Bank of England urges crypto firms to ensure sanctions enforcement

The Bank of England has called on crypto companies to make sure sanctions are enforced in light on the continuing conflict between Russia and Ukraine.

According to City A.M, the central bank and the Financial Conduct Authority recently issued a joint statement reiterating that financial services firms – including the crypto asset sector – are expect to play their part in enforcing sanctions.

The two regulators noted that they were collaborating with international partners as concerns rise surrounding the idea digital assets provide people with a means of bypassing punitive economic measures.

The Bank of England said, “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 cryptoassets. We also remain ready to act in the event of sanctions breaches.”

The Ukrainian Vice Prime Minister recently called on crypto exchanges to block all Russian and Belarusian accounts shortly after the invasion took place. The call has been resisted by crypto exchanges such as Binance, Coinbase and Kraken.

The European Union recently revealed it was set to activate an EU cyber response team to help Ukraine as the country faces the threat of a war with Russia.

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