UK has imposed obligations on crypto companies to comply with sanctions against Russia

The supervisory authorities have reported that the use of crypto assets to circumvent economic restrictions is a criminal offense

12.03.2022 - 08:15

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What’s new? The UK regulators have warned financial companies, including those in the crypto assets sector, to ensure compliance with the sanctions imposed on entities and individuals in Russia and Belarus. This announcement was made in a statement issued by the Bank of England, the Financial Conduct Authority, and the Office of Financial Sanctions Implementation.

Statement from the financial regulators

What does the statement say? The supervisory authorities reported that the use of crypto assets to circumvent economic restrictions is a criminal offense and that the sanctions regulations apply to fiat assets and cryptocurrencies.

“We are working closely with partners in government and law enforcement both here and abroad, including regulatory authorities, to share intelligence and act to prevent sanctions evasion, including through crypto assets.”

The FCA has already sent letters to all registered crypto companies with temporary registration to draw attention to entities and individuals caught up in sanctions.

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