Switzerland plans to freeze crypto assets held by Russian citizens within borders: Report

The federal government of Switzerland has decided to impose measures to freeze crypto assets owned by Russian individuals and businesses within the country’s borders. The move comes hotly after four European Union sanctions imposed by Brussels last week in response to Russia’s invasion of Ukraine, and while Ukraine’s call for a ban on Russians from entering the market comes as a result. crypto market has been rejected by crypto exchange giants like Binance and Coinbase unless required by law, a bunch of local crypto exchanges in certain countries have decided to ban Russian IPs.

Swiss Finance Minister, Guy Parmelin, in a declare announced that Switzerland has frozen bank accounts and physical assets owned by 223 Russians, including close associates of President Vladimir Putin. “As of today, all four EU sanctions packages have been approved and implemented. As of Monday (February 28), the bank accounts and assets of 223 Russians, including oligarchs and Putin confidants, have been identified and frozen in the country,” Parmelin said.

A senior official at the finance ministry further mentioned that a crypto asset freeze is essential as Switzerland wants to protect the integrity of its crypto assets. electronic money industry. “If someone holds their own crypto key, then wherever they are, it is virtually impossible to identify them. But if they are using crypto services – funds, exchanges, etc – then these service points we can target,” the official stated.

Switzerland’s plan to freeze Russian-owned crypto assets was quickly followed by South Korea and Singapore over the weekend. Singapore has announced sanctions against Russia, with the country restricting cryptocurrency exchanges seen as evading sanctions, while South Korean exchanges decide to Russian IP address bar.

Although no announcement has been made yet, Japan also reported (via Japan Times) when considering a similar move with the country’s financial regulator and the cryptocurrency industry body began discussions to assess how sanctions could be effectively enforced. results for Russia.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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