enforcement. The rules cover a broad range of financial services, including crypto-assets and wallets, and set uniform definitions for violations. These include not freezing funds, disrespecting travel bans or arms embargoes, transferring funds to sanctioned individuals, or conducting business with state-owned entities of sanctioned countries. The legislation now awaits approval from the Council, comprising top government officials from member states, before it can become law.
