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EU Parliament Approves New Sanctions Laws That Also Apply to Crypto

The European Parliament on Tuesday approved a new batch of rules to crack down on sanctions violations, including through crypto. Parliamentarians representing the 27 member states of the European Union cast 543 votes in favor of the new rules, with 45 voting against and 27 abstentions. The new rules were prompted by Russia's invasion of Ukraine and rising concerns that EU financial sanctions on Russia were being violated. The EU's restrictive measures apply to a wide range of financial services, including providing "crypto-assets and wallets," the adopted text said. The legislation must now be greenlighted by the Council, which gathers top government officials from member states before it can become law.

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