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EU banned from providing high-value crypto services to Russia

The European Union (EU) has expanded the scope of sanctions on Russia. The EU has banned Russia from providing high-value crypto services. Financial advice to Russian nobles has also been banned, which will make it more difficult for them to keep their wealth in Europe.

Issued by the EU in this regard statement The U.S. states that crypto exchanges in the EU were already required to implement restrictions that included not allowing transactions to be carried out by identified individuals. Despite this, however, there were fears that Russian nobles could use cryptocurrencies to evade these sanctions. According to the statement, “This apprehension will be removed by prohibiting the provision of high-value crypto services to Russia. In addition, by not giving advice to such people of Russia, it will be very difficult for them to keep their assets in the EU.”

The EU has stated that the sanctions also include a moratorium on deposits for crypto wallets. Along with this, transactions with four Russian banks have been completely banned. Due to this these banks are now cut off from other markets. The assets of these banks will also be confiscated. Their share in Russia’s banking sector is more than 20 percent.

Recently the securities, banking and insurance regulators of the EU Warning Given that people investing in cryptocurrencies are at risk of losing their entire amount. In a joint statement issued by the three EU authorities, it was said that if people buy these assets, then there is a high risk of losing the entire amount of their investment. This was a direct warning from the EU authorities regarding crypto assets. This indicates that those investing in crypto have no protection or compensation provision under the Financial Services Act of the EU. Regulators are concerned that the number of people investing in cryptocurrencies, including Bitcoin and Ether, is increasing. Bitcoin and Ether account for 60 percent of the total crypto market. Regulators say that people are not fully aware of the risks associated with cryptocurrencies.

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