The state’s Financial Services Department (DFS) has been urged to enforce sanctions on Russia, including restriction of digital currencies reaching Russian individuals.
With the ongoing conflict happening between Russia and Ukraine, countries all around the world are restricting Russian businesses and individuals from operating in their environment and plunging Russia's stock market.
Based on the official report by New York’s Department of Financial Services, Kathy Hochul, who is the Governor of New York, urged the Department of Financial Services to use blockchain analytics to detect any incoming and outgoing digital assets transactions from Russian entities.
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Adrienne A. Harris, who is the Superintendent of the Department of Financial Services, spoke on the enforcement of sanctions in the digital asset environment, stating:
"We know that bad actors will try to evade sanctions through the transmission of virtual currency, which is why it is imperative that we have the ability to monitor transactions and exposure in real-time."
As a matter of fact, the monitoring of digital transactions is a follow-up of governor Hochul’s executive order for financial agencies located in New York to investigate and "divest public funds from Russia" due to its aggression in Ukraine.
It seems that Russian businesses and crypto investors are getting hit from every side of the globe as a result of the conflict. Just yesterday, blockchain-focused software company Animoca Brands halted all operations in Russia, closing its doors to both investors and users of its products.