Updated guidance from the Treasury’s Office of Financial Sanctions Implementation (OFSI) has revealed crypto exchanges must report sanction breaches in the UK.
According to the Block, the UK’s FCA previously said crypto exchanges must play their part in ensuring sanctions are complied with, as well as providing guidance on how to comply.
Financial sanctions have seen greater attention this year following the invasion of Ukraine by Russia earlier this year. While banks and financial services companies have been facing strict sanctions requirements for months, crypto exchanges must now follow suit.
Exchanges must new report any suspected breach to the OFSI and freeze funds or face criminal charges or financial penalties, according to the document. Custodian wallet providers are also subject to reporting obligations, as per the sanctions guidelines.
Australia will begin a review of how crypto assets are managed, with a view toward keeping practices up to date and protecting consumers, CoinDesk has revealed.
The review was revealed by Australian Treasurer Jim Chalmers in a statement released earlier this week.
Chalmers said, “Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector. As the first step in a reform agenda, Treasury will prioritize ‘token mapping’ work in 2022, which will help identify how crypto assets and related services should be regulated. This hasn’t been done anywhere else in the world, so it will make Australia leaders in this work.”
Abu Dhabi recently created a government body to develop its strategy for the regulation and promotion of virtual assets.
According to Finextra, the Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting recently, chaired by chairman of the Abu Dhabi Department of Economic Development Mohamed Ali Al Shorafa.
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