Latest News

Cryptoasset sector told by UK regulators to comply with Russian sanctions

© Reuters. FILE PHOTO: City workers walk past the Bank of England in London February 13, 2008. Interest rates won’t fall as sharply this year as financial markets have predicted, the Bank of England signalled on Wednesday, although at least one more cut in borrowing

LONDON (Reuters) -Financial services firms including those in the cryptoasset sector were warned by Britain’s regulatory bodies on Friday that they were expected to ensure sanctions imposed against entities and individuals in Russia and Belarus were complied with.

“We are working closely with partners in government and law enforcement both here and abroad, including regulatory authorities, to share intelligence and act to prevent sanctions evasion, including through cryptoassets,” the financial regulators said.

“We also remain ready to act in the event of sanctions breaches,” added the statement from the Office of Financial Sanctions Implementation, the Financial Conduct Authority (FCA) and the Bank of England.

The statement said the use of cryptoassets to circumvent economic sanctions was a criminal offence, and that sanctions regulations did not differentiate between cryptoassets and other forms of assets.

The FCA had already written to all registered cryptoasset firms and those holding temporary registration status to highlight those entities and individuals who had been sanctioned, it added.

“Both the FCA and the Prudential (LON:PRU) Regulation Authority will act if they see authorised financial institutions supporting cryptoasset firms operating in the UK illegally,” the statement said.

A senior European Union official said last week that the European Commission is studying whether cryptoassets are being used to get round financial sanctions imposed on Russian banks.

Cryptoasset sector told by UK regulators to comply with Russian sanctions

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

What's your reaction?

In Love
Not Sure

You may also like

More in:Latest News

Leave a reply

Your email address will not be published. Required fields are marked *