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Cryptocurrencies: Russia

Question for Treasury

UIN 149252, tabled on 29 March 2022

To ask the Chancellor of the Exchequer, whether he has had discussions with representatives of crypto currency organisation on the transfer of Russian assets within their businesses.

Answered on

4 April 2022

HM Treasury has engaged with cryptoasset businesses though public communications and official-level meetings with industry representatives.

On 11 March, HM Treasury, the Financial Conduct Authority (FCA) and the Bank of England issued a statement setting out the expectation that cryptoasset businesses play their part in ensuring that sanctions are complied with. The statement sets out the legal and regulatory requirements on cryptoasset businesses with regard to sanctions, as well as steps that firms can take to reduce the risk of sanctions evasion.

The FCA has also written to all registered cryptoasset firms and those holding temporary registration status to highlight the application of sanctions on various Russian entities and individuals.

The government and UK authorities are actively monitoring the use of cryptoassets, in order to detect sanctions evasion, and stand ready to act in the event of sanctions breaches.

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