The European Union has introduced new sanctions that will prevent Belarusian nationals and residents from owning, controlling, or managing crypto companies regulated under the EU’s Markets in Crypto-Assets (MiCA) framework.
The decision was approved by the Council of the European Union and entered into force on July 24. The new crypto-related restrictions will officially take effect on August 25.
Under the new rules, Belarusian citizens and residents will no longer be allowed to own or control EU-based crypto firms or serve in leadership positions at companies operating under MiCA regulations.
The restrictions go further than previous sanctions, which mainly targeted crypto wallets, accounts, and custody services. Once implemented, the new measures will apply to all crypto services covered by MiCA.
These services include operating crypto exchanges, trading platforms, portfolio management services, crypto transfers, investment advice, and the execution of customer orders.
The move comes shortly after the European Union completed the transition period for MiCA, its landmark crypto regulatory framework. EU authorities have also been increasing their focus on preventing the use of digital assets to bypass international sanctions.
The latest action is part of the EU’s broader sanctions strategy linked to Russia’s war in Ukraine. On the same day, the EU approved another sanctions package targeting several crypto-related platforms that authorities believe could be used to help Russia avoid financial restrictions.
Meanwhile, Belarus has continued to expand its support for cryptocurrencies despite growing international sanctions. President Alexander Lukashenko has repeatedly encouraged the use of digital assets, arguing that they can help improve payments, reduce dependence on traditional financial systems, and support economic activity. BitMEX
Belarus has allowed cryptocurrency transactions since 2018 and has taken additional steps in recent years to promote crypto trading, mining, and digital asset development within the country.
However, the EU’s latest sanctions will significantly limit the ability of Belarusian nationals and residents to participate in the regulated crypto market within the European Union, adding another layer of restrictions as tensions between Belarus and Western governments continue.
