The European Commission has taken another step to further its sanctions on Russia. To prevent Russia and Belarus from leveraging cryptocurrencies, the EU has now classified cryptocurrencies as ‘transferable securities,’ thereby restricting Russia’s access to loans and credit facilities.
A released statement read:
“The EU confirmed the common understanding that loans and credit can be provided by any means, including crypto assets, as well as further clarified the notion of “transferable securities”, to clearly include crypto-assets, and thus ensure the proper implementation of the restrictions in place.
Furthermore, the European Commission has also extended its sanctions to Belarus, which is currently aiding Russia in its invasion of Ukraine. The commission has imposed the SWIFT sanctions on Russia’s neighbor and said the move will prevent Russia from evading sanctions through Belarus.
It is unclear whether the recent move will impact Europe’s proposed MiCA framework. The European Union Parliament was supposed to vote on the Markets in Crypto Assets (MiCA) framework on February 28 but was postponed upon the request of Stefan Berger, a member of the Economic and Monetary Commission.
Now Berger announced on March 8 that the Economic and Monetary Union will pass the final version of the bill on March 14.