EU hits Russia with massive 21st sanctions package targeting $120B crypto network
COINDESK ·
The new sanctions come just three days after Russia’s State Duma passed legislation establishing the country’s first comprehensive framework for regulating crypto with most of the rules slated to come into effect on Sept. 1. The law creates a legal framework for crypto exchanges, depositories, other digital asset providers as well as traders and investors. The 21st sanctions package also sees the first introduction of a possible full third-country ban for crypto-asset services. This new instrument will enable the EU to ban any transaction between an EU operator and any crypto provider used by Russia. Alongside the digital asset crackdown, the EU is imposing asset freezes and a prohibition to make funds available to 94 banks and major financial institutions. It is extending its transaction ban to 33 additional Russian credit and financial institutions.
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The European Union (EU) has implemented a massive sanctions package targeting a $120 billion cryptocurrency network linked to Russia. This 21st sanctions package was enforced as a high-intensity measure to cut off funding for Russia's invasion of Ukraine. Growing concerns over tightened regulations in the crypto market are dampening investment sentiment across related assets. Investors should closely monitor the possibility of further crackdowns by global regulatory authorities.
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- Bitcoin — The $120 billion sanctions on Russia's crypto network have triggered market-wide regulatory risks and a contraction in investment sentiment.
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