The European Union (EU) has recently announced larger partitions over Russia, following the actions taken by the United States (U.S.). In a new barrier rating, the EU has stated that it will target deposits made to individual crypto wallets.
Reuters reports that the new regulations are aimed at adding more pressure to Russia. It is understood that the barrier to cryptocurrencies is to close the loopholes that Russia can exploit.
In the same regulation, the EU has prohibited the sale of bank notes and securities that may be transferred to Russia and Belarus. The EU also issued a complete ban on transactions with four Russian banks, as well as a ban on imports of charcoal, wood, chemicals and other products from Russia.
The ban on EU crypto wallets over Russia follows a previous action that banned non-hosted and self-hosted cryptocurrency wallets in the Funds Transfer Regulation (TFR).
The EU said that the law was part of the new countermeasures against converting illicit money it was taking to protect member states. At the same time, crypto exchanges need to collect and report notices of both senders and recipients of any crypto transactions exceeding 1000 euros.
Waima so, Coinbase Chief Executive Officer Brian Armstrong has expressed his disapproval of the EU's proposed regulations. He saw this as an anti-innovation.
