EU expands crypto sanctions against Russia, adds 14 new platform trading bans and allows full bans on relevant countries

Comparatively, the European Union passed the 21st round of sanctions against Russia on July 23, extending the trading ban to 14 crypto service platforms located in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus, and adding 4 new sanctions against the A7 Russian ruble network. The new regulations will come into effect on August 25, prohibiting Russian and Belarusian citizens from holding, controlling, or holding positions in MiCA crypto asset service providers within the European Union. The scope of application extends to services such as consulting, portfolio management, and transfer of crypto assets on behalf of clients.

The new regulations also allow the EU to impose a comprehensive crypto trading ban on third countries that have not prevented related sanctions evasion. The list of relevant countries is currently empty and includes only third countries that have been determined by the EU Council to continue and have not systematically blocked the provision of crypto asset services or the operation of related platforms.