The EU announced crypto-related sanctions for Russia. What happens now with users and exchanges?
To better understand the situation, Cointelegraph reached out to Ajay Dhingra, head of research and analytics for cryptocurrency exchange Unizen. Taking a more holistic approach toward the matter, he highlighted that one primary use case of digital assets is to assist citizens of a country at war to protect their savings, adding:
Similarly, Przemysław Kral, CEO of Zonda — one of Eastern Europe’s largest exchanges by volume — told Cointelegraph that the sanctions, along with the EU’s yet-to-be-finalized Markets in Crypto-Assets regulation, which will be enforced by the EU’s Financial Action Task Force, can potentially redefine the region’s crypto landscape for the foreseeable future, adding:
“This time, they will be cautious, given the brevity of the situation. The exchanges are now left with no option but to realize major losses on their balance sheets. However, the ban will bring decentralized finance back into the spotlight, as it provides a censorship-resistant and easily accessible infrastructure for people living in a geopolitical turmoil.”
Another popular exchange that has yet to initiate any sort of ban is Antigua and Barbuda-based FTX. The same has been the case for the popular Russian cryptocurrency platform Garantex, which still provides traders in the region with a wide range of advanced services such as futures and derivatives.
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