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Russians were banned from managing crypto companies

Economy: Russians were banned from managing crypto companies

The European Union has recently approved its twelfth package of economic and individual restrictive measures against Russia. These measures specifically target the rights of Russians to own and manage cryptocurrency companies.

The goal of these measures is to prevent any attempts to bypass the existing international sanctions imposed on Russia. According to an official statement from the European Parliament, the new measures include a prohibition for Russian citizens to "own, control, or hold any positions in the management bodies of legal entities, organizations, or bodies providing #cryptocurrency services." This prohibition also extends to cryptocurrency wallet operators and #digital asset custodial services.

Furthermore, the twelfth package of sanctions introduces a requirement for mandatory notification in case of fund transfers outside the #European Union for legal entities established in the EU but directly or indirectly controlled by Russians or entities registered in Russia, provided that they are more than 40% controlled by #Russians. These new restrictions will come into effect immediately after being published in the Official Journal of the European Parliament.

In light of these developments, ATAIX Eurasia, a licensed cryptocurrency exchange in #Kazakhstan, has urged its Russian users to close their accounts by December 15th of this year. The company cited the EU sanctions as the reason for no longer being able to provide services to Russians. The prohibition applies to both Russian citizens and residents, as well as legal entities registered in Russia.

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