{"id":2437,"date":"2022-03-08T09:48:54","date_gmt":"2022-03-08T09:48:54","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2437"},"modified":"2022-03-08T09:48:55","modified_gmt":"2022-03-08T09:48:55","slug":"report-official-says-switzerland-may-target-crypto-assets-belonging-to-sanctioned-russians","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2437","title":{"rendered":"Report: Official Says Switzerland May &#8216;Target&#8217; Crypto Assets Belonging to Sanctioned Russians"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Neutral Switzerland may target crypto assets within its territory that belong to sanctioned Russian entities, a report has said. The report quotes an official who explains that the move is designed to protect the integrity of the country\u2019s cryptocurrency industry. The official, however, warns that crypto-assets that are not stored with cryptocurrency exchanges are impossible to target. <\/strong><\/p>\n<h2>Protecting the Integrity of the Swiss Crypto Industry<\/h2>\n<p>An official from the traditionally neutral Switzerland has said the country may \u201ctarget\u201d all crypto asset service points within its borders that are owned by Russians and all entities that have been sanctioned by the European Union. To achieve this, the non-EU country\u2019s Federal Council said it will add provisions against cryptocurrencies to own its sanctions regulations.<\/p>\n<p>According to an unnamed official from the country\u2019s finance ministry, denying Russian digital currency holders access to their crypto assets also helps to \u201cprotect the integrity\u201d of Switzerland\u2019s cryptocurrency industry.<\/p>\n<p>Switzerland, whose financial institutions are accused of hiding assets of Russian oligarchs, has already adopted the EU\u2019s punitive sanctions against Russia. However, despite the imposition of sanctions, some politicians and officials from the U.S and Europe have expressed their concerns over the potential use of crypto assets by sanctioned Russians to evade sanctions.<\/p>\n<p>Also before the Russian military\u2019s incursion into Ukraine, opponents of crypto assets had regularly argued that the digital assets are being used by criminals and to launder money.<\/p>\n<h2>Not Your Keys Not Your Crypto<\/h2>\n<p>While the Swiss finance ministry official that is quoted the Financial Times (FT) report defended the decision to target Russian digital asset users, the official nonetheless warns that it is almost impossible to freeze crypto assets that are stored on a non-centralized platform. The official explained:<\/p>\n<p>If someone holds their crypto key themselves then, wherever they are, it\u2019s going to be virtually impossible to identify them. But if they are using crypto services \u2014 funds, exchanges and so on \u2014 these service points we can target.<\/p>\n<p>The official suggested it is only when sanctioned crypto-assets holders are using service points like exchanges and funds the government can lock them out.<\/p>\n<p><strong>You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity\u2019s Ukraine Emergency Relief Fund.<\/strong><\/p>\n<p><em><strong>What are your thoughts on this story? You can share your views in the comments section below. <\/strong><\/em><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/report-official-says-switzerland-may-target-crypto-assets-belonging-to-sanctioned-russians\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Neutral Switzerland may target crypto assets within its territory that belong to sanctioned Russian entities, a report has said. The report quotes an official who explains that the move is designed to protect the integrity of the country\u2019s cryptocurrency industry. The official, however, warns that crypto-assets that are not stored with cryptocurrency exchanges are impossible [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2437"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2437\/revisions"}],"predecessor-version":[{"id":2439,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2437\/revisions\/2439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2438"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}