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EU Says Russia, Belarus Sanctions Extend to Crypto

Crypto assets fall into the category of "transferrable securities" and are therefore clearly included in the scope of sanctions, the EU said.

Updated May 11, 2023, 4:29 p.m. Published Mar 9, 2022, 12:58 p.m. 1 min read
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The European Union (EU) has clarified that sanctions placed on Russia and Belarus extend to crypto assets.

  • In an announcement Wednesday the EU said crypto assets fall into the category of "transferrable securities" and are therefore clearly included in the scope of sanctions imposed on Russia for its invasion of the Ukraine and on Belarus for its involvement.
  • "Today’s package clarifies that crypto assets fall under the scope of “transferable securities”. This was already the case but today’s text makes this point clearer," an EU official told CoinDesk.
  • "It also confirms the common understanding that loans and credit also include crypto assets."
  • The EU also announced the expansion of existing financial restrictions on Belarus to mirror those already in place on Russia.
  • These include restrictions on the provision of SWIFT services to three Belarusian banks and their subsidiaries, prohibition of transaction with the Central Bank of Belarus and prohibiting the list of securities in relation to shares of Belarus state-owned entities on EU trading venues.
  • Concerns have been raised by U.S. lawmakers that crypto could be used by Russia as a means to evade sanctions, but the extent of this is debatable. Salman Banei, head of public policy for blockchain analytics firm Chainalysis told CoinDesk TV it was "unlikely" this was happening.
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Read more: Crypto Still Isn't Helping Russian Oligarchs Evade Sanctions

UPDATE (March 9. 15:20 UTC): Adds comments from EU official to CoinDesk.

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Jamie Dimon (John Lamparski/Getty Images)

JPMorgan CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned the current CLARITY Act framework could ultimately fail, as banks and crypto firms clash over whether stablecoin issuers should be allowed to offer yield-bearing rewards that resemble bank deposits.

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  • JPMorgan Chase CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned that the latest CLARITY Act draft could fail if lawmakers do not address banks’ concerns over stablecoin regulation on Friday.
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