The Bank of England, Office of Financial Sanctions Implementation (OFSI) and the Financial Conduct Authority (FCA) have issued a joint statement offering guidance for the cryptoasset sector relating to sanctions evasion.

With an unprecedented package of economic sanctions being imposed on Russia and Belarus in response to the invasion of Ukraine, the firms are being warned that they must ensure their services are not being used to evade sanctions – with cryptoasset firms explicitly highlighted.

The question of whether Russia will try to use cryptocurrencies to evade sanctions has been an open discussion in recent weeks, and decentralized exchanges (DEX) and decentralized finance (DeFi) platforms are seen as particularly vulnerable.

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