Russian Crypto-Billionaires Look to the UAE to save Fortune

Russian Crypto-Billionaires Look to the UAE to save Fortune

Russians are selling their cryptocurrency in the United Arab Emirates when most nations are blocking Russian assets.

Russians with much money are buying property in the UAE or stashing their money there.

In an attempt to protect their riches, wealthy Russians flock to the United Arab Emirates (UAE). They are approaching crypto businesses in the Arab country to liquidate billions of dollars of bitcoin aggressively. Many are reportedly hoping to buy property in the UAE using cryptocurrencies. In contrast, according to sources, others aim to convert their holdings into fiat money and conceal it temporarily.

Switzerland Reaction to Movement of Billions

In the last week, crypto businesses have received many requests from Swiss brokers. These inquiries come at a time when Russian assets are subject to sanctions. Clients are concerned that their funds may be frozen, according to brokers; they are seeking secure places to invest in. Executives have even told tales of irrational requests. “We have one man – I have no idea who he is, but he came via a broker – who says, ‘We want to sell 125,000 bitcoins.’ ‘What?’ I think to myself. “That’s $6 billion,” the executive remarked.

Switzerland announced earlier this month that crypto assets would be subject to the same sanctions and restrictions as Russian assets and people. As a result, if a person is under sanctions, their crypto assets will be frozen in Switzerland as well. Russians feel their money is secure in the affluent Arab country, which is now a burgeoning crypto hub since the UAE does not take sides between Western friends and Russia. The UAE has been placed on a “grey list” to allow the Financial Action Task Force to better monitor it (FATF). On the other hand, the UAE’s Prime Minister recently adopted a new crypto-regulation law and formed a regulatory agency to oversee the country’s crypto activities.