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On Tuesday, the European Parliament voted to implement a new set of regulations to enhance the enforcement of sanctions violations, focusing on the crypto sector.
The <a href="https://www.europarl.europa.eu/doceo/document/A-9-2023-0235-AM-092-092_EN.pdf" target="_blank" rel="noopener noreferrer nofollow">legislation</a> received significant support, tallying 543 votes in favor against 45 and recording 27 abstentions from the representatives of the European Union’s (EU) 27 member states.
The legislation is largely a response to Russia’s military action in Ukraine and the ensuing scrutiny over potential breaches of the EU’s financial sanctions against Russia.
Sophie in ‘t Veld, a Dutch member of parliament responsible for guiding the legislation, emphasized the necessity of the rules, citing the current <a href="https://crypto.news/eu-sanctions-russians-from-owning-crypto-businesses/" data-type="link" data-id="https://crypto.news/eu-sanctions-russians-from-owning-crypto-businesses/" rel="noopener noreferrer nofollow">disparities</a> in national enforcement as a source of vulnerabilities and loopholes. She highlighted that the bill aims to standardize the approach towards confiscating frozen assets.
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Under the existing system, while the EU imposes sanctions at a collective level, the onus is on individual member states to enforce these <a href="https://crypto.news/tag/regulation/" data-type="link" data-id="https://crypto.news/tag/regulation/" rel="noopener noreferrer nofollow">regulations</a>. This leads to variations in definitions of what constitutes a sanctions violation and the penalties incurred.
The newly approved measures address various financial services, including transactions involving <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">cryptocurrencies</a> and <a href="https://crypto.news/best-crypto-wallets/" data-type="link" data-id="https://crypto.news/best-crypto-wallets/" rel="noopener noreferrer nofollow">digital wallets</a>, and establish uniform definitions for violations. These include failing to freeze funds, ignoring travel bans or arms embargoes, transferring funds to sanctioned individuals, or engaging with state-owned enterprises of sanctioned countries.
Before it can be enacted into law, the legislation awaits approval from the council, which is composed of senior government officials from the member states.
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European Parliament votes to strengthen sanctions enforcement, including crypto regulations

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