San Francisco, Sep 5 : Crypto exchanges are now required to inform UK authorities of any possible sanctions violations in accordance with new regulations that were introduced in the wake of concerns that bitcoin and cryptoassets are used to circumvent restrictions in response to Russia’s incursion of Ukraine.On the 30th of August the official guidelines were revised to include “cryptoassets” among the items which must be halted when sanctions are imposed on a company or an individual as reported by The Guardian.
Cryptoassets can include tokens that are non-fungible (NFTs) in addition to digital currencies such as bitcoin, Tether, and ether as well as other important digital assets.
As per the regulations enacted by the Treasury’s Office of Financial Penalties, cryptocurrency exchanges are in violation of the law if they do not identify customers who are at risk of sanctions.
The regulations require that exchanges of cryptocurrency take swift actions if they suspect they know that one of their clients is being punished or penalties are not being complied with and they are subject to the same obligation as professionals such as accountants, estate agents lawyers, jewellers, and accountants.
vc/dpb
.
