New Crypto Rules: Combating Russian Sanctions Evasion
This act aims to prevent sanctioned Russians from using cryptocurrencies to bypass restrictions. It introduces new reporting requirements for US citizens holding digital assets abroad, potentially impacting their financial privacy. Cryptocurrency service providers assisting in sanctions evasion may face penalties.
Key points
Imposes sanctions on foreign entities and individuals facilitating cryptocurrency transactions for sanctioned Russians.
The U.S. President can block assets of such entities and individuals located in the U.S. or controlled by U.S. persons.
U.S. persons must report cryptocurrency transactions over $10,000 conducted outside the United States.
The Treasury Department will publish a list of high-risk cryptocurrency platforms, potentially affecting their reputation and accessibility.
Expired
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