On 9 December 2022, Alexander Nadmitov, Managing Partner of Nadmitov, Ivanov & Partners, took part in the round table "Digital Asset Market: Regulation Prospects in the Current Challenges" at the Higher School of Economics.
Alexander delivered a report "Sanctions and Cryptocurrencies: Some Aspects", in which he disclosed the impact of the current sanctions on the Russian financial system and on the access of Russians to the legal infrastructure of the international cryptocurrency market, as well as the impact of restrictions on the circulation of cryptocurrencies in Russia.
For example, the fifth EU sanctions package of 08.04.22 forbade Russian users to leave assets worth more than EUR 10,000 in European crypto-accounts and wallets. The eighth EU sanctions package of 06.10.22 imposed a complete ban on cryptocurrency wallet services, accounts and cryptocurrency storage services for Russian citizens, residents and legal entities.
Large foreign centralised cryptocurrency exchanges and services from other jurisdictions stop working with Russian citizens who do not have a second citizenship or EU residence permit.
Nadmitov, Ivanov & Partners law firm advises on sanctions and fintech issues.
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