UK crackdown on crypto exchanges could lead to breaches of sanctions | Crypto

UK crackdown on crypto exchanges could lead to breaches of sanctions

– The UK’s Office of Financial Sanctions Implementation has updated its guidance to include “cryptoassets” among those that must be frozen if sanctions are imposed on a person or company.

– The rules will mean crypto exchanges are committing a criminal offence if they fail to report clients designated for sanctions.

– The rules will apply to all cryptoassets, including digital currencies, such as bitcoin, ether and tether, and other notionally valuable digital assets, such as non-fungible tokens.

– The update is in response to concerns that cryptoassets may be used to evade sanctions imposed in response to Russia’s invasion of Ukraine.

– Financial sanctions on people and companies linked to the regime of Vladimir Putin have been among the UK’s most prominent responses to the invasion of Ukraine.

4000 UK crackdown on crypto exchanges could lead to breaches of sanctions

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