In addition to digital assets like ether and tether, bitcoin, and other potentially valuable digital currencies, crypto assets can also comprise NFTs or non-fungible tokens. According to the regulations established by the Treasury's Office of Financial Sanctions Implementation, cryptocurrency exchanges will be breaking the law if they fail to report customers who are subject to sanctions. The UK already has regulations that cover all economic resources against using cryptocurrency to evade sanctions and transfer money offshore. The White House as well as the US Treasury requested cryptocurrency exchanges to cease operations in Russia in February. Crypto assets are subject to sanctions regulations, according to a joint statement from UK financial regulators published in March.

Source: The Guardian September 05, 2022 20:01 UTC