The European Union (EU) has recently announced greater sanctions on Russia, following action taken by the United States (U.S.). In a new level of sanctions, the EU has stated that they will target deposits made to individual cryptocurrencies.
Reuters reports that the latest rules are intended to add further pressure on Russia. It is understood that the restrictions on crypto are closing the loopholes that Russia can take advantage of.
Under the same rules, the EU has banned the sale of bank notes and transferable securities to Russia and Belarus. The EU also issued a full transaction ban on four Russian banks, as well as a ban on imports of coal, timber, chemicals and other products from Russia.
The EU cryptocurrency ban on Russia was issued following a previous action banning non -hosted and self -hosted cryptocurrency wallets in the Funds Transfer Regulations (TFR).
The EU noted that the law is part of new anti-money laundering measures it is taking to protect member states. At the same time, the crypto exchange must collect and report the information of both the sender and the receiver of any crypto transaction in excess of 1000 euros.
Waima so, Coinbase CEO Brian Armstrong has expressed disapproval of the proposed EU rules. He sees this as an anti -innovation.
