Why the Crypto Space Should Keep a Closer Eye on Europe

Why the Crypto Space Should Keep a Closer Eye on Europe
  • Recent events in Europe may affect the crypto space indefinitely.
  • Europe has banned all crypto payments to Russian nationals.
  • The landmark MiCA bill has passed the final reading and will be implemented in Europe soon.

Europe is once again in the spotlight, as a number of events have occurred that may change the world indefinitely. In fact, even the crypto space will be affected by what is happening in the said continent.

Just today, Russia has expanded its civilian shellings on Ukraine. Various sources stated that Russia has launched missiles to target key civilian and diplomatic areas in Ukraine, including the office of President Volodymyr Zelenskyy. According to one source, the office of the president has been destroyed.

President Zelenskyy remains unharmed, although he has spoken at an emergency G7 meeting about the ‘terrorist’ attacks.

Russia’s recent bombarding may cause the European Union (EU), as well as the US and the global community, to impose heavier sanctions. Just a couple of days ago, Europe has banned all cryptocurrency payments to Russian nationals. 

Before, Russians could still access crypto exchanges and receive crypto from there. In fact, earlier this year, Russians were reported to have been liquidating their crypto in the UAE. Now that all Russian nationals have been blocked from using crypto, many will find it even harder to access products and services.

What is more, Europe has finalized its crypto legislation via the Markets in Crypto Assets Regulation (MiCA) law. Given that the EU now has more legal clarity on crypto, it will now have a tighter grip on the use and transfer of digital assets across the continent, including Russia and potential allies such as Belarus.

The crypto sanction on Russia came after the latter announced that it has formally allowed cryptocurrencies for international trade. In response to the crypto ban, the country said that it can even bypass the sanctions.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.