Global regulators are monitoring the use of cryptocurrency in the ongoing war in Ukraine.
The Financial Stability Board disclosed it is sharing the information it obtained among its members.
The FSB is an international body that monitors and makes recommendations about the global financial system. It groups financial regulators, central banks, and finance ministry officials from the Group of 20 economies.
The U.K. is also taking steps to bring crypto-assets under anti-money laundering and terrorist financing curbs. The step will also support law enforcement in crypto-assets.
“We think that these steps will actively support the government’s response to Russia’s invasion of Ukraine,” John Glen, Britain’s financial services minister explained.
EU and U.S. lawmakers expressed their concern on how Russia could bypass sanctions by using cryptocurrency.
This led to the call urging crypto exchanges to stop Russian users from accessing their platforms for transactions. Crypto exchanges however rejected the decision.
For more information, read the original story in Reuters.