United States Introduces Bill to Prevent Russian Sanctioned Users From Using Crypto

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US Senate Banking Committee member Elizabeth Warren has introduced a bill allowing the Department of the Treasury to block transactions from crypto exchanges with addresses of individuals on the sanctions list.

The document is intended to prevent “Vladimir Putin and the Russian elites” from using digital assets to circumvent the restrictions imposed by the world community.

According to a press release, the bill proposes that the US President will receive additional powers regarding the introduction of secondary sanctions against foreign trading platforms that work with persons from the sanctions lists.

In addition, the Department of the Treasury will have the right to block transactions of crypto exchanges with Russian addresses.

The FinCEN will oblige US taxpayers involved in offshore transactions with digital assets worth more than $10,000 to submit reports on these transactions to the regulator (tax form FBAR).

In addition, the Department of the Treasury will release a public report identifying foreign trading platforms that are highly likely to be used for sanctions evasion, money laundering or other illegal activities.

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