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For the crypto industry, supporting sanctions is an opportunity to rebrand -Breaking


The support of sanctions for crypto is an opportunity to rebrand the industry

As a response to Russia’s invasion of Ukraine, the United States implemented economic sanctions. This was a measure that aimed to exclude Russia from the international financial market. Russian banks closed their doors on March 12th. LossThe international messaging and payments network SWIFT was available to all. Private sector payment companies like Mastercard (NYSE) or PayPal (NASDAQ:), had similar access. While these organizations are highly monitored and closely regulated were quick to respond to the crisis they quickly raised concerns about the possibility that the Russian government, along with the companies and oligarchs it associates, might use digital currency exchanges in order to avoid sanctions.

The Bank of England in the United Kingdom and the Financial Conduct Authority requested that crypto companies enforce sanctions on their platforms. Since then, regulators and central banks around the globe have joined the chorus of concern. Japan is the most recent victim. AnnouncementIt would also be updating its Foreign Exchange and Foreign Trade Act. It aims to expand its scope to include crypto assets. This will require exchanges to determine whether clients are Russian sanctions targets.

Przemysław KralZonda is now the chief executive officer of BitBay. He also serves as a director on the board. Previously, Przemysław was BitBay’s chief legal officer. He’s played a key role in Zonda’s strategic business development, including its regulatory approval in Canada and Estonia. Przemysław has over 20 years of experience in the legal field and is a member of the Foreign Lawyers’ Association of the British Bar Council.