Crypto casino players affected by new European Parliament sanctions
The European Parliament has voted through new measures designed to combat criminal activity that are likely to affect crypto casino players across the continent.
Changes that are designed to make money laundering more challenging were passed by the European Parliament with 543 votes in favour. Only 45 members of the European Parliament voted against the plans and there were also a further 27 abstentions included in the results.
The target of the measures are the criminalisation of the violation and circumvention of EU sanctions, with Russia’s ongoing war against Ukraine cited as a key reason for the switch. EU sanctions can include freezing funds and assets including cryptocurrency, explained a statement that was released by the European Parliament in order to announce the changes.
Cryptocurrency service providers will no longer be allowed to provide services and custody to anonymous crypto asset accounts as a result of the fresh measures being introduced. MEP Patrick Breyer, who is a member of the Pirate Party of Germany, was among those against the changes due to potential compromises of individuals’ independence and financial privacy.
“With the gradual abolition of cash, negative interest rates and the twisting of money supply at any time threaten card blocking. The dependency on banks is increasing menacingly. Such financial incapacitation must be stopped,” said the MEP, who describes himself as a “digital freedom fighter”, in a statement. He added there will be “minimal effects on crime” as a result.
Rapporteur Sophie in ’t Veld of the Netherlands said after the vote had passed that “crooks breaking the law in Europe” have benefited as a result of Russia’s invasion. “We need this legislation because diverging national approaches have created weaknesses and loopholes, and it will allow for frozen assets to be confiscated,” she said.
“Parliament took an ambitious, harmonising approach to the law, and even though we could not close all the loopholes we wanted to, it is an improvement on the current situation and shows our strong support to Ukraine.”
Although the vote was strongly in favour of the measures, legislation changes will now need to be formally approved by the European Council before they will become law. Violating and circumventing sanctions will become criminal offences with prison sentences of up to five years.
However, individual states will be given the job of enforcing the new rules. Definitions of sanction violation and the associated penalties can differ from country to country in Europe.
