Italy's Banca d'Italia Orders Crypto Sanctions Screening — SkimNews
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- Banca d'Italia ordered crypto asset service providers (CASPs) to put policies and internal controls in place to enforce EU financial sanctions, requiring them to identify customers and transactions linked to sanctioned entities.
- The A7A5 stablecoin, a Russian ruble-backed token, processed $110 billion in cumulative transactions between February 2025 and May 2026 despite being targeted by Western sanctions, according to blockchain security platform CertiK.
- Iran's central bank has reportedly eased foreign currency controls to encourage businesses to use Tether's USDT and Bitcoin to settle cross-border transactions through Iranian exchanges and circumvent sanctions.
- On July 14, US Treasury Secretary Scott Bessent said American authorities had directed a freeze of more than $130 million in crypto held in wallets linked to Iran's central bank.
- TRM Labs reported more than $3.8 billion in flows between crypto exchange CoinEx and sanctioned Iranian entities over more than seven years.
Why it matters: Italy's regulator is formalizing EU sanctions enforcement at the crypto service-provider level, closing a gap that voluntary compliance failed to fill: the article cites $3.8 billion in CoinEx-to-Iran flows over seven years and $110 billion in A7A5 stablecoin volume despite existing sanctions, showing the scale that prompted mandatory CASP-level screening.
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