Read

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.
You might also like: <a href="https://crypto.news/bitcoin-rally-millionaire-wallets/" rel="noopener noreferrer nofollow"> Bitcoin’s rally creating millionaire wallets each day </a>
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.
Read more: <a href="https://crypto.news/jpmorgans-dimon-says-he-will-now-defend-your-right-to-buy-bitcoin/" rel="noopener noreferrer nofollow"> JPMorgan’s Dimon says he will now ‘defend your right to buy Bitcoin’ </a>

European Parliament votes to strengthen sanctions enforcement, including crypto regulations

crypto.news

2024년 3월 12일에 게재된 다른 기사

There is something seriously wrong with FDIC’s insurance strategy

Eyowo says its MFB licence has been reinstated by CBN with an ‘approval in principle’

Avalanche Up More Than 4% In 24 hours

ETF SHIB di Depan Mata? Petisinya Kian Ramai

XDC Price Prediction: Is XDC Crypto About To Blast Off?

Trump Coins Gaining Popularity After The PoliFi Movement

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!