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Global Regulators Monitor Cryptocurrency Use in Ukraine War

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By Huw Jones

LONDON, March 21 (Reuters) – The global Financial Stability Board (FSB) is closely scrutinizing the use of crypto assets during the Ukraine war, over suspicions they may be used to evade Western sanctions against Russia.

The cryptocurrency sector is on the defensive, amid warnings from US and European lawmakers that digital asset firms are falling short in complying with Western financial sanctions imposed on Russia following the Ukraine invasion.

Some cryptocurrency exchanges have rejected calls to cut off all Russian users, raising concerns that cryptocurrencies may be used as a way to circumvent sanctions.

Ukraine has also raised millions of dollars in cryptocurrency after posting calls on social media for donations in bitcoin and other digital tokens.

“In the FSB we are following the conflict situation in relation to cryptocurrencies,” by Patrick Armstrong, a member of the FSB secretariat, at a City & Financial conference.

The FSB, which groups financial, central bank regulators and officials from the finance ministries of the Group of 20 economies, is sharing the information it obtains among its members, Armstrong said.

British Financial Services Minister John Glen told the same conference that steps already taken by the UK to subject crypto assets to anti-money laundering and anti-terrorist financing restrictions will support crypto asset law enforcement. .

“We believe that these steps will actively support the government’s response to the Russian invasion of Ukraine,” they said.

(Edited in Spanish by Carlos Serrano)

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