EU Approves New Sanction Violation Regulations, Including Measures to Freeze Cryptocurrency Assets

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Policy • March 12, 2024 11:40 AM EDT

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European Union lawmakers have approved new rules aimed at cracking down on sanctions violations related to cryptocurrencies.

Members of the European Parliament (MEPs) on Tuesday voted to implement a new sanctions violations law involving a travel ban, arms embargo, business sector restrictions and asset freezes including cryptocurrencies and wallets.

“This bill is needed because differences in national approaches have created weaknesses and loopholes and could lead to the seizure of frozen assets,” Sophie, Dutch lawmaker for ‘t Veld, said in a statement.

Strengthening punishment for violations

The new guidelines specify stronger penalties for sanctions violations or evasion. The new law makes violating sanctions a criminal offense punishable by up to five years in prison in all member states.

Lawmakers representing the 27 EU member states voted 543 in favor of the new rules, 45 against and 27 abstentions.

The new EU legislation was prompted by concerns that the bloc’s sanctions against Russia were being circumvented.

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About the author

Brian McGleenon is a UK markets reporter for The Block. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).

adminMarch 12, 2024