Monday, October 3, 2022
HomeAltcoinsSwitzerland may enforce sanctions on Russian crypto firms: Report

Switzerland may enforce sanctions on Russian crypto firms: Report

Switzerland is studying the possibility of enforcing sanctions against Russian crypto firms.

  According to a report, Switzerland may target crypto assets belonging to sanctioned Russian firms in its region. According to the article, the measure is being taken to defend the integrity of the country’s cryptocurrency sector. However, the official advises that crypto-assets not maintained on cryptocurrency exchanges are hard to counter.

An executive from the normally neutral Switzerland has stated that the country may “attack” all crypto asset service points held by Russians and all organisations sanctioned by the European Union within its region. To accomplish this, the Federal Council of the non-EU country said that it will update its sanctions regulations to include prohibitions against cryptocurrency.

Denying Russian digital currency holders access to their crypto assets also helps to “defend the integrity” of Switzerland’s cryptocurrency business, according to an unknown source from the country’s finance ministry.

While a Swiss finance ministry source featured in the Financial Times (FT) report justified the choice to target Russian digital asset users, the official also cautions that freezing crypto assets stored on a non-centralized platform is nearly impossible. The official further said:

If someone keeps their crypto key on their person, it will be nearly impossible to track them down no matter where they are. However, if they use crypto services such as finances, exchanges, and so on, we can target these service locations.

The government can only lock out sanctioned crypto-assets holders who use service points like exchanges and funds, according to the official.

 

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