In the cozy corridors of the European Parliament, the air is thick with mystery: strict laws on sanctions against crypto service providers have been put to the vote. A direct inspiration from the American model of repression? Crypto enthusiasts are holding their breath.
The EU strengthens its sanctions: Cryptos in the viewfinder
Across the Atlantic, the sanctions against cryptocurrency exchange platforms make financial tycoons tremble. Binance, a giant in the sector, had to pay a astronomical fine exceeding 4 billion dollars. Meanwhile, the US government demonstrates its power by confiscating illicit bitcoins from the Darkwebamassing a fortune of nearly 200,000 BTC in its coffers.
CoinDesk reveals a new situation: theEuropetorn between tradition and modernity, is seriously considering crack down on recalcitrant crypto players. Regulatory lightning thundering at the doors of the blockchain giants.
Last Tuesday, the European Parliament gave the green light to new rules aimed at strengthening sanctions across the 27 Member States. Now, these rules will also extend to cryptocurrency service providers, who could see their assets, including cryptos, frozen in the event of non-compliance.
This vote marks a crucial step in the EU’s efforts to harmonize the application of sanctions across the Union. Adopted by an overwhelming majority of 543 votes for, 45 against and 27 abstentionsthese rules were motivated by recent tensions with Russianotably in response to the invasion of Ukraine.
Dutch representative Sophie in ‘t Veld stressed the need for the legislation, saying it fills gaps in divergent national approaches and allows for the confiscation of frozen assets.
“ We need this legislation because divergent national approaches have created weaknesses and loopholes, and it will allow frozen assets to be confiscated “, she clarified.
A decision applauded by supporters of European cooperation in security and the fight against violations of financial sanctions.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
