Despite lazy claims to the contrary, crypto has proven not to be be a loophole for Russian sanctions. International tax attorney sozelli examines how cryptocurrency has been integrated into the sanctioning effort around the globe.
more than 400 virtual asset service providers where one can use rubles to purchase cryptocurrencies, hundreds of thousands of crypto addresses linked to sanctioned Russia-based individuals or entities, and 15 million Russian crypto addresses involved with illicit transactions.
Given that crypto regulation is still being contemplated by many of the countries that imposed these sanctions, I wondered whether their legal infrastructure would allow for their implementation when it comes to cryptocurrencies. Here is what I found:Switzerland was the first to adopt sanctions against Russia.
“MAS will take appropriate regulatory action against FIs, including imposing financial penalties, if they are found to have breached the sanctions.”Andrea Puccio, founding partner at law firm Puccio Penalisti Associati, explained: