European Union Slammed Russian Crypto Investors With New Rules in Latest Legislation

It’s been just revealed that the EU slammed the Russian crypto investors with new rules into the latest legislation.

According to the notes from the Daily Hodl, in response to the ongoing war in Ukraine, the European Union (EU) is hitting Russian crypto traders with new restrictions.

According to the Official Journal of the EU, the union has expanded on the sanctions they have placed on Russia, including limits on deposits to cryptocurrency wallets.

“In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures.”

The notes continued and said:

“In particular, it is appropriate to extend the prohibition on deposits to crypto wallets, as well as to extend the prohibitions on the export of euro-denominated banknotes and on the sale of euro-denominated transferable securities to all official currencies of the Member States.”

The new legislation will prohibit firms from providing Russian nationals or Russian-established entities with crypto wallet services if the wallet’s contents exceed €10,000 or about $10,876.

It’s been also reported that back in March, Deputy U.S. Treasury Secretary Wally Adeyemo said that American authorities were on the lookout for any entity that attempted to aid Russia in avoiding the sanctions.

“We’ve been paying a lot of attention to sanction evasion…Any company, country, individual who helps Russia evade our sanctions will be subject to our laws and be held accountable, including cryptocurrency companies.”

The crypto market is suffering a strong correction today and it seems that it might be a great accumulation time.

A popular crypto strategist and trader said that Bitcoin’s (BTC) price action resembles the market top of November 2021 and is ready for another deep retracement.

Stay tuned for more news and keep your eyes on the market.