New sanctions could create competition in the crypto market
The European Commission has proposed an initiative to ban all transactions with cryptocurrencies related to Russia, as reported by TRT citing the Financial Times.
According to the publication, such radical measures against crypto asset service providers could lead to the emergence of new companies in the market.
The document states: “In order to ensure the effectiveness of the sanctions, [the EU] prohibits interaction with any providers of services in the field of crypto assets and the use of platforms for transferring or exchanging crypto assets created in Russia.”
However, for the new sanctions to come into effect, support from all EU member states is required. Three of the 27 countries in the bloc have expressed doubts and requested additional information, FT reports.
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