The Swiss federal government announced plans to freeze all crypto assets owned by Russian persons and businesses sanctioned by the European Union that stored within its borders.
The federal council announced on Friday that it intends to match the EU’s newest round of sanctions in reaction to Russia’s invasion of Ukraine.
Guy Parmelin, the Swiss Finance Minister, announced last week that Switzerland has blocked 223 Russians’ bank accounts and physical assets. It also includes President Vladimir Putin’s close associates.
As of today, all four EU sanctions packages have been approved and executed, according to Parmelin. Since Monday, 223 Russians’ bank accounts and assets have discovered and blocked within the nation, including oligarchs and close Putin confidants.
Furthermore, a senior official from the finance ministry stated that freezing crypto assets was necessary. They did it to defend the integrity of the bitcoin industry in Switzerland.
The official stated that 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.
Switzerland Welcomes Crypto-Security Culture
Switzerland has long been regarded as a global economic powerhouse. They’ve finally realized the value of cryptocurrencies and digital tokens. The country is welcoming to bitcoin and blockchain, with a slew of industry firms and sensitive rules in place.
The country is welcoming to bitcoin and blockchain, with a slew of industry firms and sensitive rules in place. Two crypto banks in Switzerland granted licenses by the Swiss Financial Market Supervisory Authority (FINMA). In the previous two years, it has also added a crypto assets fund and a crypto stock exchange.
Figures from the October 2019 report are available. It revealed that over 800 companies in Switzerland use cryptocurrency and blockchain, employing over 4,000 employees.
They want to become a worldwide hub, and they’ve made a pledge that’s backed up by favorable rules. They also value a well-functioning court and easy access to cash. All of these factors make Switzerland appealing to crypto and blockchain firms from all over the world.
Paradigm Shifts
According to a survey by the investment firm Crypto Valley Venture Capital (CVVC), the top 50 blockchain-related companies in Switzerland are worth more than US$40 billion in 2019.
Switzerland’s policies and regulations, according to CVVC Founder and CEO Mathias Ruch, help to create an environment that attracts blockchain-related startups from all over the world.
According to Mathias, what sets Switzerland apart in the venture capital world is that its citizens not only invest in businesses but actively manage their own ecosystem. They have a co-working facility, an advising unit, and a large number of meet-ups. As a result, they have a comprehensive understanding of the national and worldwide blockchain ecosystems.
Blockchain finance startups such as AllianceBlock in the Netherlands and Fireblocks in the United States are now expanding into Switzerland. The Frankfurt stock exchange’s operator, Deutsche Börse, has purchased a controlling share in Swiss licensed brokerage Crypto Finance.
Part of the reason is because Switzerland’s favorable crypto law has provided a stable basis for establishing firms.
