EU Blocks Belarusians from Crypto Service Provider Ownership

The European Union has expanded its sanctions against Belarus to include a ban on crypto service providers. Starting August 25, Belarusian nationals and residents will be prohibited from owning or controlling entities that provide 'any other crypto-asset services' as defined under the Markets in Crypto-Assets (MiCA) framework.

The measure is part of the EU's efforts to target Russia's war against Ukraine and its involvement with crypto platforms. The expanded provision applies to a range of services, including operating trading platforms, exchanging crypto assets, executing client orders, and providing investment advice or portfolio management.

This comes after the end of MiCA's transition period on July 1, during which unlicensed crypto companies were ordered to wind down or face enforcement actions. The decision also follows a broader EU push to target crypto platforms accused of helping Russia evade sanctions imposed over its war in Ukraine.