EU sanctions will not affect NFT holders from Russia
In Brief
The European Union requested that cryptocurrency exchanges restrict Russian users’ wallets
Holders of NFT won’t be impacted by this project in any manner
Russians selling NFTs on international marketplaces should exercise caution
A fresh set of sanctions on Russia has been approved by the European Union, and they include limitations on the use of cryptocurrency wallets. No matter how much money is in Russians’ wallets, United Europe vows to ban them. This letter sparked a commotion among cryptocurrency owners as well as NFT owners who keep their non-fungible tokens in custody or other wallets after purchasing them.
Andrey Tugarin, Managing Partner at GMT Legal, was consulted by the mpost.io editors for clarity. You need not panic since, according to the expert, these punishments will not have any impact at all on NFT holders.
Today, you do not need to complete KYC and confirm your identity by sending a copy of your passport or driver’s license in order to purchase or sell NFTs. NFTs can be freely purchased by any user on any market. As a result, the sanctions won’t have any impact on this market
according to the expert
When selling NFTs, Russians should exercise caution. Unpleasant surprises may be in store for customers in this situation because the cryptocurrency, which is typically distributed to the owner’s wallets as ETH tokens, does so after the transaction is complete.
NFT sales generate cryptocurrency, which is credited to an exchange or another wallet. Here, the exchange has the ability to prevent the storage of a Russian Federation user who has already completed KYC. Russians should thus reevaluate the bitcoin exchange or wallet they choose and determine whether they support EU sanctions. The proceeds from the sale may be blocked on the wallet if the exchange decides to support the sanctions
according to Andrey Tugarin
It should be remembered that the European Union announced the eighth set of sanctions against Russia in an open letter that was sent. EU plans mandate that cryptocurrency exchanges block all customers from Russia’s crypto wallets. Exchanges used to be able to restrict users’ wallets if they had more than 10,000 euros in cash.
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Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
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Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
