Crypto remains divisive amid Russia's invasion of Ukraine
Calls to clampdown on exchanges operating in Russia are contrasted with those who laud crypto as a means to provide Ukrainians with an alternate form of currency and fast access to financial support from across the globe. It remains to be seen whether regulators (perhaps especially those in the US) will feel sufficiently vindicated in their long-standing opposition to cryptocurrency given its ability to funnel funds into the hands of bad actors, to push back further on allowing crypto in the market in any mainstream way.
We round up some of the largest updates below.The clampdown On Sunday, Ukraine’s Vice Prime Minister and Minister for Digital Transformation Mykhailo Fedorov used Twitter to urge “all major crypto exchanges to block addresses of Russian users.” “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.” By Wednesday, Bruno le Maire, French Finance Minister announced that the European Union will include cryptocurrency in its sanctions against Russia, in attempts to extend and reinforce a global effort to isolate and stifle the Russian financial system. Speaking to reporters following the meeting, Le Maire stated: “We are taking measures, in particular on cryptocurrencies or crypto assets, which should not be used to circumvent the financial sanctions decided upon by 27 EU countries.” The UK’s FCA has written to regulated crypto firms in the country, underscoring their responsibilities with respect to enforcing sanctions against Russia.
A spokesperson from HM Treasury told City.AM: “We are working with partners to actively monitor these firms. We have made it clear to crypto firms, banks and others that we expect them to focus on
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