ICLG Sanctions 2021 Edition
Countries around the globe continue to use economic sanctions as a targeted means of implementing foreign policy objectives. By their nature, sanctions evolve continuously to address new threats and to advance a particular government’s current foreign policy objectives. Due to its seamless peer-to-peer transfer capabilities, pseudo-anonymous qualities, and the still-maturing regulatory environment in which it exists, cryptocurrency has become an attractive alternative for criminals and other malign actors that seek to evade sanctions and move illicit funds across international borders. Governments and regulators are responding to this rising risk through new guidance, regulation, and enforcement. In an article for ICLG's Sanctions 2021 2nd Edition, our Adam Klauder provides an overview of these cryptocurrency developments, particularly as they relate to economic sanctions.