<p>In the hushed corridors of the European Parliament, the air is laden with mystery: stringent laws on sanctions against crypto service providers have been put to the vote. A direct inspiration from the American model of repression? Crypto enthusiasts are holding their breath.</p>
<h2 id="h-the-eu-tightens-sanctions-cryptos-in-the-crosshairs">The EU tightens sanctions: Cryptos in the crosshairs</h2>
<p>Across the Atlantic, <strong>sanctions against cryptocurrency exchange platforms</strong> are sending shivers down the spines of financial magnates. Binance, a giant in the industry, had to pay an <strong><a href="https://www.cointribune.com/en/binance-in-shock-us-justice-demands-heavy-4-billion-fine/" target="_blank" rel="noopener noreferrer nofollow">astronomical fine</a> exceeding 4 billion dollars</strong>. Meanwhile, the US government is flexing its power by seizing <strong>illicit bitcoins from the Darkweb</strong>, amassing a fortune of nearly 200,000 BTC in its vaults.</p>
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<p><a href="https://www.coindesk.com/policy/2024/03/12/eu-parliament-approves-new-sanctions-laws-that-also-apply-to-crypto/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines" target="_blank" rel="noopener noreferrer nofollow">CoinDesk</a> reveals a new twist: <strong>Europe</strong>, torn between tradition and modernity, is seriously considering <strong>cracking down on uncooperative crypto players</strong>. Regulatory thunder that rumbles at the gates of blockchain giants.</p>
<p>Last Tuesday, the <strong>European Parliament</strong> greenlit <strong>new rules aimed at bolstering sanctions</strong> across the 27 member states. Now, these rules will also extend to cryptocurrency service providers, who could see their assets, including cryptos, frozen in the case of non-compliance.</p>
<p>This vote marks a crucial step in the EU’s efforts to <strong>harmonize the enforcement of sanctions throughout the Union</strong>. Adopted by an overwhelming majority of <strong>543 votes in favor, 45 against, and 27 abstentions</strong>, these rules were motivated by recent <strong>tensions with Russia</strong>, particularly in response to the invasion of Ukraine.</p>
<p>Sophie in ‘t Veld, Dutch representative, emphasized the necessity of this legislation, asserting that it <strong>closes the gaps in divergent national approaches</strong> and allows for the confiscation of frozen assets.</p>
<p>“<em>We need this legislation because divergent national approaches have created weaknesses and loopholes, and it will allow for the confiscation of frozen assets</em>,” she clarified.</p>
<p>A decision applauded by proponents of European cooperation in security and combating financial sanction violations.</p>
<h2 id="an-ambiguous-area-of-application">An ambiguous area of application</h2>
<p>EU sanction decisions may be <strong>adopted uniformly</strong>, but their implementation varies by member state. The press release highlights that <strong>each country has the power to define what constitutes a sanctions violation and the corresponding measures</strong>.</p>
<p>According to the release, the EU’s financial restrictions also extend to services related to cryptos, including the provision of crypto-assets (considered as securities) and wallets. Potential sanctions include asset freezes, including cryptocurrencies.</p>
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<p>The newly adopted rules clearly define <strong>possible violations</strong>, such as failing to freeze funds, travel bans, arms embargoes, and transactions with entities from <a href="https://www.cointribune.com/en/crypto-the-eu-imposes-new-sanctions-against-russia/" target="_blank" rel="noopener noreferrer nofollow">sanctioned states like Russia</a>.</p>
<p>While the legislation still needs to be approved by the Council, it is clear that the impending restrictive measures on sanctions will be game-changers once implemented.</p>

Cryptos under high surveillance: The EU adopts strict compliance measures.

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