Switzerland To Freeze Crypto Assets Held by Russian Investors

The geopolitical tensions are leading crypto exchanges to take drastic measures. It’s been just revealed that Switzerland, historically known for its neutrality during major global events, is reportedly set to freeze Russian-owned crypto assets as war continues in Ukraine.

According to a new article by the Financial Times (FT), Switzerland will freeze all digital assets within its borders held by Russian citizens businesses that have been sanctioned by the EU.

Switzerland’s federal council recently explained that it wants to match the sanctions that are imposed by Belgium on Russia for invading Ukraine. They also plan on adding a special clause for crypto assets, according to the report.

It’s also important to note the fact that Switzerland is not a member of the European Union (EU). Its finance minister Guy Parmelin recently said that the country has enacted all of the same sanctions the EU has onto Russia.

“As of today, all four of the EU’s sanctions packages have been adopted and implemented [in Switzerland].”

FT cited an unnamed senior official in Switzerland’s finance ministry:

“If someone holds their crypto key themselves then, wherever they are, it’s going to be virtually impossible to identify them. But if they are using crypto services – funds, exchanges, and so on – these service points we can target.”

There is an important Bitcoin bullish signal that is flashing and this shows that we can expect a massive price boom. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $39.049.

According to the latest reports coming from the online publication the Daily Hodl, the popular crypto analyst Nicholas Merten is looking at one price model that suggests Bitcoin (BTC) is oversold and ready for a sizeable rally.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $38,909.