The war in Ukraine has placed unexpected pressure on crypto, specifically on the issue of sanctions. Is it possible for the industry to abide while standing by its claims of being borderless, censorship-free and distributed decentrally?
This was not the deal!This raises questions: Is the public and governmental officials now more keenly focused on crypto-regulation, especially with the outbreak out of the Russia-Ukraine war? OpenSea incensed many in its community by banning Iranian users, but did it have a choice?
U.S. regulators are putting pressure on the biggest players in the crypto space to comply. “And now, also, somewhat decentralized crypto platforms,” said Markus Hammer, an attorney and principal at Hammer Execution consulting firm, told Cointelegraph. Maybe that’s why OpenSea came down hard on Iranian users last week, even though Iranian sanctions were reimposed in 2020.
Rather, what we are seeing now is that increasingly “regulators care about fraud and illegal activities committed against their citizens and businesses, and they are increasingly willing to pursue enforcement action anywhere in the world, such as in the case of BitMEX,” said Domingo. According to Domingo, “OpenSea would be committing a crime by processing transactions from people living in Iran, and it’s as simple as that,” adding:
“The tools are there and they are getting stronger and more and more effective,” said Hammer. A prime example is how Chainalysis’ forensic tools were“It’s very easy for companies to comply with regulations if they want to,” agreed Domingo. “There is no lack of tools or technology and, in fact, it seems that some ‘decentralized’ projects are already doing this.”
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