The new package makes the restrictions on crypto assets even stricter by banning all wallets, accounts, and custody services for crypto assets for Russian citizens, individuals, and businesses. It also bans other services to the Russian government and entities, such as IT consulting, legal advice, architecture, and engineering.
By the European Council of the EU.
The new package makes the restrictions on crypto assets even stricter by banning all wallets, accounts, and custody services for crypto assets for Russian citizens, individuals, and businesses. It also bans other services to the Russian government and entities, such as IT consulting, legal advice, architecture, and engineering.
In a new set of sanctions, the EU bans giving crypto services to Russia.
On October 6, the EU's European Council approved the 8th set of sanctions against Russia because of its attacks on Ukraine. As part of the new sanctions against Russia, all crypto-asset wallets, accounts, and custody services for Russians and other people or businesses in Russia are now banned.
Before, the EU let Russians put up to 10,000 Euros worth of crypto assets in wallets, accounts, and crypto custody providers. But the new sanctions make it illegal to use any crypto service.
The new sanctions expand the list of things that can't be done for the Russian government or legal entities in Russia. This includes IT consulting, legal advice, architecture, and engineering. The Council thinks it will weaken Russia's military and industry even more, which could make Russia less aggressive toward Ukraine.
Other parts of the package are new restrictions on exports and imports, the implementation of the G7 oil price cap, and restrictions on state-owned businesses. Also, sanctions have been put on more oligarchs, senior military officials, and propagandists.
How the war between Russia and Ukraine will affect the crypto market
The war between Russia and Ukraine has caused energy and commodity prices to rise to all-time highs. This has caused inflation to reach all-time highs. As a result, there was a lot of pressure on the crypto and global stock markets, and prices dropped very low.
Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies, are down more than 60% since the beginning of the year. The prices of BTC and ETH are respectively $20,265 and $1,373. Russia, meanwhile, wants to make cryptocurrency and mining cryptocurrency legal soon.
