Crypto assets linked to Russia will be frozen by Switzerland

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2022-03-08 08:59:04

Last Friday, the Swiss government announced plans to freeze all crypto assets operating in the country owned by Russian citizens and businesses subject to EU sanctions. punish

Switzerland imposes sanctions on Russia

Switzerland imposes sanctions on Russia

The Federal Council also now has a plan to match the sanctions being applied by the European Union in response to the senseless war Russia has wrought with Ukraine.
Last week, Guy Parmelin – Swiss Finance Minister announced that Switzerland has now frozen the bank accounts and other physical assets of 223 Russians, these are financiers and close to the President. Vladimir Putin.
Another senior finance ministry official also commented that freezing assets like cryptocurrencies is necessary as Switzerland wants to preserve the integrity of the country’s electronic industry:

“No matter who has the Crypto Key, we cannot locate them. But if they are in possession of crypto-services, these transaction points are identifiable.”

Switzerland in the field of cryptocurrency

We have known for a long time that Switzerland is the center of the global economy, now it has also participated in the potential development of cryptocurrencies and digital notifications. Currently, Switzerland is also a Blockchain-friendly country and cryptocurrency is a country where many companies in the industry operate.
Last year, Switzerland was likened to the “Crypto-Country”, having updated more companies and financial laws to create a solid legal basis for the Blockchain market. The Swiss Financial Market Supervisory Authority (FINMA) licensed two crypto banks in the country, a crypto asset fund and a crypto stock exchange, two years ago.
Major Blockchain financial firms such as AllianceBlock which is currently based in the Netherlands and Fireblocks which is currently based in the US will be moving into Switzerland. In addition, Deutsche Börse, the company that operates the Frankfurt stock exchange, has acquired a stake with the aim of acquiring a controlling interest in the Swiss-managed Crypto Finance company.
Cryptocurrency companies want to operate in Switzerland, partly because the country’s regulations are market-friendly and give companies a solid foundation to operate in the industry. this.

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