EU Establishes Crypto Sanctions Task Force and Dedicated Sanctions Office to Combat Circumvention
The European Commission has launched an EU Crypto Sanctions Task Force and will establish a dedicated sanctions office within the Commission. These initiatives aim to strengthen coordination and implementation of sanctions across member states and counter the circumvention of sanctions, particularly those targeting Russia. Commissioner Maria Luis Albuquerque stated that the task force is a crucial step in preventing crypto-assets from being used to evade financial sanctions. The informal task force will gather experts from the Commission and member states to develop measures against cryptocurrency-based circumvention. The new sanctions office will centralize the Commission's work on economic sanctions, covering policy design, outreach, implementation, and anti-circumvention efforts. This office will provide member states with faster access to guidance, data sharing, and economic and technical analysis, intending to harmonize sanctions implementation and enforcement across the EU. These actions follow Commi...
