Switzerland Says It Will Freeze Russian Crypto Assets: Report

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Switzerland Says It Will Freeze Russian Crypto Assets: Report
Switzerland Says It Will Freeze Russian Crypto Assets: Report

Following President Putin’s war, the traditionally neutral country has joined the EU and the US in implementing financial sanctions against Russians. Furthermore, the Swiss authorities have pursued their cryptocurrency holdings within the country’s boundaries.

Since Putin launched his “special military operation” against Ukraine, which developed into a full-fledged war, NATO and the EU have imposed severe restrictions on the country’s wealthiest individuals (oligarchs) accessing banking institutions and even their own money.

It’s worth noting that cryptocurrencies have been thrown into the mix, with watchdogs claiming that billionaires can use them to circumvent sanctions. As a result, several people urged exchanges to stop serving Russian customers and even to put their accounts on hold.

The Crypto Community in A Split

The community was split in half as a result of these requests. While major exchanges including Binance, Coinbase, and Kraken have so far declined to do so, claiming that doing so would be contrary to the essence of cryptocurrency, a number of South Korean exchanges have begun barring Russian IP addresses.

According to a Financial Times report, Switzerland has taken a similar attitude. Apart from joining the EU in implementing punitive sanctions against Russia, the traditionally neutral country also pursued Russian cryptocurrency assets on its own. Surprisingly, a senior official from the finance ministry also emphasized some of the digital asset industry’s most significant benefits.

Conclusion

Switzerland has taken a similar stance, according to a Financial Times report. Aside from joining the EU in imposing all sanctions against Russia, the typically neutral state also went after Russians’ cryptocurrency holdings on its soil. Interestingly, a senior official at the finance ministry also highlighted some of the biggest merits of the digital asset industry.

“If someone holds their crypto key themselves, then, wherever they are, it’s going to be virtually impossible to identify them. But, if they are using crypto services – funds, exchanges, and so on – these service points we can target.”

Read More: INFURA SANCTIONS FIASCO SHOWS FRAGILITY OF NON-BITCOIN CRYPTO

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