The EU Greenlights New Sanction Rules Involving Crypto

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EU legislators have passed a set of regulations aimed at cracking down on violations of sanctions, particularly those involving digital currencies.

The Members of the European Parliament (MEPs) voted in favor of this on Tuesday, and it includes measures such as travel restrictions, arms embargoes, and freezing assets, including cryptocurrency and related wallets.

Dutch MEP Sophie in ‘t Veld emphasized the need for this legislation, citing weaknesses and loopholes resulting from varying national approaches.

The new directive also imposes stricter penalties, with offenders facing up to five years in prison in all EU member states. The legislation received overwhelming support from lawmakers, with 543 votes in favor, 45 against, and 27 abstentions.