Following 543 votes in favor, 45 against, and 27 abstentions noted, the European Parliament recently forged ahead with a set of new rules, cracking down on violations and circumventions of EU sanctions. This move further tightened the EU’s stance on digital assets such as cryptocurrencies, underscoring the nationwide need for a more robust approach that introduces a standard definition for minimum penalties for violations.
The EU sanctions could potentially encompass freezing funds and assets (including crypto-assets), travel bans, arms embargoes, and restrictions on business sectors. However, while the sanctions are adopted at the EU level, enforcement relies on member states, with each having different definitions of violations and penalties.
Furthermore, the new law rules out consistent definitions for violations, including not freezing funds, not respecting travel bans or arms embargoes, transferring funds to persons subject to sanctions, or doing business with state-owned entiti
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