Switzerland and Singapore are joining crypto sanctions against Russia. Japan also announced it’s looking into crypto sanctions.
Even though no regulations state that cryptocurrency exchanges must ban Russia, five local South Korean exchanges have banned Russian IPs, following the US official steps to sanction the country.
Singapore And Switzerland Join
Recently, Singapore also announced it implemented sanctions against the Russian Central Bank. In addition, Singapore also banned cryptocurrency transactions and brought an export ban on military and electronics.
Following Singapore and South Korea, Switzerland stated it would freeze crypto assets that belong to Russian individuals. According to a senior official from Switzerland’s finance ministry, freezing digital assets will also protect the integrity of Switzerland’s blockchain industry.
When it comes to Japan, it’s currently exploring Russia’s dependency on crypto to bypass traditional sanctions. Japan is also implementing restrictions to prevent the bypass from happening.
Still, Japan hasn’t officially jumped on the sanction train yet. However, Japan’s finance minister stated the country is closely watching the situation in order to secure effective sanctions against Russia.
On the other hand, crypto exchange giants Coinbase and Binance rejected sanctioning Russia unless the law specifically required it.