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Is the Ukraine war intensifying regulatory pressure on crypto firms?

Published 03/11/2022, 09:03 AM
Updated 03/11/2022, 10:40 AM

Whose side are you on? The Ukraine-Russia war is forcing people to answer that question. For some in the crypto community, this can be uncomfortable because if an individual or project stands with the West against Russia, it also means it abides by sanctions. This can be tough to square with crypto/blockchain’s supposed decentralized system and its claims on being borderless, censorship-free and distributed.

Take OpenSea, the NFT marketplace, which really isn’t a decentralized project but is often described as such. “OpenSea is a decentralized peer-to-peer marketplace for buying, selling and trading rare digital goods,” according to CoinMarketCap, for instance.

Russians in Yekaterinburg protest the invasion of Ukraine. Source: Vladislav Postnikov

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