The UK's FCA previously said in March that crypto exchanges must play their part in ensuring sanctions are complied with.
that crypto exchanges must play their part in ensuring sanctions are complied with. The agency also provided guidance on how to comply.
It was already illegal to evade sanctions using cryptocurrencies due to UK laws that cover all “economic resources.” This change focuses instead on the entities that enable transactions. “These new requirements will cover firms that either record holdings of or enable the transfer of cryptoassets and are therefore most likely to hold relevant information,” a UK Treasury spokesperson told The Guardian.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Kari McMahon is a deals reporter at The Block covering startup fundraises, M&A, FinTech and the VC industry. Prior to joining The Block, Kari covered investing and crypto at Insider and worked as a python software developer for several years.
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