Dapper Labs, a popular NBA Top Shot producer, has suspended accounts with connections to Russia, citing the EU''s tightening of sanctions. It added that its payment service is based in the EU, which has ordered it to comply with the restrictions. The company said it would restrict Russian accounts from being able to buy, sell, or gift NFTs, as well as other purchases or withdrawal of non-fungible tokens (NFTs).
Users who have not access their NFTs have rights to them, according to Dapper Labs. Despite this new regulation, any NFT previously purchased by an affected user remains to belong to that user.
Dapper has been ordered to impose the restrictions on these accounts under the EU law as its "payment processing and stored value service partner."
"Today, Dapper has not closed the accounts. Users affected by these actions can continue to access and view their NFTs, regardless of this new regulation. Similarly, any NFT previously purchased by an affected user continues to belong to that user," said the company.
The statement comes after a number of crypto users complained that they could no longer access their accounts, and Dapper Labs sent an email with them about the restrictions.
Unveils the previous set of EU sanctions on Russia on October 6, the country declared a complete ban on the provision of crypto-asset wallets, accounts, and custody services.
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Meanwhile, Russia is still contemplating using the digital RUB in international agreements with Russia. This is even though it is still in the pilot phase of unveiling its CBDC development. The central bank is now testing it for bank settlement.