Coinbase Purposes Use Of Cryptocurrencies To Prevent Sanction Evasion
Highlighting the possibility in traditional finance structures to evade compliance with economic sanctions, well-known crypto exchange Coinbase purposed to use cryptocurrencies to prevent laundering and sanction evasion that becomes possible using fiat currency. The Ukraine-Russia conflict has caused global authorities to impose economic sanctions which also encircles cryptocurrency exchanges. While some platforms refused to comply […]
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The Centre Consortium will partner with leading crypto exchange FTX and Alkemi Network to support Verite. The partners committed to promoting the adoption of crypto payment solutions, the DeFi sector, and expanding access to the crypto environment, per a press release shared with Bitcoinist. Related Reading | Coinbase Purposes Use Of Cryptocurrencies To Prevent Sanction […]
Grewal points out that laundering of fiat currency through traditional financial institutions remains the most sought-after method for evading sanctions. The United States-based crypto exchange Coinbase has proposed the use of cryptocurrencies to help ensure compliance with economic sanctions. This recommendation comes by highlighting the ease of laundering and sanction evasion of fiat currencies made possible by traditional financial infrastructures. Written by Coinbase’s chief legal officer Paul Grewal, the blog talks about the growing range of global sanctions put forth amid the....
The Prime Minister of Estonia has said cryptocurrencies must be restricted in order to address loopholes that may be used by sanctioned Russian entities to evade the punitive measures. In addition, the premier wants all Russian as well as Belarusian banks to be removed from the global payment network. Sanction Evasion Concerns The Estonian prime minister, Kaja Kallas, has told U.S. Secretary of State Antony Blinken that cryptocurrencies must be “restricted” in order to deny Russia the opportunity to evade recently imposed sanctions. Prime Minister Kallas’ comments,....
The US sanction on Tornado Cash has now made the rounds and is well-known news by now. The sanction against the famous coin tumbler has been coming for a while, which was not the least expected when it happened due to its affiliations with bad actors that have stolen billions of dollars from investors. However, […]
As part of President Joe Biden’s new tax enforcement measure, the US Department of Treasury has introduced legislation to combat tax evasion involving cryptocurrencies. Treasury Proposes Measures To Prevent Crypto-Tax Evasion The U.S. Department of the Treasury released a study on Thusday entitled “The American Families Plan Tax Enforcement Agenda.” The report details President Joe […]