Crypto exchanges are now required to report suspected sanctions breaches to UK authorities under new rules introduced amid concerns that digital currencies such as Bitcoin, Ether, and Tether, or non-fungible tokens (NFTs) are being used to evade Russian sanctions.
On August 30, the Treasury’s Office of Financial Sanctions Implementation (OFSI) updated official guidelines to specifically include “crypto assets” among the things that must be blocked if sanctions are imposed on an individual or enterprise.
According to the regulations established by the Treasury’s Office of Financial Penalties Implementation, cryptocurrency exchanges will be breaking the law if they fail to report customers who are subject to sanctions.
The regulations mean that exchanges now have the same legal obligations as professionals like estate agents, accountants, lawyers, and jewelers. The breach of guidelines will mean crypto exchanges are committing a criminal offense if they fail to report customers designated for sanctions.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: