For the crypto industry, supporting sanctions is an opportunity to rebrand
Failure to align with the wider financial services industry by enforcing sanctions against Russia will come at a high cost for the crypto sector. One of the first punitive measures leveled against Russia in response to the military invasion of Ukraine was the implementation of economic sanctions aimed at isolating the country from the international financial system. On March 12, Russian banks lost access to the international payments and messaging network SWIFT, and private sector payment companies, such as Visa, PayPal and Mastercard, were close behind. But while these highly regulated....
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The crypto industry is lobbying U.S. lawmakers against two bills aimed at preventing Russian oligarchs from using cryptocurrency to avoid sanctions. The U.S. and many other countries placed sanctions on them after Russia began its invasion of Ukraine. Bills Preventing Wealthy Russians From Using Crypto to Avoid Sanctions The Blockchain Association has been lobbying U.S. lawmakers against two bills designed to prevent Russian oligarchs from using cryptocurrency to evade sanctions imposed on them after Russia began its invasion of Ukraine, CNBC reported last week. The first is a House bill....
Blockchain forensics company Chainalysis is launching two tools that will allow crypto companies to deny sanctioned persons and entities access to their platforms. The move comes amid concerns that Russia may use cryptocurrencies to evade sanctions imposed due to its invasion of Ukraine.
Chainalysis Offers Crypto Industry New Sanctions-Screening Tools
As the military conflict in Ukraine intensifies, western allies continue to expand sanctions on Russia, including by targeting opportunities to employ crypto assets to circumvent the restrictions. Blockchain analytics firm....
Momentum for GNO builds as Gnosis rebrands to the Coincidence of Wants (CoW) Protocol and launches an airdrop for GNO stakers and validators. Airdrops, going 'multi-chain' and massive multi-million dollar developer incentives were some of the key marketing and rebrand tactics blockchain projects used in 2021. This trend appears set to continue in 2022 and Gnosis (GNO) appears to be jumping on the bandwagon.Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $219 on Jan. 24, the price of GNO has put on a gain of 57% to hit a daily high of $351 on Feb. 14 as....
The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury Department explained. Treasury Says Crypto Threatens Efficacy of U.S. Sanctions The U.S. Department of the Treasury released its 2021 Sanctions Review Monday. “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all....
Russia is preparing to authorize international crypto payments but people involved in the industry doubt this would allow the country to circumvent sanctions. At the same time, the United States has been tightening the noose, recently targeting the use of cryptocurrencies to dodge the financial restrictions imposed by the West with new legislation in Congress.
Russian Crypto Experts Claim Circumventing Sanctions With Cryptocurrency Is a ‘Great Illusion’
This week, Russian authorities announced they had started developing a mechanism for cross-border settlements....