EU approves new sanction violation rules that include measures for freezing crypto assets
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Quick Take
- EU lawmakers voted in favor of new rules to tackle sanction violations that include ways to target crypto service providers and freeze digital assets.
European Union lawmakers have approved new rules to crack down on sanctions violations, including those involving cryptocurrencies.
On Tuesday, Members of the European Parliament (MEPs) voted to implement new sanction violation laws involving travel bans, arms embargoes, restrictions on business sectors and the freezing of assets, including crypto-assets and wallets.
"We need this legislation because diverging national approaches have created weaknesses and loopholes, and it will allow for frozen assets to be confiscated," Dutch MEP Sophie in ’t Veld said in a statement.
Stronger punishments for violations
The new directive sets out stronger punishments for violating or circumventing sanctions. The new laws make sanctions transgressions criminal offenses carrying prison sentences of a maximum of five years in all member states.
Lawmakers representing the 27 EU member states cast 543 votes in favor of the new rules, with 45 voting 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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AUTHOR
Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].
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